Keeping in mind the future of your family, buying a term insurance policy is a good thing. By doing this you fulfill the duty of being aware and responsible towards the family. But simply buying a term policy does not mean that you will get the best coverage from your policy. For this, you have to show prudence and compare many policies and choose the best policy for yourself. By doing this you can increase the coverage areas and also save some of your money. We often find people around us who are sold a policy that does not meet their needs.
Such a policy means nothing to him and he forgets it by buying it. Not having adequate insurance coverage in the policy may cause your family to face problems in future. When you buy a policy, at that time you may find a policy that meets your needs, but as your life changes, you see that your term insurance policy is completely according to your needs Does not fit with Through this article, we are going to tell you about similar warnings of your policy, which you should evaluate in time.
10 signs that warn about term insurance plans –
- Excessive coverage – It is good to have a plan with more coverage, but if filling its premium amount spoils your monthly and annual budget, then it is not right. If you are having trouble filling the premium amount after taking the policy, then it is a matter for you to think about. This proves that this policy is not good according to your budget. Therefore, one should always buy term plans according to the needs and budget of the family. However, you have the option to reduce the premium amount, you can also take advantage of it.
- Inadequate coverage – You decide whether your policy is providing you coverage according to your and your family’s needs. For this, you have to take into account liabilities, daily needs etc. Make sure your coverage is sufficient to pay off all your debts. Most insurance experts recommend that your cover should be at least ten times your annual salary.
- Health Improvement When you bought the policy, you had illnesses and your health was falling, but after a few years of buying the policy, you get rid of diseases and become a healthy person, then you need to change the policy because Paying a higher premium even when you are healthy is like wasting money.
- On quitting smoking and alcohol – Insurance companies always charge higher premiums than smokers and alcohol addicts. If you give up such drugs after a few years of buying the policy, then you have to pay a lower premium for insurance. In this situation, you can apply to the company and avail of the policy at a non-nicotine premium rate.
- On losing weight – If your weight was more than the age at the time of taking the policy, you would have to pay a higher premium for it. If you lose weight in a few years and become a normal and healthy person, then you should inform the insurance company and reduce your premium rates.
- On not getting the maturity benefit – Many companies offer maturity benefits to the customer. Maybe when you took the policy when the maturity benefit is not available in the market but it is available now. Under this, the maturity benefit is given to the insured if there is nothing untoward with the policyholder even after the completion of the policy term.
- If there is no option of riders for serious diseases – If your policy does not have the option of taking riders for serious diseases like cancer, heart disease etc. then you need to think. Because of these diseases, riders are covered only by taking them.
- In case of reduced claim settlement ratio – If your insurance company claims settlement ratio is less than 90 percent, then this is a warning for you. You should insure with the same company whose claim settlement ratio is more than 90 percent.
- Claim Procedure – If the insurance company has a complex claim settlement process, it can put your family in trouble at the time of the claim.
- If any information is hidden – If you have hidden any information related to your previous illness or habits while doing the policy, then your claim can be dismissed if it is found later. Do not hide any information at the time of the policy.
If any of the things mentioned above happened to you, then this is a warning for you. You should immediately evaluate your term policy and change it.