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5 Common Insurance Mistakes You Must Avoid

Insurance is one of those things you shouldn’t wait to find out
just how important it is before you buy. But when it comes to
getting proper insurance, there’s usually confusion. Avoidable
mistakes tend to happen when it comes to protecting yourself,
your family, business and future income.

Insurance is protection from financial loss; it’s a form of
managing risks against negative contingencies; you can say it’s
about giving yourself peace of mind knowing your essentials
are protected. So if you have a lot of valuables, your insurance
plans should be in place to protect these assets and finances as
you need it to, because a simple mistake can really affect you
financially and otherwise.

To help you keep from losing your cool when it’s time to put an
insurance plan in place, kindly ensure you avoid these before,
during and after you make an insurance purchase.

1. Waiting Too Long To Purchase
No one knows when disaster strikes, it could suddenly or never
will; life is sure full of uncertainties. Don’t wait till life happens,
get your “stuff” together and put your house in order. Buying
sooner rather than later can save you money, while dragging
your feet and waiting until later could affect your ability to obtain
the amount of insurance you really need as cost of living keeps
rising with each tick of the clock. So, the earlier you purchase an
insurance plan, the sooner you can worry less.

2. Not Knowing The Amount of Coverage You Need
With insurance, people normally have issues with the exact
type and amount of cover needed, whether it’s in an attempt to
save cost by taking some necessary plans off or being carried
away with the prospects of insurance and spending on
needless policies. Be sure that you are knowledgeable about the
coverage you need, calculate the meaningfulness of protecting
your assets or valuables so you know the amount of premium
needed to cover it/them if loss occurs.

3. Thinking That You Can’t Afford Insurance
In reality, Insurance is designed to provide you with coverage
for a specific length of time, at an affordable cost. Typically, you
only have to pay for a term and renew after your initial term
expires, however, subscribing to a long term insurance plan,
lowers additional costs on term renewal. In the long run,
purchasing a longer term policy will better your chances at
saving cost. The best thing about insurance is that it offers
organizations affordable coverage [at times opportunities to pay
in instalments]; while individuals with different income levels,
have the ability to obtain affordable coverage when they need it
most, as they may have many financial responsibilities, with
includes debts.

4. Failing to secure continuity by having Beneficiaries
As a bonus feature, some type of insurance covers, allows for
transfer of beneficiaries of your choice. This makes it important
for you to include primary and contingent beneficiaries in such
an insurance subscription. Having “back-up” beneficiaries
protects your investment, ensures continuity as policy
proceeds will go to the listed beneficiary in your absence,
coupled with the relief of not waiting too long to get the
insurance claim. So, don’t neglect to keep your beneficiary
designations updated and your documents safe. Major life
events like marriage, demise of a loved one or even divorce
make it important to regularly review your beneficiary
designations periodically.

5. Buying Insurance Without First Doing Research
Understanding the insurance lingo and knowing the questions
to ask before you buy, empowers you to choose the right type
of insurance plan to meet your needs. If something doesn’t
make sense during your research, reach out to an insurance
broker for help. Nowadays, you can find just about all the
information online that will advise you on insurance providers,
help you understand the variety of products available, know the
proper insurance company to choose, compare insurance
policies and prices which fits your monthly budget best. If you
don’t have a broker yet, CompareIn is more than glad to help.

This article is provided by compareinsurance.com.ng the online
insurance portal for buying insurance from Nigeria’s most
serious insurers in 3 simple steps.

Kindly visit our website on www.compareinsurance.com.ng or
call Sola on 09090004273 to get more information and help

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