Your day starts with promotional messages on your phone about buying some or the other insurance policy.
In the office, your emails contain a host of mails selling different policies. You switch on TV and during every ad-break, some character is out there telling you about which policy to buy to safeguard your future. Already feeling exhausted by this constant pressure to choose amongst the various options, even though you sincerely believe that insurance is a must these days?
Well, don’t worry and let us help you find the right ways to find the right kind of company to associate yourself with, as far as your insurance needs are concerned. With so much competition, it does become overwhelming to choose the right insurance provider, but here are few basic things to consider when making the selection.
Right Insurance Agent
Yes, this is the most important step because you are going to deal with a person and that person can either be employed with a particular insurance company or might be an independent agent selling products of different companies. Find out about his/her background, for how long is he in this business, how good is his reputation and how well established is his business. Also, get all information about various companies he is representing and whether he has enough resources to help you when you actually need him that is the period after selling the policy, not before that!
Insurance Provider’s Background
The next step comes about checking the background of the insurance provider you want to go ahead with. Apart from checking with your agent, do some independent research about the company. The most important thing to know is how good are its finances and financial viability? Also, for how long is the company in business? This will help you to understand the longevity of the insurance provider, which is what you need to consider knowing that it should be around many years down the line when you need it.
Next in line are the products it is dealing in. Every individual has different insurance needs based on age, social status, marital status so on and so forth. Get the agent to provide you with every detail about all the products and also the specific product you are interested in including the premium payments, coverage amount, exceptions, loopholes, legalities, etc. In a nutshell, the company should be able to offer you the products to match with your changing insurance needs with the passage of time.
This is a very important aspect to consider when choosing an insurance provider. How widespread its tie-ups with different hospitals, health centers and medical-aid providers are, this will make a huge difference in your final decision. This specifically caters to medical insurance, but is important to know if their networking hospitals are located near your house for your convenience.
Once an agent sells you the policy, for every other detail or query, you will have to deal with the company’s call centers. Find out how easy it is to get your complaints handled and how efficient and effective they are in solving your complaints. If the reputation is that of someone who makes you keep running around in circles, better stay away from them!
This is what actually helps you understand if the company walks the talk! In other words, while promoting and selling the policy, every insurance company will make tall claims of your family and near and dear ones getting financially secured in case of your untimely death. Whether they will get their claims and whether they will get it on time without undergoing a lot of hassle is what makes it all important! Check the company’s claim management status, what percentage of claims it has settled in the past years and how much percentage was rejected? The reasons for rejection and complications involved in getting the claims should be looked into with great detail. You don’t want your family members to be hassled for what they rightfully deserve!
Nowadays almost all the insurance companies offer similar kind of products with just a slight difference in features. Once you have recognized your actual needs and pinned down on the product you want to go with, compare it across different insurance providers. That will help you in finalizing the company that caters to your need as well as provide you with something extra at no extra cost!
Insurance is a must, but not in a rush! Take your time, do your research and then take decisions. It is not only important when you are alive, but also after you are gone!
May you live a healthy life!!
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