|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.|
Insurance is an ideal way to protect yourself and your investment assets. In most cases, most people research for the most suitable insurance policy for first time. Then, every year onward, renew the same policy. Though, it is a common accepted practice. There are few loopholes. This will be applicable to most general insurance policies such as medical insurance, car insurance and home insurance. Therefore, at some point of time, it is crucial to review your insurance policy that before you renew it. You ask why? There are changes in a policy you need to be informed about before you renew as a matter of routine. Here is what you need to focus on
If there are any changes in the condition of your health, the company must be informed, especially at the time when your medical insurance policy is going to be renewed. This will ensure that the company will provide you with an ideal indemnity that will suit your needs and provide you with additional bonuses in the future.
As per any insurance policy, a premium has to be paid at a certain time for the duration of the policy. This premium is decided on the basis on the coverage included and sum insured. If there is a failure in payment of the premium, the insurance might lapse and you will have to reapply for the cover again. During this new claim, you will have to shell out a higher premium. When you are renewing your cover, always check the amount and the exact date you need to pay your premium as this will impact the cover in the future.
|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.|
Most insurance institutes offer various bonuses. The most common one is the claim free bonus. If you do not claim your medical insurance for a certain period of years, you will get discounts on the premiums on the successive years. Additionally some of the other bonuses include free checkups, tests and more. Before you renew your insurance policy, ensure that you are eligible for such bonuses in the near future. Otherwise, you will end up paying for these bonuses when you can get them for free.
If you have registered a certain pre-existing disease in your current cover, you will be covered for that particular condition after a claim free period. This claim free period can last anywhere between 2 to 4 years. However, failure to pay the renewal will lapse this condition and you will have to wait for another period of claim free before you can claim the cover for that particular health condition. Also, if by a certain chance, you had to claim the cover, you will need to be punctual on your renewal consecutively. When you make a claim on the cover for a certain disease or illness, it will be recorded with the institute. However, if you miss the renewal date, you will need to apply for a new cover. This new cover will treat the previous claim as a pre existing disease or illness and will not be covered.
So insure smart and renew smarter to make most of your insurance policy!
|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.|