Insurance products: How to protect yourself against mis-selling
Policyholder must understand how it will fit his long-term protection and savings needs
Insurance products: How to protect yourself against mis-selling
Policyholder must understand how it will fit his long-term protection and savings needs
Read brochure details carefully before finalising the product
Understand the product being offered to you and that it’s meeting the needs in future lifetime in terms of
- 1.Protection (risk cover)
- 2. Future maturity benefits
- 3. Any survival benefit/income benefit payments during the term of the policy are at the time when you need the cash inflow
- 4. The buyer should fully understand the policyholder’s obligation and the term for which the premiums are payable
- 5. The policyholders must ensure that he/she can comfortably pay the premiums under the policy for the premium payment term
- 6. Read the marketing brochure and details how does the product work. One should ask relevant questions from the sales person
- 7. Understand any exclusions under the policy
- 8. When you receive the policy contract, ensure to read it immediately and call up the agent or the service representative on the insurer’s call centre. If the benefits are in line with your needs, you can exercise the option to cancel the policy within free look period by writing formally to your insurance company
If you need any assistance in chosing any financial product you can contact us on 8693800025 or email your queries on ark.advisor@gmail.com
Regards
Raj
.