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Insurance

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Tips on Buying an Insurance Plan for Your Family

Buying a life insurance plan for you or your family can be difficult. The insurance market is brimming with hundreds of different products, offered by numerous companies. Making the right choice can be next to impossible, especially if you are buying an insurance policy for the first time. Insurance agents will goad you day-in-and-day-out, trying to convince you that the plan they are offering is best suited for your requirements. However, the first rule of buying an insurance policy is to be patient. To help you make a better decision when buying an insurance policy, here are some tips that you should follow.

Take Your Time

Rather than make a hurried decision, you should always take your time and do your research before buying any insurance policy. It pays to do your research and choose a policy that best fits your needs. Buying a life insurance policy isn’t exactly fun, but it’s necessary for the future of your family. Most people try to get it over with as quickly as they can. Remember, you will be asked a series of different questions about your health.

If you have a pre-existing medical condition, such as diabetes or a heart problem, the scenario will change completely. Most insurance companies don’t offer life insurance policies to people suffering from existing medical conditions, so you may have to pay an additional premium. Lying on the insurance form is not a wise idea, the company can get out of paying the insurance if they find out that you lied.Always find out more about insurance in Malaysia through different dealers, before making a decision.

Talk to a Trustworthy Agent

Working with an independent agent is a good idea for people who don’t know much about buying an insurance policy. The independent agent will serve in the capacity of a broker, and will show you insurance rates from numerous different companies. This allows you to compare policies from a number of different vendors and then make an informed decision. The independent agent will serve as a guide, making it easy for you to find a policy that’s suitable for you. You can share details about your existing medical condition with the insurance agent, allowing them to find policies that are tailored to your needs.

Be Truthful

This has already been highlighted above, but it’s worth highlighting the importance of being truthful and upfront about your medical condition. When filling out the insurance form, you might be asked to attach a copy of your medical reports along with the form. The insurance company will review the application and might even ask you to go for an independent check-up with a practitioner of their own recommendation.

These are some key tips that might help you find a policy of your own choice. Choosing the proper policy type is important, so make sure that you remain in touch with your insurance agent throughout. The insurance agent will highlight all important terms and conditions so that you can fully evaluate the policies available.

What Are The 8 Features Offered By A Best Health Insurance Plan?

With growing mortality we are sure to try to secure our lives in the best possible way. And what is a better way to secure our lives than finding a health insurance plan that suits our individual needs and requirements. However, choosing just the right one can get cumbersome and confusing. With unlimited insurance plans on offer by hoards of companies, it is best advised to research well and then to identify the right policy. Here, we are doing just that; helping you to distinguish between the different health insurances to find the perfect one.

So what are the features you should consider while buying a health insurance plan?

  • Premium Offered

Premium offered is a vital factor to be considered when you are buying insurance. You should keep in mind the sum that you can pay as the premium when buying the policy. However, you should not make it your prime factor. If you buy an insurance policy with a low premium and later find that it does not cover the cause of your hospitalization, then it will be an effort in vain.

  • Co-Payment Clause

Under the co-payment clause, the policy buyer is supposed to share the cost of the total hospitalization. So when you buy the policy, look for the lowest rate of co-payment.

  • Exclusions Included

It is very important to know the exclusions that your policy has, because once you go to claim the insurance, it might be a surprise, as well as a condition of panic if you find that the cause of your ailment is not covered by the health insurance.

  • Age Limits

It is important to know up to what age the insurance covers you and your family because in a case of emergency you might find it helpful to know whether or not you can go to your insurance company.

  • Claim Bonus

Claim bonus is the amount you are given after one year of not claiming the insurance. You can look for the company that offers the highest claim and always remember to claim it at the end of the year.

  • Hospitalization Expenses; Pre and Post

You need to look out for the insurance that offers the sum for pre and post expenses for the maximum number of days. This is a beneficial factor while buying a health insurance.

  • Diseases already prevalent

Some insurance companies do not provide for diseases that already exist; they usually wait for a few years before they cover those diseases that had been prevalent before you bought the claim. Hence, look out for that insurance which covers your pre existing disease in a lesser time period.

  • Room rents

When one is hospitalized, it is very important to know how much of the room rent is covered by the insurance policy.

We have tried to outline the best features offered in a health insurance plan so that it helps you to buy the best plan and keep healthy and profitable, both at the same time.