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Tuesday, May 8, 2018

5 thing to Know How About A Life Insurance Policy

5 Know How About A Life Insurance Policy

If all of us were to read the fine print carefully, then almost nobody would invest in any scheme. Very often, the folly of not reading the fine-print occurs when it comes to investing in life insurance policies.
Apart from reading the fine-print of any investment document such as life insurance policies, it is important to examine other vital details. Some of the facts may or may not be disclosed by your insurance agent. Yet, it’s important to be aware of these facts.

Life insurance policy – The Finer Aspects

After a long talk with your life insurance agent, chances are that you remain, starry-eyed. One cannot argue with the brief on the possible accrued benefits for you and family members. But, thoughts of looking at the finer aspects of these policies very rarely cross our mind. We discuss those unasked questions that are important before any life insurance investment:
  1. Q: How long do I need to pay the life insurance premiums?

A: Life insurance policies extend well over a span of 5 – 20 years. Although, the thought of paying premiums for the sum assured seems reasonable while being briefed about it, it is not always the case. The actual financial benefits are accrued at the end of the specified period in the policy.
The thought of paying a regular sum of money over a period of time, may not seem daunting at first, but it is. One does not consider factors such as inflationary trends or job loss that is likely to impact the payment of premiums over time. Undoubtedly, the period of life insurance premium payment depends entirely up to the policy details.
  1. Q: Are there actual medical benefits such as hospitalisation?

A: Undoubtedly, hospitalisation benefits are present in life insurance and it covers critical illness riders and accidental death benefits. In the event of an untimely death, the family of the person insured under life insurance is cared for, under the scheme.
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  1. Q: Are there any charges in life insurance that are significant?

A: Life insurance policies whether medical or non-medical have significant charges, levied as penalties. For instance, the surrender fees for giving up a life insurance policy are large. Other penalties such as a renewing a life insurance policy that has lapsed are also levied. Shifting life insurance premium payments from one policy to another also incurs a penalty. Such charges are often not mentioned by any insurance agent at first, but they do appear in the fine-print.
  1. Q: What are limitations of a life insurance policy?

A: Not all medical life insurance policies cover medical expenses successfully. Similarly, not all non-medical life insurance plans are tenable in retirement. With rising inflationary trends, very often, a single life insurance policy does not suffice. Immediate medical expenses incurred are often too large to be incurred without any financial assistance. These expenses can be covered under other policies that are not incurred by pure life insurance policies.
  1. Q: Do riders and medical conditions increase the premium to be paid?

A: Not all life insurance policies come with riders such as including family members, in an insurance policy. One needs to additionally mention these riders, but this may increase the premium amount.
Life insurance continues to give critical benefits in the event of an untimely death. It would be advisable to conduct minimum research of the available life insurance policies and their comparative health insurance policies, before allocating one’s funds in either.

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