As life insurance is availed to provide safety against future uncertain circumstances, it is very important to know each and every detail of the life insurance policy you buy. One of the main reasons why people are not happy with the life insurance plan they buy is, they do not fully understand the policy and end up buying the wrong policy. In this blog, we will discuss the steps which can help you avail the policy, which best suits your needs.
Do your research
Before buying any life insurance policy, you should do your research by carefully going through the product brochure. You can also find the necessary information on the insurer website, and going through this information will help you understand the various aspects of the life insurance plan, you plan to buy. Even though agents give you enough information, doing your own research will help you make informed decisions. If you want, you may speak directly to the companies representatives of the insurer.
Don’t take a decision in a hurry
You should not make a decision in a hurry while availing financial products. You will end up purchasing the wrong product, if you make a decision in haste. Do not fall for offers which are too good to be true. In this competitive market, you will always find a product which meets your needs. All you have to do is be patient while choosing the life insurance plan.
Fill the application form yourself
Many people while availing an insurance policy, just sign the insurance papers without reading. This is not a good habit. You might be fooled by unscrupulous agents if you do so. It is always advisable to fill the proposal form by yourself. When you fill the form by yourself, you will fully understand the policy, such as premium to be paid, inclusions, exclusions, the grace period, surrender value and so on. This helps you choose the right life insurance product, which matches your needs.
Check the name and type of the life insurance product
Insurers sell multiple policies such as term life plans, traditional plans and ULIPs. Each policy will have minor variations. Not all these policies meet your needs. For example, if you avail an endowment plan for the protection of the family, this will not serve the necessary purpose. Instead, you should avail a term life insurance plan which is designed specifically for the protection of your family.
Wait to get a direct call from the insurer
To ensure that you have fully understood the terms and conditions of the life insurance policy, most of the insurers will call you to collect your feedback. You can cancel the life insurance policy, if you find the policy sold was different from what was explained by the agent. If there is a "free look period", you can cancel the policy within 15 days from the day on which the policy document was received.