Bangalore: Any average individual is not expected to comprehend to the complexities of insurance products and regulations. Here are some of the points that you must keep in mind when dealing with various insurance products as mentioned in Rediff.com.

1. Before you start consulting an agent for purchasing a life insurance policy, you must make sure that the agent and company are licensed to sell insurance in your state. Read your policy carefully. Ask your agent or company about anything that is not clear to you. Also check to see if there is a mailing address and phone number on the policy or binder.

After you have decided which kind of life insurance fits best for your needs, compare similar policies from different companies to find which one is likely to give you the best value for your money. 

2. You can return all kinds of life insurance policy within 15 days of receiving the policy documents if you disagree with the terms and conditions and get your premium refunded. This period is called the free-look period, which gives the policy holder the liberty of returning the policy on any ground and the concerned company shall be liable to refund the amount paid.

Beware of the agents who purposely delay sending crucial documents just to get past the free-look period. Insist on documents without delay and if despite insistence, your agent refuses to send you the documents within this period, seek immediate cancellation before the expiry of the free-look period.