When purchasing life insurance, you always want to hope that your agent and life insurance company is telling you the truth and has your best interest in mind. However, this isn’t always the case with the major insurance companies. To save their money and take some of yours, some big insurance carriers won’t disclose the full truth when you purchase a life insurance policy, or try to settle issues with them.
Get educated, make smarter choices, and ask the right questions by finding out what your life insurance carrier may be hiding. Here are some life insurance secrets big carriers don’t want you to know:
You’re Not Always Getting The Best Deal When You Speed Up The Process
If you are trying to get a life insurance policy at a moment’s notice, you may want to take your time and consider the decision, unless you are absolutely desperate. When purchasing life insurance, too many people overpay by rushing into it. By shopping around, and taking the time to figure out how you can lower your premiums, and what kind of coverage you need, you can get the best deal for your money. But when you rush in, you may be skipping important steps, like a medical exam, or the most throughout underwriting process, so you will be left with higher premiums rates as a result.
Likewise, if you have a claim with your insurance, and you are looking to get the money fast, you may get duped. If you try to speed up the process, instead of taking the time to look into how much money you need, and what you can do to prove this, you may be shorted money that you probably deserved. Take the time and you’ll get more money.
You May Not See The Money For A While
To continue, the process of receiving money from your life insurance policy can take a lot longer than you think. While the large, infamous, insurance carriers like to brag about how fast you get your compensation, you might not want to get your hopes up just yet. If you are taking out money against your policy, or if you are a beneficiary receiving the death benefit of a loved one who has passed away, you may not see the money for a bit. This is not an immediate process, especially with the larger companies who deal with millions of people. If you do try to get the money as soon as possible, remember what was mentioned earlier: you may get ripped off. Just keep that in mind when your carrier brags about their speedy turnaround…
Your Medical Exam May Be Biased
With the larger, more well-known insurance companies, there are medical assistants and nurses that get paid to complete your medical exams in the underwriting process. Often times, these people are working with the insurance companies to make your health appear worse than it actually is, so that you will receive higher premium rates and owe more money to the insurance company. This sneaky trick can cost you lots of money. So to be prepared, get a second opinion about your health to make sure they are playing fair.
You Have The Opportunity To Appeal An Insurance Denial
While you are not always guaranteed an insurance policy, based on your health, age, and financial status, you may be able to question an insurance carrier’s decision in denying you. If you feel like you have been wrongfully denied from getting a life insurance policy, you can appeal it. You can also appeal denied claims for compensation and take matters into your own hands by suing them. And don’t be discouraged, you can win, and certain carries may be required to pay your court fees in the end!
Just do your research on the insurance company before you make a purchase and know all of your rights!