|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.|
Isn't a health insurance plan important? If the rising incidence of diseases does not motivate you towards buying a health plan, the increasing cost of medical treatments would sure do. Most of us, being an average middle class individual, find it hard to afford the huge medical costs and so rely on a health insurance. Insurers too understand the requirement of a health plan and so provide plans which are great on features and affordable on pockets. Thanks to the constant innovations in the health insurance industry, today, health plans are also available for senior citizens. Yes, you heard me right. You can now buy a health insurance policy especially for your aged parents or for yourself if you are old and do not have a health insurance cover.
Senior citizen health plans are offered by many insurance companies. These plans are designed keeping in mind the needs of senior citizens. Thus, they have low or no waiting period and also provide a comprehensive cover. With the spate of senior citizen health plans available in the market today, do you know how to select the best one?
Look for these parameters when comparing senior citizen plans to choose the best one:
- Coverage amount
When you are old, you face a higher probability of seeking medical attention. Health insurance companies know this health risk and limit the coverage available. The plan's coverage level should be an important consideration when you are buying a senior citizen plan. As the medical costs are high, you should, ideally, look for health plans which allow you a decent amount of cover.
- Scope of coverage
Not only is the coverage amount important. The scope of coverage is important too. While normal health plans might provide you with a comprehensive coverage option, senior citizen ones restrict the coverage because of the health risk you present. So, when choosing the best plan ensures that the plan has all the important coverage features. Some useful features include domiciliary coverage, day-care procedures coverage, low co-payment rate, organ donor cover, etc.
|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.|
- Waiting period
Illnesses or ailments which you are affected with at the time of buying the health plans are called pre-existing illnesses. These illnesses are not covered by the plan for initial few years. This is called the waiting period. Senior citizen plans also have this waiting period clause albeit the tenure is low. To choose the best plan, go for the plan with the lowest waiting period so that your existing ailments are covered at the earliest.
- Renewal age
IRDA has allowed health insurance plans to be renewable lifelong. While most health insurance provide lifelong renewability, some senior citizen plans do not. When you choose a plan, make sure that the plan has lifelong renewability so that you can enjoy continuous coverage.
- Premium rate
This is very important, isn't it? Since senior citizen health plans cover older individuals who have a higher health risk, the premium is, obviously, a bit high compared to normal health insurance plans. However, to appeal to an average customer, insurance companies charge reasonable premiums. Compare the premium rates of the plans you are considering and settle for one which has the lowest rate without compromising on coverage.
Yes, you can avail discounts too in your health insurance. Senior citizen plans allow discounts for including your spouse in the cover, for buying the policy online and also for paying a two or three year premium at once. The rate of discounts varies across different plans and the best one is the plan with the highest discounts. After all, good discounts are good for your pockets too, isn't it?
A senior citizen health insurance plan is a good option for covering you or your parents in older ages. Bear the above-mentioned points in mind when comparing the available plans so that you buy the best one among the rest. Go online, compare the best family floater health insurance in India for yourself and your spouse and buy a senior citizen plan today.
|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.|