Five Disadvantages of Life Insurance

Age-wise policy:
Many people don’t know that life insurance is age-based. If you take out life insurance from a young age, your lump sum will cost less. Again, as you age, your monthly or semiannual or annual policy amount increases.

For example, if your son is 15 years old and you are 40 years old, if you think of getting a life insurance policy with a financial benefit of money 15 lakh for both of you, then you can see that the insurance policy for your son and the insurance policy for you will differ by a lot of money. And so many consider this policy of life insurance as a money grab.

Extortion of fake company money:
Today there are many public and private insurance companies in our country. Among them, there are many fake companies. And so after looking at all the documents, take the life insurance of the private company.

Some time ago we saw the case of fraud of famous companies like “Sahara”. So think about getting insured with all the information about the insurance company. Private companies can embezzle your hard-earned money in the name of offering attractive benefits.

Complex Life Insurance Plans:
Many of us do not read the terms and conditions of life insurance before taking life insurance.
But later we have to face a lot of trouble from the private company life insurance company to get the money back or to get the death compensation back. So before making the policy, know all the rules. Only take the policy after knowing everything from your policy agent.

Debtor Insurance Company:
Before taking the attractive insurance of various private companies other than government companies, check the financial savings aspect of that company.

Many times, various private companies declare themselves in debt and embezzle people’s money. So take life insurance from private companies only after knowing everything.

Disadvantages of refund:
Many times life insurance has to face various problems to get money back after its maturity. Current new regulations have made insurance policies more complicated.
Many common customers face various problems like submitting an Aadhaar card or submitting a birth certificate or death certificate after it is done through a voter card during insurance.

So still many rural people, and marginalized people keep themselves out of life insurance coverage. So, knowing everything, definitely take life insurance, which will give you financial benefits in the future.

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