Trai Nghiem Hay 2 năm trước

9 notes when buying life insurance

To prevent risks when buying life insurance, choose a reputable company, learn contract procedures, payment and compensation cases.

If you are looking to buy life insurance but are still confused, the following notes will help you, according to Forbes.


Choose a reputable life insurance company

Choosing a reputable life insurance company is the most important factor after deciding on the type of insurance to buy. 

You need to find out information about the legal, history of formation, operating model, how the company operates.


Compare the characteristics of different types of life insurance

Life insurance has many packages to suit different needs, don’t forget to analyze and compare insurance types to find the most suitable insurance plan. 

If in the selection process there are many doubts, you can consult the advice of financial consulting units to make an accurate decision and in accordance with your wishes.


Consider your financial situation

Current financial situation, future financial needs are the things you need to pay attention to. If you want to achieve a goal in the future, make a specific plan and plan your income and savings ability.

Learn about contract procedures

The life insurance contract is the most important factor in protecting the interests of the parties, you need to carefully consider the information declared in the life insurance contract such as personal information, insurance package, etc. life, rights and obligations of the parties.

Fill in the correct information form

Immediately after signing, the life insurance policy will take effect, so make sure you declare truthful and accurate information. 

The insurance company will rely on the information provided to calculate and pay the insurance benefits, so if there is any mistake in providing the information, you will be in trouble later. 

Personal information of buyers, beneficiaries, health status and information of insurance packages, insurers are the items you need to pay attention to.

Learn more about the benefits of the contract

The benefits when participating in insurance will be declared in the contract, you need to find out specifically your benefits when buying insurance to know the basic rights, total benefits, payment levels, interest rates … to be able to apply and protect their interests. 

In addition, do not forget to refer to additional benefits, because this is also an important item in the contract.

Cases of payment and compensation

Not all risks that occur during the course of participating in life insurance are covered or compensated. 

So, in addition to consulting about life insurance benefits, you also need to carefully understand the cases of compensation, payment, and non-compensation in the contract.

Life insurance premium and premium payment period

Life insurance premiums will vary for each insurance plan. You need to find out the fee and time specified in the contract to get this information. 

Life insurance participants need to pay premiums on time to avoid unnecessary risks.

Cancellation of life insurance policy

If you cancel the policy, you will lose the benefits stated in the policy as well as the premiums paid. 

The contract has detailed provisions on the insurance that has not formed a refundable value in the first two years of participating in insurance. 

If you have difficulty or have financial problems, you can propose to reduce the premium or renew or reinstate the policy after a specific time to reduce losses.

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