Gone are the days when you had to only depend on your trusted neighborhood insurance agent to find time for you and explain you about various insurance policies and then sell you the one most profitable for him only! With the advancement in technology and e-commerce becoming huge as a business proposition, now you can fulfil all your insurance needs while sitting at home with the click of a button. Buying insurance has never been so easy with every major insurance player offering their service online and making it easier for you to buy.
However, there are certain things to consider before you click on the BUY option. You got to act smart and think before you choose an insurance plan for you.
Let’s help you with the following strategies so you can take a smart and well-informed decision:
1) Comparing Products
The first step while choosing an insurance product for you is to compare various options. It is not difficult to do so as there are various websites that act as a platform offering detailed information on all insurance products offered by all the players in the market. This way you can check out various deals and then choose the one that best suits your needs. Go in details, find out everything about the different products on offer and then only decide.
2) Company’s Profile
Once you have chosen the product, check out the company’s background that’s offering the product. The company should be reputable, should have a long-standing in the market for credibility and shouldn’t be too new to the business. Your association with the company will be on a long time basis as insurance is a long-term investment. Hence, knowing about company’s profile is an absolute must even if you have to pay a little extra as a premium compared to paying less with a relatively new or less-known insurance provider.
3) Your information
Most of these online sites ask you to fill a questionnaire with your details so they can calculate the premium amount for you. Make sure that you don’t hide any information that is relevant like details about your health, diseases, habits, etc. so that there is no confusion at the time of processing your claims later on. At the same time, no need to give out extremely personal information at the first stage itself to save you from getting that information misused! That includes your phone number or address too early in the dealing stage.
4) Terms And Conditions
Once you have shortlisted the product and the company, the next step is to study their terms and conditions. It sounds boring, but do understand that devil is in the details and so is God! You got to know what kind of agreement you’re entering into with the insurance provider and are your benefits being taken care of or not rather than the agreement being lopsided in the company’s favour. While signing the papers we feel all is hunky dory, but when it comes to filing for the claims, a lot of unpleasant truths tumble out of the closet that we lazily overlooked in the first place. Read between the lines, take an expert’s help if you don’t understand anything, but do your homework thoroughly!
5) Handling Claims
Another important thing to be considered is how is the insurance provider’s claim settlement ratio? What percentage of claims filed with them are actually settled and how many are denied? Also, how much time does it take to settle a claim? You can find these figures easily on the company’s websites and various other platforms. You don’t want your near and dear ones to run from pillar to post for settling the claims in case of an unforeseen tragedy.
6) Talk With The Insurance Provider
This is the last and most important step before you click on buy. You might be buying a policy online, but in future, you will have to deal with their representatives mostly on phone for any queries or sorting out any issues with them. Talking with their back office before making your decision will give you a good idea of how they are while dealing with their customers, what is the response time, how easy or difficult it is to deal with them etc. This gives you a better understanding of what you’re getting into!
With information at your fingertips, ensure that you take the best decision that works out to an advantage for you as well as your family members. Take your time to do research, study, weigh your options and then take a call. However, bottom line is, don’t waste time and buy an insurance policy ASAP, if you haven’t bought one yet!
Be insured, be safe!