An insurance policy is not that easy to understand and you must realize this fact. This also means that you need to confirm and verify the facts, various terms and conditions associated with the policy you’re going to buy. At the same time, you need to understand what your insurance agent tells you and what exactly that means so that you end up buying the right policy.
You must have heard of people saying, “Something is better than nothing!” however, this does not apply to each practical scenario you come across, as someone has also said, “Half knowledge is pretty dangerous.”
This article emphasizes on what your insurance agent might be hiding from you while setting you one or more health insurance policies. Read on to know more:
Agent says, “Don’t worry about the premium part, as you can pay monthly, quarterly, semi-annually if you cannot afford to make a one-time payment.”
Forget not! You might be happy after your insurance agent gave you the easy payment option, i.e. in installments. However, there is a catch in such a statement, which means that you’ll end up paying a bit much more than you are supposed to pay at once, i.e. annually. Even though small payments are easy to make because they’re easy on your shoulders, paying at once may entitle you to get a certain discount.
Agent says, “You don’t need to disclose all your personal details to your insurer before buying a policy.”
It’s a human being’s nature to want to spend less and get more when it comes to daily expenses and their respective benefits. Remember, the formula does not apply to every real-life scenario. The rate of your health insurance premium is subject to your age, current medical condition, gender, and smoking habits altogether.
In case you insurance agent tells you that you don’t need to disclose your smoking habit to your insurer in your application form, you’re being fooled. Your claim application might get rejected in a medical emergency that led to hospitalization and made you file a claim for that. Therefore, make sure to be honest when you need to fill in your current health conditions in your insurance application form to avoid any such discrepancy later on.
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Agent Says, “This is the enough of the Sum Assured for you.”
Well, you cannot just predict the future. You never know what medical emergency might strike and end up burning a hole in your pocket. You simply need to analyze whether the sum assured will be sufficient throughout the policy term. What if you meet with an accident that leads to partial or total disability? You need to ensure that you have coverage for personal accident, critical illness if any, etc.
Agent Says, “Buying insurance online is difficult and comparatively costly.”
Remember! Buying insurance online is not only easy but also cost-effective in comparison to buying it offline from an agent. In addition, if you choose to buy insurance online, you have the option to compare insurance online and save more on the premium.
All you need to do is log onto an insurance aggregator’s website and compare multiple insurance plans, based on the details you entered. Choose the plan that offers comprehensive coverage at the most affordable rate of premium.
Another plus is that you don’t pay any hidden cost.
Things to Learn
Before you make your decision and buy a health insurance plan, make sure you explore various health plans available in the market. This is to ensure that you choose to purchase the best plan. The best way you can find the best health plan is to go online and compare.
No matter which insurance plan you need to buy, comparing multiple in the same category is a wise decision.