Life insurance policies are not a new term for us but choosing the right one is a wiser step. Before buying an insurance policy you should consider some important points and here they are. These will allow you to choose the right life insurance policy.
Research
Before going to buy a life insurance policy you should do some research about the policy from your own. You can check out the different policy details online and can compare them to choose the best one. Also, check out the features and facilities provided by the insurer.
Know about Your Insurance Company
Before confirming a life insurance policy, check out all the details and previous record of your insurance company. Also, check out the insurance settlement history and market image of the company. This will help you out either you should trust them or go with another one.
Read the Complete Policy Carefully
It is a wiser step to read all the terms and conditions of the policy. This will make you understand that in what cases you are insured. Without knowing a policy completely doesn’t buy that. Also, you should check that the company is providing all the facilities you required or not. And don’t sign any blank document without proper reading.
Payment Options
This is one of the most important steps that will affect you in the future. So, you should choose the EMI and tenure wisely that you can afford easily. Also, there are plenty of companies are available in the market that facilitates user that he can pay on a monthly, quarterly, half-yearly or yearly basis. So you can choose a payment method that suits your requirements.
Free Look Period
When you buy a policy the policy issuer takes around 15 days to create and dispatch your policy documents to your home. This is called a free look period and you can cancel or return the policy if you find that you are not getting facilities you require. Your premium will be refunded after settlement.
Give Correct Information
Always give your correct information while applying or buying a life insurance policy. The information about you and the nominee should be filled correctly. Incorrect information may lend you in trouble at the time of insurance claim.
Pay Premium on Time
Paying the premium on time will create your financial status healthy and will help you in future finances. Any bounce or skipping EMI will lower your CIBIL score. So be wise and keep enough amount in your bank account at the time or premium.