Friday, October 09, 2015

Claim Rejection of Term Insurance Plan

1) Provide correct details in the health declaration as hiding past history of diseases and essential health related information could lead to claim rejection.
2) Stop agent from filling wrong details or better still fill the form yourself.
3) Don't opt for the single premium plan even though a discount is offered as thanks to the uncertainties of life you may or may not need to pay the premium for the whole term. The premium doesn't increase each year.
4) Inform the nominee you have appointed about the term policy you have purchased.
5) Don't fall for mis selling offers of insurance agents that you will get back the entire amount you have invested, so the cost is zero. The money will be back upon death and the inflation cost as well as opportunity cost of money should be looked at from 15-20 years perspective.



















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