|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.|
Private Medical Insurance or PMI is gaining popularity after several shortfalls in the NHS have come to the forefront. However, finding the right PMI can be a daunting task when there are numerous health insurance providers to choose from.
Private Medical Insurance (PMI)policies can be complex in nature. It is best to take a multi-pronged approach to find a policy that is appropriate for you. First, try comparison websites to find a policy that may meet your requirements and one that fits your budget. Second, contact a PMI specialist broker for more options and advice. Also, some insurers offer their products directly to consumers. Finally, go through the shortlisted policies along with best quotes. Make sure you read the fine print and understand all the key features before purchasing the policy. Zero in on a suitable health insurance with the following guidelines and important questions to consider.
What Does the Policy Cover?
What is covered by a PMI will largely depend on its terms and conditions. Standard PMI plans cover in-patient treatments;including surgery, consultations, nursing and hospital care, but exclude treatment for drug addiction and incurable conditions. Comprehensive policies offer additional benefits, ranging from full out-patient to complementary medicine and extended cancer cover.
Limitations and Exclusions
PMI does not replace all NHS services – accidents and emergency treatments are not covered under private health insurance. In some cases, one may be put in the private patient wing within an NHS hospital. One should be aware of all such restrictions and be prepared
|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.|
How Much Does PMI cost?
The premiums depend on the level of cover one buys, age, postcode and whether one smokes. It increases annually to keep pace with medical costs as the risk of illness increases with age
Is There a Compulsory or Voluntary Excess?
If you require private medical treatment, you pay your chosen excess and the insurer foots the remainder of the bill. Definitions of excess vary considerably between policies, therefore it is important to check the policy document. The rule is higher the excess, lower will be your premium
No-Claims Discount (NCD)
Some policies also include a no-claims discount, which rewards you for staying in good health.
Also, it may be possible to protect your NCD with some providers.
In-Patient vs. Out-Patient Treatment
Most budget policies cover all the costs of in-patient treatment (tests and surgery) and day-care surgery. Cover for out-patient treatment (diagnostic tests, scans, physiotherapy, consultations, etc) varies considerably and is covered by midrange to comprehensive type policies
Shared Responsibility Schemes
For some policies, the premium can be kept low if one agrees to pay a percentage of the cost of treatment
Cover for psychiatric and cancer treatments vary between insurers. Comprehensive policies are more likely to include good psychiatric and cancer treatments. Some policies also cover for complementary therapies, private ambulance, home nursing, a 24-hour advice line and parental accommodation if a child is admitted in the hospital
|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.|