5 min read
Updated on Jan 03, 2023
Are you looking for a life insurance policy? Or have you bought a policy recently? If so, read on to know about the mistakes to be avoided while purchasing a life insurance policy.
Life Insurances are policies that allow financial security to the family members of the insured by helping them fulfill their regular financial requirements such as paying off debts, education expenses etc. People may buy life insurance plans for several reasons so that their loved ones do not have to suffer after they are gone. As such, a death in the family has a huge impact on the surviving members in terms of emotions as well as finances. In such a situation having a life cover gives the family a certain financial security.
There are some key features of life insurance to take note of before you buy a policy. These features, if not considered, might ruin your life insurance and might not allow you much benefits.
Below are the list of mistakes to be avoided while you are purchasing a life insurance policy:
Know More: Documents Required to Buy a Life Insurance Policy in India.
Also, another mistake that many people make is to buy life insurance policies offline. This is because if you buy life insurance online you get numerous added benefits as compared to when buying life insurance offline from agents etc. If you buy policies offline, you might have to pay a hefty commission to the agent for helping you buy the best policy of life insurance. This money is a complete waste that you can avoid by comparing and buying life insurance online.
As already discussed above, life insurance is crucial for a family’s financial sustenance in the absence of the key earning member. But you must ensure to compare different plans and different types of life insurance covers to find out which policy would suit you.
Further, you would also be glad to know that an insured person can own more than one life cover if you qualify for the same after going through certain medical tests. So, if you have enough money to pay the premiums comfortably, you can think about buying more than a policy looking at your requirement and the kind of policies that are available.
Here, procuring a permanent insurance policy would allow protection to the policyholder throughout life as well as allow them to amass cash over time for future purpose. This sum can be availed by the insured at the time of maturity if he/she outlives the policy. On the other hand, this is not the case in term insurance. Here, the insured person insures his/her life for a particular period like 15 – 20 years and receive no cash at the end of the term. He/she can expect their nominee to receive the sum assured if the insured dies during the policy term.
Further, even in this case if you buy term life insurance online, you are most likely to receive numerous deals and discounts to benefit better.
Also Read: Assignment vs Nomination in Life Insurance Policy
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