10 Things to Avoid while Buying Term Insurance

Small Insurance Cover

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Smaller Policy Term

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Hiding Medical Conditions

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Buying Insurance late in life

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Low claim settlement ratio

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Hiding Smoking & Drinking Habits

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Not opting for riders

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Not checking the filled form

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Nominees not informed

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Cancelling policy due to loading

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10 Things to Avoid while Buying Term Insurance

Small Insurance Cover

Do not go for a cover which is smaller in size. As a thumb rule choose a cover which is atleast 7 times your annual income

1

Smaller Policy Term

Many people take smaller terms as they are inexpensive while forgetting that the Average Life expectancy is 70 years in India.

2

Hiding Medical Conditions

Hiding medical condition that you have while buying insurance can have a negative impact during claim settlement

3

Buying Insurance late in life

If you wait for too long the premiums become very expensive and the chances of getting a policy from insurance company also decrease.

4

Low claim settlement ratio

Check claim settlement ratio of insurance companies and avoid insurance companies that have low claim settlement ratio.

5

Hiding Smoking & Drinking Habits

It is very important to disclose if you are a smoker. Hiding this material information can lead to rejection of claim settlement.

6

Not opting for riders

Companies offer disability, terminal illness, hospicare riders which buyers should consider adding to their base policy.

7

Not checking the filled form

If you have not filled the form yourself then it is important that you check the completely filled form before submitting it to the insurance company.

8

Nominees not informed

It is important that nominees are informed that you have bought an insurance policy and also share the payment receipts.

9

Cancelling policy due to loading

Sometimes post medical check up insurance company adds a loading charge on the premium. A buyer should accept it.

10

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