Life Insurance Misconception #1. You Can Buy Life Insurance Policy at Any Time.

Alexei, a man in his 40s. He decided to take out a policy with a life insurance company and wrote an application.

However, he did not make the first payment in any way.

The policy becomes effective with the first payment.

In the end, for some unknown reason, the man decided to postpone taking out the policy until September. He was on vacation, on vacation – he didn’t have time for that.

In September he paid, and the policy took effect.

As a result,

in January the man is diagnosed with cancer. And the insurance is in place, and that’s it.

However,  it is important to know that after the insurance has been issued, it must be 180 days before a person can receive payment for illnesses (this does not apply to injuries or accidents).

This is how the company insures itself against the fact that the person will buy the insurance at the time of a serious illness. If Alexei had taken out a policy in July, he would have received benefits…

Conclusion:

Dangers are everywhere. You can’t plan for when you really need an insurance policy. The main problem with an insurance policy is that you can’t buy it when you need it. Get it in advance and live your life in peace.