Life insurance horror stories
If you are considering life insurance, you may want to think about doing a bit of homework before accepting the first quote you get. Many people make the mistake of either taking the first (or cheapest) option they find, or even worse, don't even bother to get covered at all. As the name implies, this type of cover is on your life. If you are ever in an accident, are mortally injured or even disabled, this means that your family will be protected financially €" even if you are no longer around.
So what is worse €" not taking life insurance at all, or falling prey to a cheap and nasty insurance scam? The following horror story scenarios will help you realise that both of these situations are not good at all to be in and hopefully make you see just how important it is to get reliable life cover.
€ Accidents happen €" one day you are driving to work, when a taxi overtakes your car in the fast lane. You swerve to the other side, only to hit the bridge and crash. You have been thinking about life plans for a while, but you never got around to actually taking insurance out. As the primary provider in your family, your wife and children rely on your support to pay the bills, get the kids to school and put food on the table. If you still have bonds and debts to pay, you may even put them further into debt that they are unable to pay.
€ Insurance let-downs €" you are in a rush to get insured, and you decide to go with the first provider who sent through a quote. Instead of reading through the various terms and conditions and asking questions, you signed on the dotted line. A few months down the line, you realise that you are liable for high premiums as you recently stopped smoking, and you are struggling to afford the life insurance you wanted so badly in the first place.
€ The scam €" an insurance company calls you up one afternoon, telling you about a new policy that will pay out a huge lump sum, for a small premium. You are busy at work that day, and not paying complete attention but it sounds like a good offer. The company asks to send through documents via fax along with life insurance quotes, and tells you to sign and fax back to start getting access to their product right away. Without thinking too much, you fax back the signed documents€¦ only to never hear from the company again, even though your bank account has had numerous amounts debited each month.
These are just examples of the real horror stories faced by unsavvy consumers all over the world. While you can't ever be 100% that your premiums may not be increased, or added paperwork may appear, the only way to prevent these mistakes is to take the time to read through everything carefully. Ask questions, check the provider's website and customer feedback and think things through realistically. If you do all of this, then your risk of turning into a life insurance horror story will be greatly decreased.
So what is worse €" not taking life insurance at all, or falling prey to a cheap and nasty insurance scam? The following horror story scenarios will help you realise that both of these situations are not good at all to be in and hopefully make you see just how important it is to get reliable life cover.
€ Accidents happen €" one day you are driving to work, when a taxi overtakes your car in the fast lane. You swerve to the other side, only to hit the bridge and crash. You have been thinking about life plans for a while, but you never got around to actually taking insurance out. As the primary provider in your family, your wife and children rely on your support to pay the bills, get the kids to school and put food on the table. If you still have bonds and debts to pay, you may even put them further into debt that they are unable to pay.
€ Insurance let-downs €" you are in a rush to get insured, and you decide to go with the first provider who sent through a quote. Instead of reading through the various terms and conditions and asking questions, you signed on the dotted line. A few months down the line, you realise that you are liable for high premiums as you recently stopped smoking, and you are struggling to afford the life insurance you wanted so badly in the first place.
€ The scam €" an insurance company calls you up one afternoon, telling you about a new policy that will pay out a huge lump sum, for a small premium. You are busy at work that day, and not paying complete attention but it sounds like a good offer. The company asks to send through documents via fax along with life insurance quotes, and tells you to sign and fax back to start getting access to their product right away. Without thinking too much, you fax back the signed documents€¦ only to never hear from the company again, even though your bank account has had numerous amounts debited each month.
These are just examples of the real horror stories faced by unsavvy consumers all over the world. While you can't ever be 100% that your premiums may not be increased, or added paperwork may appear, the only way to prevent these mistakes is to take the time to read through everything carefully. Ask questions, check the provider's website and customer feedback and think things through realistically. If you do all of this, then your risk of turning into a life insurance horror story will be greatly decreased.