Insurance is no doubt, one of the biggest investments you make. It is important to take an insurance cover because it is the only form of security in our insecure lives. We need to make sure that our health, our lives and our valuables are well-covered against unforeseen risk. Make sure that you choose the right insurance company that takes care of your needs, and do not go by gimmicks that the insurance company may put forth.
Here is how you can zero in for the right insurance deal:
1. Check out insurance quotes online: If you go to an insurance company's website, you are sure to be lured by interesting features, benefits that the company may portray in bold fonts. However, there are certain disclaimers and conditions that may not be highlighted. For instance, some insurance companies may have a surrender value that you can get if you stop the insurance in a stipulated period of time. So, it is better to have an independent approach towards finding the best insurance for you by checking online insurance quotes, through an independent website
2. Find out the premium: Find out how much you need to pay premium for a particular insurance. For instance, term insurance in life insurance policy has the lowest premium while 'whole life insurance' has higher premiums to be paid. So factor in the premium that you have to pay, and the manner in which you have to pay: monthly, quarterly, half yearly or yearly
3. Find out benefits associated with insurance: Find out if the life insurance or health insurance that you take covers aspects like traveling as well. If it does, you do not need to take a separate travel insurance
4. Find out the claims procedure: Find out exactly how the claims process takes place. You may do well speaking to people who have had their claims honored to know if the process of getting the money was simple enough. The insurance company should also have a safe redressal system so that all your grievances can be answered easily. Though national insurance policies give you the assurance that your money is safe, there is a question of redtapism, in certain cases
5. Use online calculators: Make use of online calculators to find out how much you money you stand to receive in case the term period expires. Do not go by the astronomical figures that insurance companies may give. Use the online calculator given on the website to make your own deductions.
6. Do not say yes to the insurance agent quickly: Though this depends on how good you are at understanding nuances of insurance it is always better to do your own independent research before committing to an insurance company. Find out all you need to know about the company, its stint in the insurance field, the financial position of the company and the goodwill it enjoys
7. Free look-out periods: Find out if your insurance company is able to furnish you with a free look out period(usually for a month) so that you are able to gauge how good the insurance is before making a decision.
By Arunraj V.S.
ezinearticles.com
15 years ago
