Have you purchased A Wrong Life Insurance Policy? Here is a Solution, There are various incidents where one person has chosen a wrong insurance policy, which is not beneficial to them. They regret after they are purchase the same. But there is nothing to regret it in. There are many ways available to come out the policy which would help to save it from the further loss of the premium amount to be paid by the insurer. There are many instances where the person is wrongly guided by some of the agents to take the policy which after getting the returns of the same gets to the knowledge that it is not better for the person.
Which factors are considered as wrong decision?
- The first and the foremost reason for a wrong policy being taken would be the returns is not matching your current portfolio and is giving you very low returns in comparison to your expectation or the market rates.
- The second reason may be you might be facing the liquidity crunches in the firm and you had invested the money while you had sufficient money while you had taken the policy.
- The maturity benefits are not suitable to the person for whom you have taken the policy. It would be beneficial to other person, but these policies are such that would not be beneficial to every kind of person. So the person has to be very careful while taking the policy. The person should read all the terms and conditions and the benefits that can be availed from the same.
Steps to be taken for making bad insurance policies good:
- There is always a free look period of around 15 to 20 days with every policy you buy. This period is specifically for the buyers to get insight of the policy and if found it wrong or not appropriate, then he can leave the policy without any further charges. But the person needs to verify that there is a separate clause for the free look up period. It is not in every case that there is free look up clause.
- The simplest way to get rid of the policy is to surrender the policy without any further payments of the same. The surrendering of the policy means to stop the payments of the premium payments without the tenure being lapsed. There may be separate clause for the surrendering of the policy. Normally the policy can be surrendered after 3 years.
- If the policy has been held for along time, than there would be should be waited for the policy to be lapsed. If the premium is not made for some specific period in the tenure of the policy than the policy gets lapsed and would not be getting the benefits of the same and would get cancelled.
- There are various policies under which you would be getting the facility to get the loan against the policy which would be helpful for those who are facing serious liquidity crunches in the firm. These would be entitled to the person from time to time basis. The maximum amount of which they can get the loan would be 90% of the policy amount.
- The policy can be made paid up value policy if the premium is paid up to the stipulated time period up to which they can get the benefits of the same. If the same can be made paid up, than also the policy continues but the policy would be proportionally reduced.
Introduction:
There are various incidents where one person has chosen a wrong insurance policy, which is not beneficial to them. They regret after they are purchase the same. But there is nothing to regret it in. There are many ways available to come out the policy which would help to save it from the further loss of the premium amount to be paid by the insurer. There are many instances where the person is wrongly guided by some of the agents to take the policy which after getting the returns of the same gets to the knowledge that it is not better for the person.
Which factors are considered as wrong decision?
- The first and the foremost reason for a wrong policy being taken would be the returns is not matching your current portfolio and is giving you very low returns in comparison to your expectation or the market rates.
- The second reason may be you might be facing the liquidity crunches in the firm and you had invested the money while you had sufficient money while you had taken the policy.
- The maturity benefits are not suitable to the person for whom you have taken the policy. It would be beneficial to other person, but these policies are such that would not be beneficial to every kind of person. So the person has to be very careful while taking the policy. The person should read all the terms and conditions and the benefits that can be availed from the same.
Steps to be taken for making bad insurance policies good:
- There is always a free look period of around 15 to 20 days with every policy you buy. This period is specifically for the buyers to get insight of the policy and if found it wrong or not appropriate, then he can leave the policy without any further charges. But the person needs to verify that there is a separate clause for the free look up period. It is not in every case that there is free look up clause.
- The simplest way to get rid of the policy is to surrender the policy without any further payments of the same. The surrendering of the policy means to stop the payments of the premium payments without the tenure being lapsed. There may be separate clause for the surrendering of the policy. Normally the policy can be surrendered after 3 years.
- If the policy has been held for along time, than there would be should be waited for the policy to be lapsed. If the premium is not made for some specific period in the tenure of the policy than the policy gets lapsed and would not be getting the benefits of the same and would get cancelled.
- There are various policies under which you would be getting the facility to get the loan against the policy which would be helpful for those who are facing serious liquidity crunches in the firm. These would be entitled to the person from time to time basis. The maximum amount of which they can get the loan would be 90% of the policy amount.
- The policy can be made paid up value policy if the premium is paid up to the stipulated time period up to which they can get the benefits of the same. If the same can be made paid up, than also the policy continues but the policy would be proportionally reduced.
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