Individual or sole breadwinners of a family are typically obligated to invest in comprehensive life insurance policies, as they have the whole family depending on them to meet their financial requirements. However, owing to certain factors, people often tend to purchase bigger life covers at the cost of other lifestage expenditures, which result in a higher outgo of premiums.
There are multiple factors that play an active role in determining how much life cover one must purchase.
First and foremost, let us look at all the factors that actively regulate the cost of a basic life insurance policy:
One also needs to bear in mind that provided one’s family is relatively wealthy, one needs to buy a life insurance policy with a moderate coverage. In a similar manner, if the family members of the insured are all earning (individually), then a life insurance policy with a low coverage will suffice.
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