Insurance

Blunder to
AVOID
Learning the art of giving effective feedback
1) Not having a Clear Objective
Before purchasing a policy, always
ask yourself why you are policy.
General reason to get an insurance
policy :
Medical Protection
Protect loved ones against your
death
Protect yourself against
permanent disability or critical
illness
Forced savings and wealth
generation
Plan for retirement
Plan for your loved ones future
Protecting your home or business
2) Delaying your Purchase

Delaying the purchase of your

insurance can dramatically
increase the costs. The reality is
that your best chance of getting
an affordable rate on your
coverage is when your young and
in good health because policy
premiums are going to go up if
you develop health conditions or
when you get older
3) Too much
coverage
Determine the best plan based on need .
Buying excessive plans will create extra
payment cost . Can cause clashing

Too Little
coverage .

Coverage
Most people do not calculate the needs correctly thus
has little coverage. Medical plans need to be
upgraded if old plan . Critical illness and live
coverage can be increased as our wealth , status
grows .
 4) Non-disclosure of
pre-existing ailments
Sumtimes when buying a policy , its best to declare about thehealth
condition as this will save claims from being rejected in later years when
death , disability or dreaded diseases occur .

5) Basing the quality of the policy

on premium prices
Insurance plans are customised based on our needs , so a diff plan
with higher premium is not necessarily a better plan or has better
coverage . Thought we shouldn’t delay but at the same time we
should not rush to buy a plan either , as insurance is a comitted
plan .
6) Mistaking the plan for
something its not
Confusinginsurance as an investment tool rather than something
for protection against unexpected events like death , disability or
disease is another common mistake that people make . This can
be aproblem should a wrong policy is taken and a diff thing
happens in the future .

7) Not purchasing an insurance

policy
Comparing and getting quotes , but not purchasing is another
common mistake people make . Not an issue to compare but not
make a desicion to buy is big mistake as anything can happen .
Thank you