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Possible Mistakes in Buying an Insurance Plan or Policy:


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Possible Mistakes in Buying an Insurance Plan or Policy:

                InsurancePolicy or Plan selection and buying is a difficult policy and many people make mistakes in buying of it. Many People take many advantages through it and they are the role models to their communities. Because they are enjoying the financialfreedom and many more benefits from it. But there are many points which we need to know and avoid the most common and possible mistakes during the buying of insurance plan or policy.

The most possible mistakes which a common buyer face are as follows:

1.       Every buyer need to identify his life future goals objective and to understands his future life strategic plan. Because mostly buyer not know that Why they are buying the policy? What are their motives?   and What they want Investment or Protection or both?

2.       Proper understanding with the insurance cover and premium is very necessary to every buyer. Because due to not proper understanding with their motives and strategic planning they have not proper understanding with their insurance cover and premium.

3.       The buyers have not the proper knowledge about the time value of money and their financial needs to continue and complete the insurance policy.

4.       Mostly buyer not properly study the insurance policies because there are too much policies in the in the market with little differences  and due to this variances and not proper reading about policies they purchase the wrong policies.

5.       Insurance Agencies  appoint CSR -Customer Sales Representatives and the clients not know them. That’s the reason the communication gap between them make problems  and at the end that problems become in the shape of big mistakes for both of them.

6.       When you decide that to purchase the insurance then allow to your insurance agent to fill out your papers. Because the reason of the mostly redetection of policy papers is that the buyers are not know How to correctly fill the insurance plan forms or papers?

7.       There are too many policies in the market available for the buyers and too many insurance agencies which are offering their services for buyers. That variety of insurance plans and policies make problem for the buyers.


“ The motive to write about the mistakes during buying the insurance policy is written by Adhil Shetty on 05-09-2017 for BankBazarinsurance which is one of the primer online marketplace to compare and apply for the best personal finance products including Health Insurance”. 

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