Although it makes sense to get in touch with a life insurance company in order to protect your dependents in the possibility of an unexpected death, there are integrity issues surrounding the insurance companies and agents. Generally there are 3 ways unscrupulous insurance companies fool you. We have made a list for your benefit.
Sell Insurance Coverage You Do not Need.
Insurance companies thrive on the actual fact that most people do not understand their life insurance needs. With standard products, they try to sell you coverage that you might not need, but that benefit them. The insurance agents expedite the process so that you skip the best part and sign the insurance coverage that does not fit your needs. The trick is to play on the fear factor and sell you expensive insurance even if you have no dependents at all.
Persuade You To Pay Cash.
We strongly recommend that you do not pay the premium in cash to an insurance agent. Furthermore, make sure that you get a receipt of payment. There are many entities that con artists posing as genuine insurance agent who took cash from you in lieu of insurance premium. They ask you to sign up at the empty space in the shape, assure you that it is just a formality. Once you have fallen for their trick, you are free from the insurance. The worst part is that most victims only come to know of this scam, when they have met with some accident and no insurance to cover them.
Entice You With Insurance Benefits.
Insurance agencies and agents have a way of promising you unbelievable benefits of a life insurance policy. Life insurance agents may offer the plans, with a guarantee that the policy would run premium free for a certain period. Some agents play smart and offer great discounts for signing you for a new policy, while replacing the old policy. The trick is that the old values will be terminated and new coverage does not get initiated due to cumbersome procedural bottlenecks. Thus, exposing you to risk without cover.
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