|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.|
Recent studies state that India's Medical insurance premium is estimated to grow at around 20% of compound annual growth rate. The expansion of health insurance market in India is due to the elevated costs of medical treatments, operational & surgical costs, more complex nature of the disease and unexpected viral infection situations which have come in picture.
It has been figured that over 65 percent of people are covered under private insurance companies while the remaining 35 percent are protected by public insurance companies. When we take health insurance premium share into consideration, it's the public insurers who acquire 60-65% of the stakes while private insurers are limited to mere 40% only. This throws upon a wide opportunity for private sector companies to introduce some well-planned system to focus the masses instead of just approaching the cream layer section of the society.
The success and sustainability of Medical insurance segment will depend upon the development of a strong policy framework, efficient management, and monitoring system. Insurance companies are now working on products that reimburse expenses made for OPD, pharmacy, and consultation. These expenses will be covered on a cashless basis as companies are now aware that customers genuinely feel the need for such a product. The facility will be offered in the hospitals that are a part of our network.
Experts say employer's Medical insurance is generally more lenient with pre-existing conditions. They cover pre-existing conditions, which otherwise may not be covered under individual health policies. But once you quit the job, you will no longer be covered under the group policy and stand to lose out on the waiver of pre-existing disease waiting period.
|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.|
Although, personal health policies have a waiting period of about 1 to 4 years but they can be designed as per your needs and requirements. It is to prevent from companies getting duped. There are insurance companies who offer several customized Medical insurance at affordable premium costs. All you need to do is work factors like income source, age & health condition, risk appetite, hereditary disorders, and then approach to customer service or online team for discussion. They will guide you through the right policy structure that will help you keep financially sound during health emergencies.
Health insurance companies are now finally opening their arms to embrace their policyholders. Today, insurers are offering policy coverage worth crore as sum assured, medical coverage facility worldwide. They offer reduced waiting period for pre-existing disease and cover for all ages.
The health-related expenses have become quite steep nowadays. Medical inflation costs are standing at around 15% to 20%. But private health insurance companies are delighted to meet the rising demand with improved policy benefits. However, policyholders also need to shell out little more money to enjoy the feature-rich benefits of the policies. Today, international Medical insurance, that earlier meant for premium customers only, is now being availed by families belonging to the middle-income group.
To get knowledge of the relevant information, you should visit the website of health insurance companies or comparison sites and check out what offer they have in their baskets. If not satisfied you can always meet up the agents and discuss the pros and cons of the policies. They will help you clarify the doubts. Never hide any pre-existing, habits like smoking, drinking or tobacco consumption else you might get shorter financial cover. Always remember that even if the healthcare policy displays a long list of benefits, it is not necessary that every benefit suits your needs. Choose the one which is relevant to your health situation and premium paying capacity.
|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.|