If are curious enough to ask a question, ask one. People might think you are a fool just for a minute. But, if you don’t ask, you might be a fool forever! Yeah, that’s the fact; bitter but true. Life Insurance is also one such subject that keep people engaged enough to ask a plethora of questions..This article will give you maximum answers to the queries that you might have before buying life insurance.
Before buying a life insurance policy, you should a couple of important questions. Begin with, which life insurance plan should be the best plan considering my lifestyle? Is there any customized plan as per my requirement? How much sum assured would I need? If I buy this plan, what would be the total amount payable to my nominees post my demise? How is my premium calculated? How are my returns calculated? What happens if I survive the policy? What happens to the policy in case of disability? Will a short term or a long term life insurance plan would be best for me? Keep all these questions ready to pounce on your life insurer.
It is uber important that your life insurer provides guarantees by giving a written official document. Simply because, your life insurance company should be liable for such guarantees. These guarantees are nothing but a surety of availing returns from the life insurance policy that you have bought. It is important that you ask such questions to your life insurer and not the insurance agent because there are high chances of this person quitting the company.
Considering that premium is an important aspect, ask as many questions as you can. Ask what would be the premium amount to be paid and the duration of the payment. Check your premium paying capacity in future to considering your current income. Ask if there would be any extra charges that you may have to pay over a period of time.
Ask if the particular life insurance policy requires you to undergo a medical test. Are there any empaneled clinics that I need to visit or any local hospital would suffice? Can this life insurance policy be issued without a medical test? Most importantly, do I need to pay from my pocket for this medical test or will the life insurance company pay for the same?
Claim settlement ratio plays an important role in knowing the reliability of the life insurance company as well as the capacity to settle your claims. Go online and check this claim settlement ratio. Find reviews online and then make an informed decision. Enquire about the financial background of the company as well as its brand value.
Ask the life insurer about failure of premium payments. What happens to the policy if you miss to make the payment? Would there be any grace period offered by the company? Or whether it will lapse? Will there be any fee that should be paid in order to revive the life insurance policy?
This is the checklist you should follow before buying a life insurance policy just to ensure you are buying the best life insurance policy.
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