Availing insurance is an important step in life which you just cannot ignore, if you are the sole breadwinner of the family. Even though insurance policies can be bought online, many people still prefer availing them through insurance agents. The insurance agents are supposed to sell policies which meet financial goals. Unfortunately, not every agent does this. As per IndianMoney Reviews, many insurance agents prefer to sell policies which give high commissions.
An insurance agent is a person who helps avail an insurance policy. As insurance companies cannot reach every customer, they hire an agent to sell insurance policies on behalf of them. Insurance agents have a license issued by IRDA.
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These are the ways an insurance agent may cheat you.
When you contact insurance agents to avail an insurance policy to protect loved ones, many insurance agents force you to buy an endowment plan. This is because they get a high commission on the premiums paid on the endowment plan. They say that the endowment plan offers good bonuses and a high maturity amount (survival benefits) if you survive the term of the plan. Availing endowment plans to protect loved ones is not a good idea, as it comes with a low mortality cover. You must never mix insurance with saving.
IndianMoney reviews say availing term life insurance policy is the best option to protect loved ones in case of an unexpected demise.
Many insurance agents are very cunning and do not mention the free-look period. Free-look period is a time period in which you are allowed to return the policy, if you are unhappy with it. The free-look period is for 15 days and starts from the day you receive policy documents. Many agents do not talk on free look period and simply say that once the policy is bought, it cannot be returned.
Many insurance agents concentrate only on commission, instead of considering your financial goals and needs. It is the duty of every insurance agent to consider financial needs and suggest a policy based on this. Most of the agents force you to avail policies which gives them a high commission.
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While availing an insurance policy, you must opt for an insurer, who has more than 90% claim settlement ratio. Claim settlement ratio tells how many death claims are settled by the Life Insurer in a particular year. If the claim settlement ratio of a particular insurer is bad, agents try to cheat you by hiding it.
While selling term life insurance policies, some agents do not mention certain clauses and exclusions. If you do not disclose certain facts which are important, the claims made by your family would be rejected by the insurer. For instance, if you do not disclose smoking habits, your insurance claim will be rejected. As per IndianMoney reviews, you should not hide anything from your insurer.
Exclusions are events which are not covered under the policy. Some agents do not inform on the exclusions in policies.
Some insurance agents say there is no need to undergo medical tests while availing term life insurance. As per IndianMoney reviews, policyholders must undergo medical check-ups while availing this policy. This is because the claim made by family members would be rejected, if policyholder hides health condition or pre-existing diseases.
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