4. No Income

As the title suggests, when you don’t have any income, you must not go for a life insurance policy. Not having any income can be in two situations – one when you are not employed and another when you are retired and don’t have any fixed income. When you are unemployed, your aim should be - earning, spending and saving – so that you can plan your financial life with a good start. And once when you are retired and don’t have a steady income, then a life insurance policy is a complete unnecessary thing for you. If you have other valuable assets then use that when needed but buying a policy will prove to be a waste of money in a longer run.

5. If the Premium is too High

Life insurance has a very vital link with the age and health of the person buying the insurance. As per various situations, premiums of a life insurance will vary. Younger people will have to pay lesser premium while older people will have to pay more for the same insurance cover. Those who have any kind of diseases, or are hospitalized in the past will have to pay more premiums. Hence it is recommended to closely evaluate the premiums before buying a policy. It is best to buy a policy when you are twenty something and perfectly fit and fine, so that you can avail a insurance with a low premium.

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