Pitfalls to avoid when purchasing an insurance policy

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Family is the most essential and beautiful aspect of your life. So there are sweet memories, cherishing the moments, laughter, joy and care always associated with the family. However, this is not it there are responsibilities associated too. In order to take care of the family and deal with the unpredictability of life, there are more people than ever who are purchasing insurance policies. There are a number of insurance plans, which have actually made it affordable. However, if you goof up the premium, there is probability that you have to pay more amount of it.

In order for you to avoid paying extra amount of premium, herein listed are some of the pitfalls you can avoid:-

  1. Do not lie- Since you were a toddler, you have been told about the negative impact of lying. If you are lying in your insurance plan, the fruits will be bitter than you think. So, when you are purchasing an insurance plan, you are required to tell them about your medical conditions as well as hereditary diseases. The insurance company keeps on verifying the claims which you have portrayed for up to 3 years. If you have lied in your policy documents, it not only increases your premium, it can also cancel your policy.
  2. No medical test- If you are getting allured by the fact, that there is this particular insurance company, which is not asking for any medical tests, it may be better for you to check their insurance premiums. Most of the time, the insurance companies which do not provide the option of medical tests is associated with more amount of premium.
  3. Not keeping a tab on your health habits- If you are one of those, who do not keep a tab on your health benefit; it is a surely that you will have to deal with the high price of premium. Habits like smoking, chewing tobacco and alcohol is definitely harmful for your health, similarly it is harmful for the premium which you will be entitled to you.
  4. Inadequate life cover-If you have not taken adequate life insurance cover at the right time, there are chances that later you will not be adequately covered. Hence, in the start of your career, purchase an insurance plan, with an adequate maturity amount at the end of the tenure. If you are not able to pursue it, you may later be left with real financial troubles.
  5. Compare premiums- There is a plethora of options to choose from, when purchasing the life insurance plans. There are the real cheap ones and the ones which are way pricey. There are also those which even when do not have anything different to offer, but are not cost effective. Hence, it is really important that you purchase the insurance plan, after carefully comparing them with the other ones available.

Hence, it is recommended to take care of all the above pointers so as to avoid high insurance premium in policy.

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