Life Insurance Misconception #5. The Insurance Company will Take the Money, and When They Need it, They Will Find Any Excuse not to Pay.

The insurance contract is very clear about when you can receive payment.

Client: Andrey, 27 years old.

Decided to sign a contract with an insurance company before the May holidays.

Andrey paid the quarterly premium, did not pick up the policy and went to his friend’s house in the countryside to have a rest on May Day.

The insurance policy takes effect immediately after the payment is made.

For some unknown reason – accident or drunkenness – he fell into a cellar and broke his legs.

The insurance company paid him 2439.90$ and would not hide behind the fact that he did not have a policy.

He paid the money and the policy worked.

Conclusion:

The insurance company abides by the contract without any reservations.

Read it carefully.

In this situation, the case was on the side of the insured, because he paid, and the existence of the policy does not matter.