Life Insurance Policy is a legal contract which is signed by the individual or group under an agreement of paying the premium on timely basis. The agreement obtained is out of free consent and not out of force, coercion, threat or fear. The parties are not minor and have complete knowledge about the terms and conditions mentioned in the contract. On against that, the insurance company becomes liable to pass the claim of an individual or group if it suffice on the right and legal grounds. The company must perform the activity of settling the claim within the state time period in the contract.
What are the important points to be considered while selecting any Life Insurance Policy?
Prepare a list of alternatives:
In the initial exposure, firstly consider different types of plans available under life insurance policy. Analyse at least three plans, segregate them and compare and contrast with your needs and requirement. After conducting healthy research, prepare a list of consideration set and make the final selection. For any sort of difficulties, you can contact iSelect for the best consultation services.
Carefully read all the related terms and conditions:
Every life insurance policy comes with undisclosed terms and conditions. Therefore, read all the subject related matter consciously. If you missed to read all these terms and conditions, then you can end up into sincere trouble. Understand all the policy terms clearly. For doubt, contact iSelect now.
Determine what the lock-in period of life insurance policy is:
While analysing the life insurance policy, be succinct in determining the lock-in period of life insurance policy. Every plan comes with different lock-in periods. Therefore, consider all these points carefully and then select the best plan.
Take a note of different payment options of premium price:
You can compare the premium price online or offline or you can freely call iSelect. Check out which mode and duration does a specific plan offer! For an instance, few plans asks to pay yearly or semi-yearly, quarterly or so using cash payment, credit card, IMPS or a cheque deposit. It could be online and offline as well.
Do not hide any personal details from the insurance company:
It is advisable that an individual should never hide any of the personal information from the insurance company while purchasing the life insurance policy. Share all your personal password and historical data but also keep an eye over it on regular basis.
History of the insurance company:
The insurance company must be performing its duties since decades and more and must have been run by the professionals and experts. The company must have not undergone into illegal practices, fraudulent activities or defamation case. The past history of the insurance company will reflect its intensity of transparency, reliability and trustworthiness. It must have performed outstandingly on a continuous basis maintaining the sense of stability and consistency in the past and future performance.
Contact iSelect now and get the best options of life insurance policy!