Tips For Purchasing Life Insurance
Take your time. On one hand,
don't put off an important decision that would provide protection
for your family. Make sure you fully understand any policy you are
considering and that you are comfortable with the company, agent and
product.
When you purchase a policy, make your check payable to the insurance
company, not to the agent. Be sure to get a receipt.
After you have purchased an insurance policy, keep in mind that you
may have a "free-look" period -- usually 10 days after you receive
the policy -- during which you can change your mind. During that
period, read your policy carefully. If you decide not to keep it,
the company will cancel the policy and give you an appropriate
refund.
Review the copy of your application contained in your policy.
Promptly notify your agent or company of any errors or missing
information.
If an agent or company contacts you and wants you to cancel your
current policy to buy a new one, contact your original agent or
company before making a decision. Surrendering your policy to buy
another could be very costly.
If you
have a complaint about your insurance agent or company, contact the
customer service division of your insurance company. If you are
still dissatisfied, contact your state insurance department. Most
departments have a consumer affairs division that can offer help,
and some have a toll-free number to respond to consumer requests.
If you have a complaint about your insurance agent or company,
contact the customer service division of your insurance company. If
you are still dissatisfied, contact your state insurance department.
Most departments have a consumer affairs division that can offer
help, and some have a toll-free number to respond to consumer
requests.
Review your policy periodically or when your situation changes to be
sure your coverage is adequate
Where else can I get information about insurance? Your personal
insurance agent and company are good sources of general information
about insurance. You might also:
Contact the National Insurance Consumer Helpline (NICH) at
1-800-942-4242. NICH is a toll-free consumer information telephone
service sponsored by insurance trade associations. Look in your
local library for magazines or books on insurance or personal
finance. Contact the consumer affairs division of your state
insiurance department; some have toll-free numbers.
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