While it makes sense to contact a life insurer to cover your dependents in case of your premature death, there are issues with the integrity surrounding the insurer and agency.
While it makes sense to contact a life insurer to cover your dependents in case of your premature death, there are issues with the integrity surrounding the insurer and agency. Broadly speaking, there are three ways your life insurance company is fooling you. We have listed them for your benefit.
Sell coverage you don’t need!
Insurance companies thrive on the fact that most people do not understand the needs of life insurance. With standard products, they try to sell you lucrative coverage for them, which you may not need. The insurance agent will facilitate the process so that you can skip the fine print and sign up for compensation that is not suitable for your needs. The secret is to address the factors of fear and sell heavy insurance, even if you don’t have any dependents.
Persuade you to pay “cash”
We strongly recommend that you do not pay the insurance premiums in cash to the agency. In addition, make sure you receive a receipt for your payment. There are many fraudulent entities disguised as real insurance agents that withdraw cash from you instead of insurance premiums. You will be asked to sign a blank area of the form, ensuring that it is just formal. If you fall into their tricks, you will remain uninsured. Worst of all, most victims will only notice this scam if they encounter an accident and do not have insurance to cover it.
Benefits are available offline.
Insurance agencies and agencies have a way to promise incredible benefits from life insurance policies. Life insurance agents may offer plans with a guarantee that the insurance policy will run for a certain period of time without a premium. Some agents play it wisely, replacing the old policy while offering a big discount to sign up for the new policy. The secret is that the old coverage ends and the new coverage doesn’t start because of a tedious procedural bottleneck. Therefore, you are at risk without a cover.