Due to covid many people are preferring to take health and life insurances. Though it is a good sign, many people are hiding their personal health and medical history while opting an insurance policy.
People are thinking that “It is not as important to disclose your current financial situation as well as your past medical history”. Are you thinking like that? If you do, “you are doing a biggest blunder in your life”
You might think that it is not as relevant as of now, but if any unfortunate event happens, your family members faces difficulties in claiming your insurance policy. Infact, Your insurance policy would become worthless.
To avoid such situation you should follow the below steps for a successful claim settlement–
- You should disclose your financial position
- You should not hide your medical condition
- If you are detected by severe disease, don’t neglect to inform your insurance provider
- You should be prepared to pay higher premiums if you are infected with severe disease. If you hide this information, your insurance provider will definitely rejects your claim. Do note this
- Read all the policy documents and after agreeing to the inclusions and exclusions of the policy, you should sign the policy document
- Inform insurance agent contact details to your better-half(wife)
- Keep in handy insurance provider/Third Party Adminstraters(TPA’s)details within reach to your spouse
- Do check all the bills are presented in order to claim(health insurance)
- Take Xereoxs of the entire bills during claim process
- Don’t trust insurance agents words blindly
- Do your own research on the claim settlement ratio
- Don’t take insurance without proper research on the company
- Make sure your insurance provider is rejecting claims with unreasonable reasons
- Don’t sign on the policy documents without reading the terms and conditions
- Don’t neglect to keep agent contact details in handy
- Don’t neglect to preserve the policy documents
- Don’t delay to renew the policy on-time.
As the basic need of insurance is to protect you and your family from unwanted events, it is on you to Pay Premiums On-time. By delaying premium payment, all your continuous benefits of the policy would lapse. Do remember this