LIFE INSURANCE POLICY COMMON PROBLEMS

In my long years of experience and I have found people struggling to get out of the rut of insurance policy confusion. It is always the fine print which gets blamed at the time of either a claim or half way through the policy period.

Typically confusions relating to life Insurance policies are as follows
I was told after 3 or 4 years I can withdraw out of the policy but now you say I cannot get the full amount.
You said the capital is guaranteed but I am not even getting my capital back. I will be charged penalties.
I was not informed that this policy belongs to such and such insurance company
I paid my premiums on time then how come my policy got lapsed
How does one claim once I die.
I was not told about the charges
I thought this was a bank product not some other company
No one follows up with me
I don’t get my statements on time
I don’t know which fund I should switch on to.
Why should I pay charges towards the policy
I don’t have the original policy documents
I was promised that my fund will grow at a guaranteed rate but here I see I am not even making any profits on the contrary I am paying more charges than what I am earning.
What is Expense Recoupment charges
How much is asset management fees
What are mirror fund and how much does it cost
Why should I invest into mirror funds why not stand alone investments
What is my surrender value
If my policy is Lapsed how do I reinstate it
In the first year I was credited with bonuses and now on the statement I do not see it where did it all go.
In which years do I make profits this is not as per the illustration which was shown to me
Why should I pay additional relationship fee to the bank
Do I get tax benefits because of my policy
How do I transfer my policy to another country
Am I taxed if I transfer the policy to another country
Why does my case get rated if I have borderline diabetes
How does hospitalisation benefit work.
If I get admitted in to the hospital due to critical illness who pays the bills is it the insurance company of me first
If shift to any other country where does the claim get passed

And many more.

Most of the times the customer tends to lay trust on the Financial consultant and of course the company where the consultant comes from. Many a time even the consultant is not fully aware of how the policy works and what are its charges included in it. People really don't have the time to read the fine prints or the policy terms and conditions...so how does one organise these issue.

Do you think a review needs to be done on all the policies or correction would be required in terms of understanding the insurance policy.

In the middle east everyone comes with am ambition in mind for some it is earning lots ans lots of money and for some make a house back home . But still we fail to plan but no one plans to fail.

Due to the current market scenario some people are not in a position to even pay their premium
So how does one fight all these kind of situations

If you have any questions related to your life insurance policies bought from a bank or a broker please feel free to contact me on askjoy@insurancetailor.com or Visit http://www.insurancetailor.com/
Mobile : 0097150 5257616