3 Ways Life Insurance Companies Deceive You
Although it makes sense to contact a life insurance company to protect your dependents if you die prematurely, there is a problem of integrity around the company and insurance agent. Broadly there can be 3 ways your life insurance company deceives you. We have asked them to your advantage.
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| 3 Ways Life Insurance Companies Deceive You |
1. Selling coverage that you don't need!
Insurance companies thrive with the fact that most people do not understand their life insurance needs. With standard products, they try to sell you coverage that you might not need, but which is beneficial for them. Insurance agents speed up the process so that you skip printouts and register for coverage that doesn't suit your needs. The trick is to play on your fear factor and sell you heavy insurance, even if you have no dependents.
2. Persuade you to pay Tunai Cash
We strongly recommend, do not pay your premium through cash to the agent. Next, make sure you get a receipt for payment. There are many fraudulent entities posing as genuine insurance agents who take cash from you in lieu of insurance premiums. They ask you to sign in an empty space on the form, convincing you that it's just a formality. After you fall in love with their tricks, you are left without insurance protection. The worst part is that most victims only know of this fraud, when they have met with several accidents and there is no insurance to protect them.
3. Enchant you with benefits!
Insurance agents and agents have ways to promise you the extraordinary benefits of life insurance policies. Life insurance agents may offer a plan to you, with a guarantee that the policy will run free of premium for a certain period. Some agents play it smart and offer you big discounts to register you with a new policy, while replacing the old policy. The key is that old coverage is terminated and new coverage does not start because of complicated procedural barriers. As such, it puts you at risk without protection.