Should I be concerned about misrepresentation before buying a life insurance policy?

Misrepresentation in life insurance generally refers to the action of the agent, broker, or insurance company involved in a transaction, not the applicant or policyholder. And how can it best be avoided?

By definition, misrepresentation is the act of making, issuing, circulating, or causing to be issued or circulated an estimate, illustration, circular, or statement of any kind that does not represent the correct terms of the policy, dividends, or portion of the surplus or the name or title of any policy or class of policies that in fact does not reflect its true nature. It is a naming of unscrupulous activities that insurance companies and/or their representatives have engaged in for generations. Since few of us can understand the fine print of most term insurance policies or even bother to try, the legal system generally favors the policyholder for failure to pay death benefits in most cases. cases.

An insurance company that has been in business for a while can be assumed to pay claims fairly and timely to have survived the test of time, so it is the agent or representative who is most likely to misrepresent a claim. policy. Standard term insurance is simple and uncomplicated and is the least susceptible of all life insurance to misrepresentation. Types of insurance like whole life, growing term insurance. sliding premium policies, decreasing term insurance, limited payment policies, permanent life, cash value life insurance, universal and variable life are insurance that require further understanding by the applicant and, in Generally, more discussion of benefits and risks with an insurance company representative The door to misrepresentation opens wider as complications increase.

So get started with a term life insurance quote. Keep it simple and avoid the likelihood of misrepresentation or even misunderstanding.