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Questions to ask before buying a life insurance policy

Since the job of life insurance agents is to sell policies, they may not tell customers about all the product details, writes MSN.
Questions to ask before buying a life insurance policy

What is life insurance term?

The insurance policy has a validity period and the number of insured days. The validity period indicates what date the insurance contract is valid from - that is, in what time frame you can count on assistance and coverage of this assistance, and the number of insured days shows how many days of stay abroad will be covered by the insurance contract. For example, if the validity of the insurance policy is one year and the number of insured days is 30, you can travel abroad within a year and spend no more than 30 days there, each day spent abroad is minus one insured day.

How and when should an accident be reported?

It is advisable for the insured person or his relatives to inform the insurance company about the insured event as soon as possible, so that the insurance company can pay compensation as soon as possible. Damage claims can be submitted via Internet Banking, you do not need to go anywhere.

What extra options should you take for better coverage?

You should be advised in detail why this or that option is needed, how much the policy with this option costs, and what differences between similar options are, for instance, between outdoor activities and sports.

Additional options are pitfalls that many tourists stumble upon when purchasing a policy in all but name. The lack of these options allows insurance companies to deny coverage in many cases. For example, you have a regular insurance policy that implies you will lie on the beach, imposingly make an evening promenade and drink bottled water. However, if you decide to explore the underwater world and order one or two hours of diving, or ride a scooter and admire the sunset, the insured event automatically becomes non-insured due to the lack of extra option.

What are the main exceptions provided by the insurance regulations of a particular insurance company?

In fact, this is one of the most important clauses in the regulations, so the insurance agent should know everything about it and at least show you a document where all exceptions are listed.

The insurance agent will most likely say that the only exception is the state of alcoholic intoxication. However, in fact, there are quite a few of these exceptions, and you should understand what your insurance policy covers, and for what cases it becomes practically useless. For example, the most popular exceptions found in the rules of most insurance companies are panic attack, depression, illness or injury occurred before the start of the contract (have caught a cold during boarding the plane and arrived with a temperature, this is no longer an insured event), sports and outdoor activities, driving without a license, chronic diseases, sulfur congestion or water in the ears, sexually transmitted diseases and much more. A number of exceptions can be covered by additional options such as outdoor activities or sports.

Source: https://www.msn.com/en-us/money/personalfinance/7-questions-you-should-ask-before-buying-life-insurance/ss-BB19rqG3?li=BBnb7

Photos are from open sources.

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