|Insurance Buying Tips #1: Shop smart|
|When looking for insurance, your No. 1 priority should be to find adequate coverage. Price is important, but you’ll want to determine what kind of coverage you need first. Then you can fit that coverage into your budget and determine which carrier can provide you with the most comprehensive policy for your situation. You may be tempted to choose insurance with the lowest price tag, but if you don’t have enough coverage (or the right kind of coverage), you will see less financial benefit when it comes time to file a claim.|
|Insurance Buying Tips #2: Look for discounts|
|Once you evaluate your coverage needs, factor in your budget and find ways to save. Ask your insurance agent if there are any discounts on your coverage. Often, carriers offer discounts for things like paying your policy in full, staying auto accident-free or, if you’re in school, getting good grades. You also can save money by “bundling” multiple policies, such as purchasing a home and auto policy from the same carrier.|
|Insurance Buying Tips #3: Fill in the gaps|
|An average policy will cover the basics, but you may need to add extra coverage to meet your unique needs. For instance, you may have items like electronics or a nice piece of jewelry that would be financially difficult to replace, even with the assistance of your average renters or homeowners policy. You may want to add additional coverage for these items.|
Emergency situations can strike anyone and at anytime changing lives forever. Though there is no way to predict emergencies and escape from such situation, the smartest way one can survive these hard times is by buying an insurance policy. Such unfortunate incidents often bring in expenses and it can easily drain one's saving at one go or in case of death, the family of the deceased might end up suffering from extreme financial hardships. Accidental policies cover a large part of such emergency situations like accidents, mishap, death and more, providing financial help to the insured or to his or her family when they are in need of it the most.
These uncertain incidents are followed by expenses. Be it medical or any other kind expense, this result in catastrophes for the affected person and his family. This is where a premium personal accident policy proves to be very beneficial as the insured person can rest assure that in times of an emergency situation, the insurer is always around to help and can bail the insured person out of the crisis.
Leading insurance brands assure a host of beneficial and attractive plans with personal accidental insurance policy that offers extensive coverage against damage and death in case of any kind of accidents or emergency situations that might culminate in permanent disability or death.
Premium Personal Accident Insurance Policy Would Essentially Cover Following Key Benefits-
A reputed and well-known insurance brand's personal accident insurance policy essentially provides an all-round protection and security against any sort of accidental situations that might lead to untimely death or physical injury of the insured person.
|Insurance Buying Tips #4: Purchase life insurance—you aren’t too young|
|Life insurance is essential, no matter how young or old you are. And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have kids, a life insurance policy can also support their education or childcare expenses. Additionally, every millennial should consider long-term disability coverage, which helps you stay afloat financially if an accident happens and you become disabled and unable to work.|
|Insurance Buying Tips #5: Talk to an independent agent|
|An independent insurance agent is an essential resource when purchasing insurance—especially if this is your first time. An independent agent works with multiple different carriers, which is different from captive agents who can only sell insurance from the carrier they work for. Working with an independent agent can help make sure that you are getting the best coverage, for the best price. You’ll also benefit from independent agents’ insurance knowledge; they know how to talk you through your options and actually explain what each policy includes. An independent agent will make sure all of your assets are covered, help you find discounts or other ways to save, and be a valuable resource as your life changes and your insurance needs change, too.|
|Insurance Buying Tips #6: Only buy insurance to maintain your existing standard of living|
|You don’t need insurance for events that won’t severely strain your finances. Start with your basic needs (home, auto, business), then work your way to include other needs (cyber, liability). You can always obtain coverage later for something if you change your mind. You can minimize your risk and maximize your savings by buying insurance that won’t cause you to break the bank.|
In extreme cases of accident, if the insured dies untimely, the personal accident policy assures to provide complete financial security to the insured's family members. In other cases, if the insured person faces partial or permanent physical deformities or is handicapped for the rest or a particular part of his life in the accident, he is will be paid a fixed percentage of sum Insured depending upon the type of disablement for the rest of life.
PERCENTAGE OF COVERAGE IN TERMS OF DEATH OR DISABILITY:
- Death: 100% coverage
- Loss of both eyes and limbs: 100% coverage
- Loss of either one limb or one eye: 50% coverage
- Permanent disablement: 100% of coverage
Benefits to Dependent Children for Education: If the accident leaves the affected insured person in the unfortunate event of death or loss of limbs or eyes of the Insured, the protection policy assures to cover the education expenses of the dependent children up to specified limits as mentioned in the policy papers.
Financial Compensation: The personal accident policy is liable to pay a fixed sum to the insured person the employment, i.e. the source of income is lost due to the accident in case of permanent disability.
Accident While Traveling in Ambulance: If accident occurs while using an ambulance by the Insured to reach a hospital and this causes any sort of injury, the insurer will pay the necessary charges up to a specified limit mentioned in policy wording.
Miscellaneous Benefits: Apart from the aforesaid situations, the personal accident policy also provides miscellaneous expenses such as expenses of carriage of dead body, repatriation expenses, clothing damages etc.
A personal accident policy is a secured and smart way to add protection to life. In times of emergency situations, personal accident policy comes as huge life-saver as it helps the insured or his family with financial support and also takes care of a variety of untoward incidences that may require one to invest huge sums of money. Purchasing a policy from a reputed brand always helps as they assure to stand by your side when you need them the most.
|Insurance Buying Tips #7: Ask your insurance provider what the policy doesn’t cover|
|Every insurance policy has perils that are not covered by your policy. These perils are referred to as “exclusions”, and every policy has them. Ask your insurance provider to explain the exclusions in your policy to avoid discovering what they are once you incur damages or a loss.|
|Insurance Buying Tips #8: Consider bundling several policies with one insurance carrier|
|here may be value in bundling several policies with one insurance carrier. If you’re looking to insure multiple vehicles or obtain multiple types of business coverage (e.g., liability, property, cyber), then you may want to consider obtaining coverages under one insurance provider who carries multiple products, and who may be able to offer you multi-policy discounts or loyalty programs.|
|Insurance Buying Tips #9: Review your insurance needs on a yearly basis|
|As your needs evolve, so will your insurance policy. Maybe you’ve acquired a new vehicle since obtaining auto insurance for your primary vehicle, or started operating your business out of your home, or experienced a cyber-attack during the year… Whatever the change(s), you’ll want to make sure you’re covered for any new risk exposures. Talk to your insurance provider to stay on top of your insurance needs.|