Insurance quotes compare and purchase of a policy is a standard norm in modern times. The lower costs, no insurance agent being involved coupled with the convenience aspect tilts the balance towards this mode of purchase. The entire process is easy and less paper work is needed as compared to the traditional method of purchasing an insurance policy. All you need is an internet connection and you can compare insurance quotes online . In fact the purchase of a policy is undertaken in a matter of few minutes. Let us now explore some mistakes to avoid when you purchase an insurance policy
The cost of premium coupled with ratio of claim settlement are pillars on which you should base your life insurance purchase. The reason of it is that most insurance policies are straight forward products with hardly anything to choose among them. When you buying an insurance policy online you would need to compare between policies and glance through what the aggregator websites have to offer. This will help you to choose the best among the lot and it means that you do not end up purchasing an average insurance policy.
Information not proper
When you purchase any insurance policy you would need to fill up an application form. When you are filling up a policy via the online route, there is no insurance guide to provide inputs. You would need to ensure that all the details are accurate and no false information is being provided. At the time of claim settlement an insurance company has the liberty to reject a claim if proper information is not being provided. It would lead to suppression of facts.
Disclose all the correct information about your family history and do mention the details about your lifestyle and personal habits. In some cases an insurance company can file a fraud allegation on an individual for providing false information. It is suggested that you disclose your information correctly; otherwise your dependants would have a difficult time in settlement of the claim. Since you have filled the policy online, there is nowhere an insurance agent who will help you settle the claim. It is one of the major mistakes that you make while purchase an online insurance policy and needs to be avoided.
Large cover and a long tenure
One of the main reasons for the popularity of online policies is the cost of premium. This could work against you sometimes and considering low premium cost an individual may opt for a cover which is more than what is required. This extra premium that they pay does go on to become a waste of money and they could use this money to something more productive.
Do not let premiums guide you on purchase of an insurance policy. Take a stock of your financial strengths and then decide on the choice of the policy by taking note of all the factors. It is also suggested that you should not opt for a long tenure with an insurance policy.