In today's time, every person, whether it is a parent, a jobber, or a student, life insurance policy can be needed by everyone. The speed with which a person's age and the outstanding amount that he may have taken from anyone survives, then the need for life insurance also increases. People always make some mistakes while taking life insurance from them. Which is not right for us and if we know what mistakes are happening to us then they can be stopped.
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Don't consider insurance as an investment: Life insurance works as a second source of income. It is wrong to think of life insurance as an investment in any way. Investment means getting returns with risk but life insurance work is to protect your savings and investment. Everyone wants to know how much insurance a person needs. The life insurance requirement is based on either annual income or annual expenses. There are many life insurance calculators that can help you get the right insurance amount. Avoid the mistake of buying life insurance on an ad hoc basis or for tax savings only.
There are different types of life insurance policies, such as traditional plans including term insurance, return of premium term plans, ULIPs, etc. Life insurance which insurance is right for you, which insurance is right. Know this before taking insurance. Know plain information about the agent. Because many insurance agents cheat you. If you have chosen the wrong insurance then you will have to repent later.
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Take insurance for a long time: Whenever you are taking life insurance, take it for a long time and take care that does not leave it in the middle, the character can be your loss. Life insurance can choose to surrender before maturity, but in some life insurance surrender value is very low. Surrender charge in Ulips is generally zero after five years of insurance.
Policy lapses: If the claim is rejected or is about to be called, then to save it, keep paying the premium from time to time under the policy. If your policy is terminated due to premium payment, your insurer may dismiss your claim. If the claim is made even one day after the policy ends, the insurance company may dismiss the claim.
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