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ⒶⓃⓈⓌⒺⓇVery often we find investors unhappy with their insurance policy. This could be due to various reasons. The policy may have been mis-sold, or there may be changes in the family and the policy may not be as per current financial needs, or the policy just may not be as attractive as it seemed when it was bought. Whatever the reason may be, in such a scenario, instead of paying the premium for a policy that isn’t really suited, it is wiser to exit it and invest the money elsewhere as per needs. Here is how you could come out of a life insurance plan that you may be dis-satisfied with.
Exiting Pure Term Plans
Term plans are a low-cost insurance option without any surrender benefit. If you wish to exit a term plan, think it over, as you would be losing all the premiums that have been paid. If you find the cover to be low, try compensating it with a new plan of higher cover. The earliest and only exit option offered in a term plan is during the free look. If you desire to exit after this free look period, it is best to let the policy lapse.
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