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7 Biggest Mistakes Made When Choosing an Insurance Policy
Choosing the wrong policy can cause you to pay money for nothing for years or be penniless when needed. Here are 7 deadly mistakes to avoid, distilled from the experiences of thousands of users.
Common Mistakes
- Insufficient Coverage: Buying only enough insurance to cover the loan (forgetting the family's livelihood).
- Looking Only at Price: Choosing cheap policies with narrow scope.
- Ignoring Inflation: Not calculating that fixed coverage will melt over the years.
- Untruthful Declaration: Hiding smoking (Leads to rejection of compensation).
- Not Updating Beneficiary: Not updating the policy in cases of divorce or new children.
Frequently Asked Questions
How to fix the inflation mistake? ▼
By choosing an indexed policy or increasing coverage every year.
I gave a false declaration, what happens? ▼
When the insurance company realizes the situation, it cancels the policy and does not make payment.
Can I change my policy? ▼
Yes, you can cancel your current policy and apply for a new one at any time.