Most Common Fraudulent Claims Insurance Advisors Make
Claim 1: This Is One Time Investment Scheme:
The insurance advisors may claim that the onetime investment schemes offer you to pay the premium once in a year for a few years or pay the premium monthly for one year or so. But the actual truth is that most of the times it require a regular premium.
There can be some schemes that do not have any policy lock and allows the investor to pay premium and withdraw whenever the insured needs funds. The policy holder may get a shock on seeing a reminder for the payment of premium.
Don’t ever skip reading the policy brochures if you want to escape from this fraud. Usually the brochures are very long that the investors do not read them completely while signing the document.
Also be aware while paying the premium as an agent may stop your insurance premiums with him instead of sending the amount to the insurer.
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