ilmscore | Common mistakes while buying Life & Health Insurance | Personal Finance for Beginners Ep - 2

Common mistakes while buying Life & Health Insurance | Personal Finance for Beginners Ep - 2

Published: 2024-01-17
Status: Analyzed

Predictions from this Video

Total: 6
Correct: 6
Incorrect: 0
Pending: 0
Prediction
Topic
Status
Mixing investment and insurance will result in poor investment returns and inadequate insurance coverage.
"The problem if you take this path is that you'll neither get a good investment option nor will you get a decent insurance."
Financial Planning
Correct
If one contracts critical illnesses at a young age, they may subsequently be unable to obtain health insurance.
"in a situation where you contract critical illnesses very young in life then there are chances that that you will never get a health insurance"
Health Insurance
Correct
If medical test results vary from normal during a term insurance application, the insurer may request reapplication in 6 months, charge higher premiums, or reject the application.
"based on the test results and the variance from what they perceive as normal they may ask you to reapply in 6 months or they may charge higher premiums or there are chances that they'll reject your application entirely"
Term Insurance
Correct
Insurance companies will almost always discover pre-existing conditions if an applicant lies on their proposal form, especially when a claim is made.
"insurance will almost always find out about your preconditions when you make a claim"
Health Insurance Application
Correct
Some health insurance policies will require the insured to pay a portion of hospital bills if they are hospitalized in a city different from their policy's designated pin code (due to zonal co-payment).
"in some policies your insurer will expect you to pay a certain portion of the hospital bill from your own pocket"
Health Insurance
Correct
Individuals who contract critical illnesses at a young age may be unable to obtain health insurance in the future.
"in a situation where you contract critical illnesses very young in life then there are chances that that you will never get a health insurance"
Health Insurance
Correct