Life Insurance Policy: Buying a life insurance policy is an important decision. The meaning of life insurance is that on the death of the person buying the insurance policy, his dependent gets compensation from the insurance company.
Buying a life insurance policy is an important decision and should be taken very carefully. People often make some mistakes while buying insurance, for which they have to bear the consequences later. Know what those mistakes are.
Do not buy policy early
- Many people keep postponing taking a life insurance policy but this is not right.
- The sooner the life insurance is launched, the longer the policy term and the lower the premium.
- Never hide important information while taking life insurance. By doing this the claim is also rejected.
- Information such as any medical condition, family medical history, risky lifestyle like smoking, or being in a risky profession should not be hidden before taking the policy.
take short term insurance
- Taking short term life insurance is also a mistake.
- Life insurance should be such that it will cover till you fulfill your financial responsibilities like higher education of children or marriage of children.
don’t tell family
- After taking life insurance, the family members must be informed about it.
- If you do not inform the family of life insurance then they will not be able to claim.
- Therefore, after taking the policy, definitely tell the family members about this, so that they can claim in time.
- People often leave the nomination column to be filled later while applying for the plan. But this is a big mistake.
- Nomination should be done at the time of applying so that there is no problem later.
- If the insured is not married and the nomination is in the name of the parents, then it can be updated after marriage.
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