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Is Your Current Carrier Ripping You Off? How To Tell If You've Been Tricked

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Is Your Current Carrier Ripping You Off? How To Tell If You've Been Tricked

Life insurance can be costly, but is worth the pricey premiums-usually. Ensure that you’re getting the best policy for your money, without getting ripped off by your insurance company or broker.

Here are some sure-fire ways to tell if your current life insurance carrier is ripping you off:

You got tricked into purchasing coverage you don’t need

If you don’t have dependents who need the death benefits from your insurance policy after you pass away, then purchasing a permanent life insurance policy may just be a frivolous purchase. On the other hand, if you are stuck purchasing new term policies as yours continues to expires, you may have been misled with your choices. Make sure that you are buying the coverage that is best for your needs, nothing more nothing less. A lot of money gets wasted on insurance premiums that never payoff for the insured or the beneficiary.

You got a bad deal trying to sell off your life insurance policy

If you’re considering the option of selling our life insurance policy to receive cash, you may get ripped off by your broker. Your broker receives commission off the value of the policy, not the price they get for you. If you are not pleased with the deal your broker can offer you, try directly selling your policy online. Sites have been created for the purpose of selling these policies yourself so that you do not have to rely on a shady third party.

You smoke

While this one is based entirely on your poor lifestyle choices, your life insurance company is most definitely profiting off of this bad habit, simply because they can! You probably have already noticed that your insurance company has jacked up your premiums due to your reliance on nicotine and your higher risk of illness that comes with it. If you are able to quit, you can save hundreds, even thousands, of dollars in premiums and your life insurance policy will become much more affordable. Try to put down that cigarette and you’ll not only save the money on your life insurance policy, but you’ll save the money you’ve been spending on cartons of those cancer sticks, which really can add up quickly. This is a double whammy of money saving.

You were convinced to purchase a joint life policy

If your insurance company convinced you and your spouse to invest in a joint life insurance policy, then you need to consider a switch in companies. Joint policies sound like a great way to save money, but they don’t make sense in the long run. The way a joint policy works is that both you and your spouse (or whoever you take out a policy with) are covered until one of you dies. After the first person dies, the policy pays out, but leaves the other person without coverage until their death, and then there is no additional financial stipend upon the second death. Some feel that this is a good way to save money, but in reality, the price is not that much less than paying the premiums for two separate life insurance policies with full coverages for each individual.

You have combined life and critical illness coverage

Some insurance companies will try to convince you that combining the coverage of these circumstances will be beneficial to you. Don’t be fooled. Just because it seems like you will be fully covered, doesn’t necessarily mean that you will. Often ties, in case of a serious illness, your policy will pay out in full to cover the extreme costs of your medical bills. After this, the policy dries up and you are left uncovered. At this point in your life, it is virtually impossible to find a good life insurance policy, let alone find one at a comparable rate. Make sure that you have separate coverage for all your needs so that your insurance carrier is not ricking you into making the wrong decision with your life insurance policy.

By being aware of these common insurance companies like to pull, you can make sure that you are getting the best life insurance policy for your money. If you feel that you are being tricked by your insurance carrier, compare prices online, and look for a new company to do business with. You do not have to stick with the same company that you started with, and the sooner you get out, the sooner you can start saving your money!

 

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