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For some, they are just means for getting an exemption from taxes; however, there is more to Life Insurance than that. They can be a robust tool in case of any eventuality. While being prepared beforehand is essential, having some life under your belt can make quite a difference. Here are five life insurance hacks that can help you get the best out of your Insurance policy.
Consider plans with annual premium options
There are plans in which you can opt to pay the premiums annually. With monthly payments, you lose a considerable amount of money in service charges that are levied every time you make payment. Paying a larger sum towards your insurance at the end of the year might seem daunting, but it isn’t. If you compare it with the net amount that you are paying to your insurance company monthly, it is bound to be lesser. You can invest the money, you save in some other avenues or plan a vacation. If you have a credit card with a cashback option, you can pay the annual premium using it. You will have an opportunity to earn more cashback on a larger amount.
Check your deductibles
Do not let your policy lapse
In case you run out of money or forget to pay the premium at any time, you run the risk of your policy lapsing. This results in a negative insurance score. In case you approach a company to renew your policy, you might be charged higher premiums. To avoid this, you need to be aware of when the premiums are due. In case of any difficulty in paying the premium, you can approach your insurance company and discuss the option of postponing the payment or partial payment to make sure that your policy does not lapse.
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