Do not give into sales talks or insurance agents persuasive comments which make you feel that it is a mandatory policy that you should have if you want a mortgage loan. Clearly understand the terms of the policy and find out till what period are you covered for? You must mention till the age of retirement in the form itself, if you want to be covered till the period of retirement.
What ever specifications you may need, clarify this with your policy seller. Some may not cover voluntary unemployment and most of them will not cover you for self employment. If you are self employed and you are made to buy this policy it will not serve good to you. Make sure that it is the right policy for you and gives you the coverage that you require. There is no point in buying a policy which will not cover self employed people and you run your own business. You may end up paying a lump some EMI (Equated Monthly Installment) on the policy. Little do you know that in case of accident, sickness or other eventuality you will not be paid any compensation. Do not forget your right to claim, if you were mis-sold a policy when you have clearly mentioned to them that you run your own business. Claim for a compensation and the company is liable to pay you all that EMIs you have made in the last few months or years. It is a clear case of policy being mis-sold to you. Hence, it is important to understand your rights for claim and also make sure you take some efforts in understanding the terms before you sign up for one.
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If you are aware there are some life insurance policies which will not cover medical benefits for a pre-existing ailments or no pregnancy cover. This should be clearly intimated to you.
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