THE LITMUS TEST of any insurance policy is when it comes to getting your claim. With term insurance, it is important to be even more careful about ensuring the claim doesn't get rejected. It is pertinent to know the reasons behind rejection of term insurance claims to avoid financial challenges for the surviving family members.
Overlooking the policy declaration rule Customers often miss the important policy declaration rule that requires them to disclose any current policies to the insurer. Not disclosing pre-existing policies can lead to claim rejection.
Nature of your work While people from all professions and backgrounds can apply for term insurance, a few professions involve high-risk activities. Failing to disclose such vital information can cause claim rejection if the insurer believes it was intentionally withheld.
This story is from the December 16, 2024 edition of Financial Express Lucknow.
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This story is from the December 16, 2024 edition of Financial Express Lucknow.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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