Dos and Don’ts of Life Insurance
You’ve got recommendations from colleagues and friends, you’ve read quite a good number of reviews for a few insurance providers, and you’ve dropped by at the local insurance provider near you – you’ve got quite a handful of choices, now you’re confused more than ever which income protection insurance to buy. So, how do you make the process easier? Pick the one that you’ve come across with first simply because it offers the cheapest rates? That’s definitely a no-no! It can be a rip-off, and you might end up losing money in the process. So to ensure you get only the best value for your money, here are the things that you should and should not do.
1. Do think about the coverage that you want. It’s not a good idea that you buy a policy considering only one factor such as price. When getting income protection, you must first decide what it is that you want to keep protected. Is it your general income or just one that is tied to a particular debt? If you’re having a hard time deciding on this, you can always talk to a financial adviser for assistance.
2. Don’t buy without comparing personal insurance quotes. These are provided for free; so don’t hesitate to request from insurance providers. Once you get hold of a few, be sure to compare them based on the following criteria: coverage, premiums, and length or duration of benefits.
3. Do consider how long you want to get covered. When you get a policy, there’s a benefit term that will be assigned to you, which can either be short term or long term. This term will be the length of time that the policy will give payout if you will be unable to work due to sickness, injuries, or redundancy. If you think your needs are for long term, then you better go for a long-term income protection policy.
4. Don’t deal with unethical companies. You have to know that while the Internet provides you with the convenience of getting access to many insurance providers, there are some companies that observe shady practices such as claiming to offer you free quotes but actually take your details and sell them on to another company. So be really cautious and make sure to deal only with a legit company.
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