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How to Get Yourself the Right Insurance Cover?

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Most people buy insurance policies and pay premiums regularly, without even checking whether they are getting the right and sufficient coverage or not. In a world where people are vying for insurances and though there are agents out there to guide you, you still miss out on some essential steps for choosing the right insurance policies.

Calculate the amount: When it comes to calculating the right amount needed to approach the right policy, many people tend to make mistakes. You should base your calculations on factors like number of dependant people on you, assets you posses, age and number of children you have and responsibilities for you to take care of. You should also check on your other sources of income and the lifestyle you are following and the way you would want in future, and other financial requirements. The calculations should be near to accurate as a little miscalculation would lead you towards imbalances in life at later point of time.

Keep minimal and do ask for help: In the process of saving some taxes, don’t buy too many insurance policies. Buying something and later paying heavy premiums for something that involves no good for you is a waste of time and money. Insurance agents get paid for bringing in more customers, so better chose wisely and according to your needs rather than listening to agents. If you are a first time insurance buyer, do not step back in seeking help from a professional financial advisor, who will guide you in a better manner, when it comes to buying right insurances.

 
Keep revising: As you prefer up-to-dated things in life, keep your insurance policies updated as well and according to your changing needs. When you took an insurance you may be single or just married, and now when you are blessed with a child or it’s time to fund your child for higher studies; you have to recheck the amount you opted earlier for an insurance cover. Do the updating well in time before your policy matures, and revise all the concerned needs prior to that.

The cost factor: Remember to check upon the prices, the hidden or extra costs involved in buying any insurances. The other costs include premium charges, administration fees, mortality charges, fund management charges or rider charges if applicable. Check all the costs covered and ask before hand, as Insurance Regulatory and Development Authority (IRDA) recently has revised the rates of such charges, making insurance policies customer friendly and a good investing option. Check whether policies can be bought online directly rather than buying through agents and saving some amount of money; but make sure you don’t opt for an insurance policy just because it’s available cheap.
Know the insurer: This step involves research. Just the same you do with your clothes and buy from the best brand, buying a policy should be done through a good insurance company. Before approaching check the company for its liability, trust factor, and especially the settlement ratio. The claim settlement ratio is the percentage of claims settled by the insurance companies against the number of claims submitted. Check the company with higher settlement ratio, and don’t be misguided upon attractive offers and low price. To know the company better discuss it with your friends, relatives, colleagues, and people on several social sites and view their experiences with various insurance companies.

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