We have recently completed first quarter of this year 2017. I know, its too late to make resolutions for a year. However, for taking good decisions, there is no perfect or imperfect time. We make resolutions for a new, bright beginning. We all know that change is the only thing that is constant. Your decisions related to insurance also need to change. So, are you all set to make a few changes with regard to your insurance plans? These changes will enable you to earn all the benefits offered by insurance policies. Let us look at each of these decisions.
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| Source: theglobalfinancial.com |
Important insurance decisions that you can make in 2017:
Let us now discuss some of the decisions that you can take regarding insurance -- Purchase a health insurance early: Do you think that you do not need a health insurance policy right now? Well, you may want to reconsider this idea. Many of you may think that you do not need a medical insurance policy at an early age. You can buy a policy at an early age so that you do not have to pay high premiums. Health care expenses are continuously increasing and hence, taking a health insurance policy to avoid medical expenses absolutely makes sense.
- Stop looking for returns from your insurance policy: If you think that buying an insurance policy will generate returns, you have been wrong. You should always treat insurance plans and investment plans as two different things. When you combine both insurance and normal investments, you may incur losses.
- Select a comprehensive motor insurance policy: When you are planning to purchase a motor insurance policy, always go for a comprehensive one. Avoid taking a liability only cover. This will protect you only from legal liability and it does not cover third party damage or damage caused to your vehicle. A comprehensive motor insurance policy or a package cover will secure the vehicle owner from legal charges and cover the vehicle’s own damage. It will also reimburse the loss caused to the third party.
- Purchase an insurance policy online: You do not have to rely on an insurance agent anymore to buy an insurance product. You can go online and choose from a wide range of insurance policies for your different needs. Whether you need life, motor, or health insurance, you can buy and renew your insurance policy through digital modes. Buying an insurance policy online is faster and easier. You can compare policies more efficiently online and you will have less paperwork when you apply for insurance online. You also do not have to worry about miss-selling of policies when you buy digitally.
- Understand your insurance policy completely: When you take an insurance policy, make it a point to get full clarity regarding your insurance policy. Understand the claim filing process, advantages of your policy, your policy coverage and the exclusions and inclusions of your policy coverage, co-payment, personal injury protection, collision coverage, auto liability coverage, and so on.
- Start with a term plan: Haven’t you purchased a life insurance policy till now? No worries. You can start with a term life insurance plan. It is a very cost-efficient plan and is the ideal choice for a first-timer in the insurance purchasing industry.
- Evaluate your insurance policy on a regular basis: If you purchase an insurance policy and pay its premiums correctly, it is not sufficient. You need to also evaluate your insurance policy constantly and make changes when required. You will have to adjust your policy in order to obtain the benefits that keep varying with the fast-changing insurance sector.
- Maintain transparency about your insurance product: When you are filing a claim, give full information to your policy provider such as medical history of you and your family, your claim records, date of loss or damage, location of loss or damage, etc. You should also make sure that your insurance provider is being transparent about the terms of your policy. Get accurate details regarding your policy from your insurer.
- Refrain from buying insurance policies just because they are economical: This year, you have to promise not to purchase insurance policies simply because they are economical. Many insurance companies provide cheap insurance policies in the market where they will make you enter into cost-sharing agreements. You will have sub-limits, co-payments, and deductibles. You can make a list of all your insurance needs and then purchase an appropriate policy instead of a random inexpensive policy.
With these simple guidelines and tips, you can make a brand new start while planning your insurance policy and coverage options. You can stay secure and assured that your insurance company has got you covered in times of danger.
