We all are well known of the benefits of a life insurance. No one wants to leave his family early but luck is totally unpredictable. Life insurance policy is a powerful step for assuring your family’s bright and happy future. Many insurance companies are available and so, usually it leads to lot of confusion at selecting a right insurance policy. Here are given some useful tips for choosing a right policy for your family:
1. Some Crucial things
- Compare different policies: To have a detailed knowledge of what is available in the market, it is necessary to go through different insurance quotes provided by the company. Compare and analyze them on the basis of options or restrictions provided to you.
- Check your agent: Instantly leave the agent who seems to be suspicious or not explaining you things to the full.
- Don’t over buy: Often thinking of adequate coverage, we over buy, which means high premiums. In case, you are unable to pay, there is a risk of lapse.
- Insurance for all: Prefer insurance for the whole family, not only adults. It is better in case of sudden death or serious illness.
- Need, not a luxury: Be very serious about insurance regular expenses, like you do for your rents or mortgage. They are equally important or may be much more!
- Stay Updated: Keep in touch with your agent for any changes or updates in policy programs. Regularly check on internet as well. These matter a lot afterwards.
2. Your Rights
- Never come to a decision under pressure by other fellows or agents. It’s for your family and they are going to use it.
- While purchasing a policy, make check payable to insurance company, not the agent. Take the receipt for sure and keep it safe.
- “Free look”: After purchasing your policy, company provides a free look period (may be 10 days). In case you change your mind and plan to buy another one, you have the right to do it!
- Cancelling: Suppose someday, your agent calls and ask you to cancel your current policy plan and advises to switch to a new one. Be careful! His attractive schemes may be very costly for you. Do proper enquiry and then take your decision.
- Complaints: In case you are dissatisfied with anything, contact customer service division. Further you can also contact state insurance department.
3. The Right Company
- Before choosing a good policy, selecting a particular company is also an important decision. Here also, you need to do some homework.
- A “right company” is the one that :
o Promises appropriate recommendations, product and prices.
o Has a record of excellent financial capacity and customer service.
- Don’t run blindly towards big companies. They may destroy you. There is no problem in choosing a small but a trustworthy one. Check past, present and future scope of the company and its policy of handling at time of crisis and related complexities.
Who knows what happens next. So better be prepared and assure your family’s future, buying home a right insurance policy!
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