Are you going to buy new insurance, life insurance, car insurance, term insurance or any other type of insurance for your self, here is some of the key things you need to check before buying new insurance. check this things so you cannot get scammed, you don’t get fooled by ponzi schemes of insurance company.
What to Check Before Buying New Insurance?
Many insurance companies like Life insurance corporation, SBI insurance and etc are providing all type of insurance to Indian subscribers. If you too looking forward to buy new policy, do check out the below check list before buying new one.
#1 Review your insurance needs
Try talking to an insurance agent for it. He or she whoever is, can help you well in getting the best possible insurance evaluating your basic needs and so on.
#2 You must decide the coverage that you need
It depends to say, as how much of family income is provided by you, and if there is anyone else’s too in the family who is financially dependent on you. And how will your family repay the debts after your death if you are applying for it. Based on these some of the queries you can decide your coverage that you need, and how long you want it and how much of it you can afford. You always want to make sure about having a best insurance to cover financial effects to an unexpected death.
#3 Access your current insurance policy
If you already have or had an insurance policy, just do not cancel it until you have the new one waiting. As, you will have the time to review it that what is good in both of them and decide better from them and may change the policy to avail the coverage or benefits it carries.
#4 Compare different kinds of policies you know
There are some basic insurance known as term insurance and cash value insurance basically. On with lower premiums and another with not so much low, and it is always up to you what you want to do.
#5 Be sure about the premium payments
As, before purchasing any of the life insurance policy that you are willing to, just be sure about that you can handle the premium payments of the policy. As sometimes premium gets increased of something like that so make you can afford it.
#6 Have an agent who can evaluate your policy’s future
Some policies do have high value but majorly it has low value but in several years it grows quickly. Some policies have better payout so ask your agent to make a year-to-year display of benefits and values from it.
#7 Do keep your current policy
It is really important and notable that you do not just drop one policy and adapt another without any brief study of the policy that is newly taken. And never replace it, as replacing a policy is always costly.
#8 Renewal Policies understanding
You can always change your insurance policies as per as the terms as if your health situation changes. But for a reality check, each time you renew your insurance, your policy premium will get higher so make sure you want it or not.
#9 Make sure you read the policy terms well
Make sure the premiums and benefits change from year to year always. There are adverse effects of the money that are being paid and received at different times in the same policy.
#10 Review your insurance program every few of the years
It is all about because, in few years your family size can differ, your needs will differ and more by the couple of years and some more agenda like that are being measured and it is recommended to review it within the years so that you can make changes in sooner time.
So, these are some of the things that need to be checked while having an insurance of your own or anyone, as everyone needs it. Some for better future, some for better family future, but everyone pays their attention into this, as it has become very much important in today’s date and is easy to access and keep a safer future in your hands.