Protecting singles and their survivors’ interests upon their departure from Earth means factoring in financial planning, costs of burials and even unpaid bills one may possibly leave behind. While humans certainly cannot predict tomorrow, they can definitely have sufficient life insurance in place to cover the unknown. Receiving the most comprehensive policy, however, isn’t always easy – especially with the very real possibility an underwriter or agent may dupe buyers.
Here’s some interesting telltale signs buyers are being ripped off or being forced to ‘sign their life away’ when, in essence, they’re simply trying to protect it.
When consumers read the words ‘guaranteed’, they should run like the wind. Fly-by-night companies offer no medical exam, guaranteed acceptance life insurance – many without proper licensure. They’ll smell the fraudulence from miles away upon paying the first month’s fee; unfortunately for some, they’ll find out the hardest way possible – when staking claim to survivor or burial payments.
Check to make sure provincial or national licensure has been secured by the insurance company. Don’t be afraid of these company’s most hated scenario – asking too many questions. Finally, remember that the only guaranteed statements written about life protection come from companies that are reputable.
“The fine print”
Existing within all forms of life insurance are underlying ulterior motives behind their notorious pitches – yes, even the more widely renowned ones. Whether it’s forcing consumers to sign a long-term agreement spanning 30 years, making singles purchase something they don’t need (waivers, etc.) or misinforming the general public of what’s actually covered, life insurance agents live by a common modus operandi: earn massive commissions. It’s unfortunate, but that’s how life insurance works in this generation.
To assuage buying unnecessary coverage, consumers must read the bottom line of every life insurance policy that is written down to the letter. Also, buyers must continually drill their assigned agent to make sure they’re getting every qualified discount specific to their situation and the lowest possible deductible allowed by local, provincial or national law.
Scores of hard-working Canadians are misled by life insurance companies every day and, with the plethora of informative writings provided by experienced insurance agencies, buyers can surely save considerable amount of time, expound fewer resources and get miles ahead of life insurance enterprises so when their time to life insurance shop has come, they’ll get what coverage is deserved without breaking their bank account or being stuck in someone’s duplicitous game.
Food for thought
Ultimately, your immediate goal should be to spot and stop life insurance scams before they ruin your financial security. Quite frankly, as many shall soon see, today’s buffet of life insurance companies wish to only pander their coverage to Canadian citizens while banking their commission to spoil themselves on BMW’s, caviar and Gucci suits.
With a small dose of common knowledge of how to spot fraudulence or over-coverage, time otherwise spent reversing your signature can be spent living, working and having fun throughout life. Read the various review sites in existence to see how others dealt with underwriter irrationalities, and avoided overindulgence in life insurance. Should your personal financial situation unexpectedly turn south, consumers shouldn’t have to throw away their policies because the premiums are ridiculously high.