Compare.com life insurance

I came across various incidents while working for compare.com life insurance. I am inspired to write this post by a case that I just came across. It was about how a family was ruined after the head of the family died in an accident. He bought an insurance policy 15 years ago when he was a bachelor and assigned his roommate as a nominee. Later he forgot to update the nominee ship. And the insurance company gave the entire sum assured to the so called roommate.

1. Most of us have our life insurance premium paid directly from our bank account via EFT. But we forget to update this info when we change our account from one bank to another or discontinue this account. Thus ultimately the policy gets lapsed.
2. When we plan to buy life insurance, we will meet some agents and brokers and take their advice. But most of us will buy the life insurance from the very first agent we meet. It is better to shop around and look for some options. This is a fact that brokers can find better life insurance plans than agents because agents represent only one company so they are restricted to their plans only. On the other hand, brokers have authorization of multiple companies so they can find the most suitable plan for you.
3. This is the most common mistake we all do including me. We look for life insurance plans that do not require medical exams. This mistake is not limited to people who are older or suffering from some kind of medical problem but even healthy and young individuals try to escape from time consuming medical exams. But we forget the fact that medical exams will give us the benefit of cheaper plans with additional benefits. So it is worth spending a day or two for medical exams.
4. When we plan to buy a new insurance policy, we immediately opt for cancelling the old policy just to avoid paying few extra installments. But we forget that the new insurance coverage will begin only after a certain period say of 1 or 2 years, and if any misfortune occurs in between this period, we will not have anyone to claim. This is normally called lapse period when an individual is not covered under any of his policy.
5. Buying life insurance plans with very little sum assured is also a petty mistake that we do to save few bucks. We go for plans with lesser premiums without thinking about the fact that the amount of $10000 or $20000 is not sufficient in case of a tragedy. It will make little to no difference to the situation. So it is advisable to calculate what amount would be sufficient for you and your family in case of any crisis and then choose a life insurance plan according to that.
6. We are never honest while filling the application form for insurance policy. Specifically we lie about our annual income and age (sometimes). This is due to a strange psychological thinking that the insurance company will charge us more if we state higher income or this will affect our tax payment. But this is not true. On the contrary this can be harmful to us, resulting in rejection of claims or cancellation of policy. So better be honest (I know it’s little hard) to reap the fruits of your life insurance policy.

Don’t hesitate to ask questions or queries. Get quotes from a number of vendors and choose only the best for yours elf with compare.com life insurance.

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Tags: Insurance, Life Insurance   Posted in Car Insurance Online