Important notes when buying life insurance
Before signing a contract to buy life insurance, customers should pay attention to select the appropriate type of life insurance and carefully research information from counselors.
1. Choose the form of life insurance that best suits your needs
Determining your needs, goals and abilities is absolutely essential before choosing to buy life insurance. These issues are made easier by a team of insurance advisors with in-depth knowledge and professional consulting skills, which will help you understand the problem and easily identify the item. purpose of using life insurance itself.
This is very important because if you do not choose the right type of insurance or do not carefully read the terms of the contract, then when the insurance event occurs, you may not be able to receive compensation compared to the period. original expectations.
2. Pay the insurance premium within the contractual term
A valid insurance policy will be maintained based on the premiums that the insured person accumulates periodically. The case of active insurance participants pay dues on time will help the terms of the contract are always guaranteed in accordance with the previously promised benefits. Where the premium is not paid on time, it will affect the validity of the contract.
Currently, in order to create the most favorable conditions for customers, insurance companies have assisted by creating various payment channels through automatic transfer, information portal for customers, and links. payment via banks, support and customer care centers, paying through agent channels and especially online payment. All have created a diverse picture and increasingly create confidence for people participating in life insurance.
3. Financial considerations to select the appropriate life insurance package
Participation in life insurance is voluntary through the agreement of customers and life insurance companies, but customers need to pay attention to their financial capacity before participating. Typically, taking life insurance will be within 10-15% of your income. This is a long-term plan and when you join you will accompany the company on the terms of a 10-15 year contract. For this reason, you should consider your finances carefully to avoid unnecessary obstacles that make it difficult for both parties in the life insurance policy.
4. What happens when a life insurer cancels a policy?
With each canceled life insurance policy, the life insured will be disadvantaged by losing the paid premium and at the same time losing the protected benefits from the policy. Specifically, in the first two years of participation, the contracts will be almost non-refundable, this is one of the common terms expressed in the contract and will be carefully consulted before the customer. join life insurance. For those cases, in the process of joining a contract, customers who encounter economic difficulties that lead to payment of fees are prevented, they will have a choice:
– Proposal to reduce the sum insured
– Offer to extend and reinstate the contract after a certain period of time.
Participating in life insurance is necessary and will bring protection benefits for you and your family. For these reasons, you should consider and research the necessary terms before participating in this type of insurance.