what basic features should one look for in life insurance policy

I would like to get a life insurance coverage. What are the most important features to look for in a life insurance policy? What are the most crucial considerations I should make before purchasing one?

A conventional term life insurance policy is the same from one insurer to the next.
This is the most important and initial type of life insurance to get.
Term life insurance covers death for any reason except suicide in the first year.
In the event of the  insured’s death, such plans pay a lump payment to the nominee.
This typical term plan is recommended in the majority of circumstances.
A few standard term plans include a built-in feature for terminal sickness.

On the basis of these key qualities, a term plan can be created in a variety of ways.
These options can be selected based on the  policyholder’s individual requirements.
If the nominee is not financially sophisticated, for example, the death benefit can be paid out in monthly instalments rather than as a lump sum.
Through a variety of premium payment choices, a few plans provide more cost efficiency.
These alternatives include premium refunds and limited premium payment terms.
It is best to contact with a financial expert to determine the cost-benefit of these solutions.
Traditional endowment plans or Ulips can be used (unit-linked insurance policies).
In a conventional endowment,\sExamine the  insurer’s past performance.
IRR should be used to calculate such returns.
Fund performance is a key criterion for Ulips, as well.

Is it possible to obtain two term life insurance policies with separate nominees? So that in the event of a misfortune, both nominees will be compensated? In one policy, I’ll name my spouse as the candidate, while in another, I’ll name my mother as the nominee.

Yes, you can purchase two distinct plans and nominate different people for each of them.
Both plans’ claim processes will be fully autonomous.
Both nominees must submit their own claim paperwork.

A single strategy can be used to achieve the same aim. Within the same term plan, you can identify two people and define their respective shares. It would only be necessary to file a single claim. As indicated in the policy, insurers will deposit claim money into the nominees’ bank accounts.

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