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Alert | Important Precautions Every Policyholder Needs Before Buying Term Insurance
Original: 🔥 Alert 🔥| Imp Precautions every policy holder need to take before buying Term Insurance Policy
Takeaway
Buy term insurance honestly based on income-replacement need and the insurer's claim-settlement ratio - not for tax saving.
Summary
- Term insurance covers loss of income only - buy proportional to your income for dependents to survive financially.
- Tax-saving should not be the primary motivation - tax benefit is incidental, financial protection is the goal.
- Check the insurance company's claim settlement ratio - higher ratio means better likelihood of claim approval.
- Honest disclosure on the application form is critical - any misrepresentation can void the policy at claim time.
term-insuranceclaim-settlementdisclosure
Original description
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