Tag: Some pitfalls to avoid while buying a life insurance

Some pitfalls to avoid while buying a life insurance

Some pitfalls to avoid while buying a life insurance

life insurance
It is not a secret now that the most of the people don’t understand the life insurance policies that they own or the subject matter of their policies. Life insurance is actually a vital financial tool and important part of your financial planning, which is incumbent upon you to have the basic level of understanding. Here are three pitfalls that need to be aware of: Incomplete details in the application All of the insurance contracts have two-year contestability clause that means an insurer can go for a submitted claim within that two years time duration if the material information was not disclosed during the process of application. If you have somehow forgotten to note a related fact in the application pertinent to the claim, there is a chance that claims will be denied. A c