|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.|
The biggest problem that people face today is increasing medical costs. Even a small test or a routine diagnosis can result in heavy expenditure. In case of a severe illness a family would have to arrange for a lump sum by quickly liquidating assets to get cash. Instead of facing such problems a better alternative is to buy health insurance.
Benefits offered by Medicliam
Taking Medicliam insurance enables you to face heavy medical costs when the unexpected happens. If you have to be hospitalized for a couple of days or need surgery, the policy will pay out for the expenses arising from such treatment. Certain types of policies will not just provide for medical expenses but also help to maintain the family when you are critically ill. It is for these reasons that health insurance is a must. If you have a spouse and dependent children nothing can come to your aid like health insurance at the time of an emergency. When you take a policy you can get tax benefits for it under Section 80 (D).
What to check before signing up a policy?
There are various types of policies available so you must check them out carefully to see what is suitable for your needs. Here is a look at the factors to consider before selecting a policy:
|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.|
- Check the coverage offered to find if it suits your needs and lifestyle
- Check the cost of coverage so that it falls within your budget limits
- Most people opt for comprehensive policy because of its wide befits
- Opting for comprehensive policy give cashless hospitalization
- Look into riders or additional policies such as critical insurance and personal accident cover which can provide you better protection and coverage
Some policies have limits of certain points or have conditions under which claims can be made. Sign up for such polices if you are fine with their terms.
Applying for mediclaim policy
You can easily apply for mediclaim insurance online. This enables you to get coverage without wasting time and efforts. You don't have to fill in paper forms to avail insurance. Just fill details in the insurance company's website and submit it online. Mediclaim policy do not require any medical check up and they are available for various age groups right from a two-year old child to someone who is sixty-five years of age. When the time for claims comes, there is a dedicated claims handler to manage it. Claims assistance is available 24 hours a day. The claims process depends on the coverage that you have taken. For example, if you have opted for critical illness or personal accident, the time taken to get compensation is based on the rules applicable for this coverage.
|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.|