My Fair Policy - "The Right Insurance Policy Which You Must Have" In this video i present the sixth biggest and costliest mistakes that people make while buying the term insurance is that they buy term insurance for shorter period or term to pay lesser premium.
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This mistake ends up costing them more in the long run. Why and how ? so let us assume that someone buys term insurance policy at the age of 24 for 20 years of term. Now when he turns 44, he will buy a new term insurance in order to cover his life further.
Now at this point not only the premium that he would pay at this age would he higher due to the risk, the sum insured which would be offered to him would comparatively be lesser to the liabilities he owes at this age. Also in case, he is not in best of his health, their are chances that the insurance company might reject the proposal and thus not cover him.
Therefore i would suggest all those buying term insurance policy should cover them for maximum term available under the plan.
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Related Questions:
►Why Not To Buy A Short-Term Insurance Plan?
►Is Short Term Insurance A Good Idea?
►What You Need To Know About Short-Term Insurance Policy?
►What To Know Before You Buy Short-Term Insurance Policy?
►Why Not To Buy Short Term Policy?
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