Whenever you get a good deal in anything, you must study the fine terms to make sure that it is worth your while. Normally, people turn to insurance to cushion their lives from sudden and unexpected calamity. This makes insurance the most sought after financial venture in the world today.
Since the demand for insurance policies keep rising every year, some companies have come up with attractive ways of stealing from unsuspecting clients. It is not abnormal to hear of insurance fraud.
People invest their hard-earned income in a sham programme, which crushes and leaves them in trouble. For this reason; make sure that you study your policy well before you make any major leaps.
Most of the time, you will be able to know a fraud policy by checking a few pointers.
- Check if your dealer is legitimate
Before signing any documents, do a background check on your dealer to make sure that they are legitimate. You can read reviews from people who have gained from them. Be wary of dealers who have no proper history of at least ten years of operation.
If you get solicitation from online requests make sure that you read the fine print. Do not bind yourself without visiting the firm and confirming with them.
- Compare and contrast your rates
Do not be swayed by a rate that sounds too good to be true. These companies will offer you the same rates with a small discrepancy. If a policy sounds too good to be true, then it is a trap. Compare more than ten policies and if yours seems too outside, then you must reconsider.
- Check for hidden traps
Do not just go for a company since they offer you affordable life insurance for seniors. It may seem affordable from the first glance but when you look deeper, the hidden costs are too much.
Does your cover last a lifetime or will it expire at 80? Is there a time when there will be unexpected price increase? Will they hike your rates and expect you to catch up immediately? Such cases have occurred and people have lost millions of dollars.
- Understand your waiting policy
Some covers give you a two-year waiting period before your cover can be claimed. If you happen to need the funding before two years are over you cannot claim such a cover. Make sure that you understand your policy well before applying for cover.