3 Reasons Why You Shouldn’t Lie To Your Insurer While Buying a Life Insurance Plan?
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You can show your love for your loved ones in abundant ways; safeguarding them with a life insurance plan is just one of them. A life insurance plan is more beneficial than it may seem. When sudden financial inflations or accidental deaths hit a family, insurance policies are the only hope to get some help.
While opting for an insurance plan you should never try to bring up false documents or false claims to gain higher benefits. If you indulge in doing so, you might face some serious consequences.
3 Reasons You Shouldn’t Lie To Your Insurer
So, if you are being suggested by any acquaintance or anyone else to claim false information during the documentation process. Here are the top three reasons why you shouldn’t be doing so.
- No benefits of policy after the insured persons death: If you start your insurance policy with false documents or claims and lie to your insurer. Then, be ready for receiving zero benefits from the insurer. If you think that the insurer won’t be able to detect your false claims then you are wrong.
Even though you might pay your premiums honestly, during the time of maturation of your policy, you might not receive the benefits. It is because the insurer will immediately file your case for claim decline.
The worst thing you can imagine after paying a premium sincerely is getting a denial of coverage from the insurer. Therefore, stay away from any chances of lying to the insurer.
- Criminal Charges: Yes, you heard that correct. If you are found to be lying during the purchase of an insurance plan, the insurer can file a case against you. It might lead to a serious penalty and jail in serious cases. Thus, the best way to avoid being jailed or paying a penalty is to be true to your insurer.
There is no way you would receive any extra or higher benefits if you lie to the insurer. Therefore, being honest from the start is the best way to avoid any chaos in the end. Moreover, criminal charges come with humiliation altogether. Therefore, it is necessary to stay true to your insurer.
- Zero chances of receiving coverage from other insurers: If you are caught lying to your insurance company, then the insurer can register a MIB against you. A MIB (Medical Information Bureau) will prevent any other insurance company from providing you coverage. It is because a MIB instantly produces all the facts about your health conditions. Therefore, if you are caught lying to your insurer and they file a MIB against you then, you won’t be able to receive any benefits from other insurance firms.
Conclusion
The quote honesty is the best policy is the best thought you can reminisce while buying an insurance policy. To avoid being humiliated, jailed, and prevented from getting any coverage it is best to avoid lying to your insurer while buying a life insurance plan.
Also read: The Best Life Insurance Plans For Women
