9 Disadvantages Of Insurance Policy

1. Policyholders forego some current expenditure to pay policy premiums. Moreover, life insurance is typically purchased for the benefit of others and usually only indirectly for the insured person. 2. It does not compensate all types of losses which caused baisness to insured by insurance company. 3. If you have no dependents or have money saved up for your final expenses and burial costs with no other debts, life insurance isn’t necessarily a must. 4. Denies Claims or Pays Slowly. 5. sometimes a policyowner may not recover the premiums paid if the policy is surrendered. 6. Although insurance encourages savings, it does not provide the facilities that are provided by bank.