Life Insurance Six Common Mistakes To Avoid
2. Choosing The Cheapest Policy
A Beautiful Family
Life insurance buyers like to buy policies that are cheaper. This is another serious mistake. A cheap policy is no good if the insurance company for some reason or another cannot fulfil the claim in the event of an untimely death.
Even if the insurer fulfils the claim, if it takes a very long time to fulfil the claim it is certainly not a desirable situation for family of the insured to be in.
You should look at metrics like Claims Settlement Ratio and Duration wise settlement of death claims of different life insurance companies, to select an insurer, that will honour its obligation in fulfilling your claim in a timely manner, should such an unfortunate situation arise.
You should also check claim settlement reviews online and only then choose a company that has a good track record of settling claims.