Today I’m going to walk you through some very common mistakes that people make while buying life insurance. And you should avoid these horrible mistakes before you buy life insurance at all costs.
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Buying Life Insurance? Ask 9 Questions to Your Agent or Say No
Insurance is a legal contract in which two parties (Insurer and Insured) come into a mutual consensus. Like other contracts, there is no scope of verbal commitments; therefore, while signing such a contract, one ought to be aware of each and every aspect of it such as exclusions, deductibles, surrender value, cash value, and the like. Today, I’ll list some important questions that you should ask your insurance agent. Before buying life insurance, you should seek answers of these questions from your agent. If he/she fails to answer then simply say ‘No’.
Continue ReadingWays to Force Insurance Company to Pay Your Claim
Insurance is clearly a legal contract between insured and insurer and it works on utmost good faith; which means both parties (Insurer and Policyholder) are supposed to disclose all the facts clearly. In insurance contract, insurer has a legal obligation to honor the claim.
Usually, no insurer rejects a claim request unreasonably because of stringent guidelines of IRDAI; however, if you think that your claim deserves to be honor but your insurer is not doing so. Then you can force him to pay your insurance claim by approaching authorities setup by the government. You can also take this matter to civil courts but before that, you should approach the authorities that are especially established to handle insurance related disputes.
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Where (How) to File Complaint against Insurance Company in India
If you have filed an insurance claim and it’s been rejected by your insurance company and you think it’s unfair, then there are many ways to file a complaint against the insurer. Generally, no insurance company rejects a claim request unreasonably; there are many reasons due to which an insurer may refuse to honor a policy claim. However, if you think that it’s unfair and you have supporting documents (like: policy wording, premium receipts etc) to prove that your claim should be honored then don’t embarrass, there are some authorities setup by the government to help you.Continue Reading
How to Surrender an Insurance Policy
Policyholders can surrender their policies if they have paid the premiums for three or five consecutive years from inception (For new ULIP policies, IRDA has increased the lock-in period from three years to five years). If policyholder fails to pay premiums for at least three or five consecutive years from inception then he/she may not be entitled to get surrender value or paid-up value.Continue Reading
Consider These Options Before Surrendering Life Insurance Policy
Are you going to surrender your life insurance policy? Do you know that you have some options to fulfill your financial needs without surrendering your policy? If you don’t know what are other options available to you then you are at right place. In this post, we’ll show you some options that you can consider before withdrawing a policy. Practically, insurance policy surrender is not a good option because it is subject to penalties such as, surrender charges; therefore, one should seek other options before doing so. Probably, you may aware that on terminating a life insurance contract you only receive saving portion of your policy along with accrued bonuses.
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FAQs on Surrendering a Life Insurance Policy
Insurance is a strategic way to protect ourselves financially against unforeseen events. Modern insurance products are tailored to help an individual to achieve his/her future financial goal along with insurance protection. Usually, we buy life insurance policies for longer periods say 15-20 yrs and there are some probabilities that insured person might be unable to pay the premiums or he/she might feel that current insurance policy does not meet with his/her insurance requirements. In such scenarios, policyholder may think to surrender existing insurance policy and replace it with a new one; that meets with his/her budget and future needs. In this post, we’ll be discussing on pros and cons of surrendering a Life Insurance policy and questions related to it.Continue Reading
Pros and Cons of Surrendering a Life Insurance Policy
Insurance plays a vital role in an individual’s life. It helps an individual to achieve his/her future financial goals and simultaneously it protects his/her loved ones against financial outbreaks upon his/her premature death. Withdrawing an insurance policy before maturity would not be a good decision; however sometimes reluctantly, we need to take such steps under certain circumstances. If you’re going to surrender your policy then in this post we’ve highlighted some pros and cons of surrendering a policy.Continue Reading
9 Key Benefits of Having Life Insurance Policy | Benefits of Life Insurance
Insurance: By definition, insurance is a legal agreement between policy holder and insurance company; in which, one pays premiums (policy holder), and other pays (insurer) on the event of loss.
Importance of Insurance: Insurance plays a significant role in an individual’s life. It covers an individual against unforeseen events like; Life Insurance covers insured person against death, Health insurance provides coverage for medical expenses incurred in a hospital, Mortgage insurance provides cover for mortgages and loans taken by insured person etc; and insurance also protects individual’s family against financial crisis by giving financial support to them. Many people face a common phobia that what will happen to their family if they die? It is indeed that death is certain but the time of death is uncertain; insurance cannot stop the occurrence of death, but insurance can certainly protect your family against financial crisis upon your death.Continue Reading
Types of Insurance: Explaining Life, Non-life, and Re-insurance
In this day and age, you can find numerous insurance products in insurance marketplace. For an individual it would not be important to know, “what are the different types of insurance?” But for professionals like; financial advisors and insurance agents, it’s very important to know all the basics related to an insurance industry. It helps to build their self confidence level as well as it helps them to give professional advice to their customers. In this post, we will be discussing on fundamental types of insurance. Though, insurance market has grown up over the years but it’s still working under the same principles.
12 Precious Tips to Choose The Best Health Insurance Policy | Choose Best Health Insurance Policy in India
In today’s hassle and bustle, health insurance and life insurance are becoming necessities. These tools protect us from unexpected expenses of hospitalization due to an injury or illness. Health insurance reimburses you and your loved ones if something undesirable happens. Therefore, Health insurance is a best option when you’re looking to protect your loved ones against unforeseen health expenses. Usually, health insurance covers medical expenses incurred in a hospital for the treatment of an injury or illness; health insurance also provides financial support to insured’s loved ones, in case of insured person death. Undoubtedly, insured person’s family suffers from unbearable pain when they loose their loved one; but it also makes family members’ life harder. Therefore, a health insurance or life insurance gives you peace of mind that your family will not face financial crisis upon your death. All of us should buy a health insurance policy but with full awareness of what does your policy cover and doesn’t cover? Many people feel cheated when they can’t settle claims with their insurance companies. There are many medical conditions under which your insurance company will not pay you any claim; some of are permanent exclusions and some of are waiting period basis (Read: Health Insurance Exclusions: Medical Conditions Your Health Insurance Policy Doesn’t Cover).Continue Reading
Life Insurance: Different Types of Life Insurance Policies
In today’s uncertain world, Life insurance is becoming a necessity. By definition, Insurance is a legal agreement between two parties (Insured and Insurer); in which one party (insured or policy holder) agrees to pay premiums, and in return, another party (insurer) agrees pay certain amount of money on the event of loss. Now in this day and age, everyone should have an insurance policy because the probabilities of mishappenings have been increased due to today’s hustle and bustle.Continue Reading
10 Important Things to Consider Before Buying a Life Insurance Policy
Insurance is a risk management technique; that helps to reduce the risks of financial burden, in case of any mishappening. Insurance is also known as a risk transfer technique, in which you shift your economical losses to your insurance company by paying a fee called a premium. Insurance protects an individual against financial hardships due to unexpected events like; theft, illness, physical injury, damage to property etc. Actually, life insurance is a legal agreement between you and your insurance company; in which you have to pay premiums and in returns, your insurance company pays you a certain amount of money in the event of loss you insured. The amount of money that your insurer pays you or your nominee (on maturity or event of loss) depends upon the amount of protection you have purchased. Your family may face financial problems upon your death; but if you have purchased a life insurance policy then it might help your family to bear the immense loss. If you have dependents then you must have a life insurance policy.Continue Reading