COMMON MISTAKES WHEN SHOPPING FOR LIFE INSURANCE:
As an insurance broker we want to ensure that our current and future clients have the easiest experience when shopping for life insurance. Here are a few common mistakes to AVOID when looking for a policy, hopefully this will make your process of buying life insurance a lot easier!
Procrastinating: We are all aware of that the older we are, the more expensive our life insurance will be, because of the increased risk ofdeveloping health complications that come with age. You might be avoiding taking out a life insurance policy because it is a commitment for a long period of time. DO NOT HESITATE. Ring your insurance broker to get quotes, the quotes will be the cheaper to get now rather than 5 years down the line.
Cancelling your current policy before taking out a new one: DO NOT DO THIS. If you intend to cancel your current policy for a newone, please wait until you are officially covered
by your new policy. Cancelling before your new policy is confirmed could leave you in a spot of bother if the new policy does not get accepted. This then has a knock on effect trying to reinstate your old policy and will cause complications with payments.
Choosing the wrong type of policy for you: When purchasing life insurance, it is easy to get confused by the insurance jargon —especially if it is all new to you. It is common for clients to come to us with the complete wrong policy for them. Use an insurance broker in the first place, we have the knowledge that will ensure you are protected as required and we will make sure that you know exactly what you’re being covered for.
Not disclosing health conditions and lifestyle choices accurately: This is the biggest reason that policies do not get paid out. The questions need to be answered with the upmost honesty. If for any reason you are unsure of any question being asked please stop and take your time to ensure you givethe correct answer, please do not underplay anything. If an insurer stalls on paying out because of an incorrect disclosure you are no longer around to fight your battles! .
When it comes to lifestyle it is important to remember that you must be nicotine free for 12-months to be classed as a non-smoker (including any nicotine replacement products and e-cigarettes), even though you might not have touched a physical cigarette for years the insurers will class you as still being a smoker.
