The Seven Deadly Sins of Life Insurance

The Seven Deadly Sins of Life Insurance

When you are trying to find the best live insurance policy, you are going to come across some things that you should simply avoid. The following are the Seven Deadly Sins of Life Insurance, as well as why you need to be careful with them.


The First Deadly Sin – Replacing without Reading the Fine Print

You need to realize that many brokers out there don’t have your best interest in mind, and they only look to take your money. When you have to replace your life insurance, you must understand the fine print of your life insurance policy. Some of the policies have costly surrender charges when you cancel them.


The Second Deadly Sin – Beware of Accidental Death Insurance

Quite a few of the Canadian companies offering life insurance try to push accidental death insurance on their clients, and these are very profitable to the company. Less than 3% of the claims on life insurance are paid because of accidental deaths.


The Third Deadly Sin – Take Care with Medical Life Insurance Plans

The policies often have higher premiums than traditional life insurance policies. The plans come in two varieties: simplified issue coverage and guaranteed issue coverage. You need to know what you are buying when you choose one of these plans.


The Fourth Deadly Sin – The Captive Agent

These agents are only allowed to sell policies through their company, and the companies that use these agents will often have much higher premiums than the others do. The agents will not be able to shop around to find the best fit for your needs or the best value. They are simply pushing their company’s products.


The Fifth Deadly Sin – Exclusions

Life insurance policies will often have exclusions in them. These exclusions mean that in the event of a death that falls into one of the exclusions, they will not have to pay. While suicide is an exclusion found in these contracts, you can find others that you might not realize are there. They can include exclusions for death while traveling to certain areas or engaging in certain recreational activities. Make sure you know what exclusions are in your policy.


The Sixth Deadly Sin – Don’t Always Choose the Bargain

While you might be able to find some very cheap policies through some Canadian life insurance companies, they aren’t always the best choice. Make sure you understand the policy and everything that the fine print says before signing.


The Seventh Deadly Sin – Lying on Your Paperwork

Always be truthful when you are buying your life insurance policies. You do not want to misrepresent yourself and have them cancel your policy.


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