Uncertainties in life can make us think more about the financial security of our loved ones. Life insurance is the first thing that comes to mind to fulfil such needs. The need for buying a suitable life insurance policy has grown further amidst the current COVID-19 pandemic.
While buying a life insurance policy, the selection of adequate life cover is a must. However, many people feel confused about it. You might have heard individuals asking – ‘How much insurance do I need?’
The lack of knowledge about sum assured selection can cause financial hassles in the long run. Hence it is crucial to understand the parameters on which this decision should be based.