Insurance is not only for your car; you can actually insure anything. Some go as far as insuring the most treasured parts of their bodies. For others, their family is priority and matters most to them than assets.
In simple terms, insurance is an arrangement by which a company undertakes to provide a guaranteed compensation for a specified loss, damage, illness, or death, in return for payment of a specified premium.
The main reasons why people buy an insurance product is for the policy it provides. Why for others, it is a no-go area as it is had for them to believe that insurance will ever respond to a claim.
Having a good understanding of the type of insurance policy suitable to your need and the most reliable company to meet your needs is the beginning of a stress-free insurance year.
Take note of these when choosing an insurance plan.
How much can you afford to pay monthly? Does the monthly premium fall within your budget? These are necessary questions you need to ask yourself. Yes, you can afford insurance, but it would be much easier for you, if you budget monthly installment payments, rather than a huge annual sum.
Benefits or discounts:
Some insurance companies offer discounts. However, if you don’t ask, you may never hear of it. So you often have to inquire about what discounts the company offers, then ask to have the one that best suits you.
You also need to ask what benefits you would get from your plan. These benefits could vary from plan to plan. You are advised to seek the services of an insurance agent before you take any step towards an insurance plan. Your agent will make enquiries about the company for you.
Flexibility of the policy:
Life is full of uncertainties; even the best articulated plans could go wrong. It is important to check for flexibility of the policy, especially in the case of an illness or accident. The company should allow the insured person to have some flexibility in paying the premium for the amount used.
A premium is recalculated at the end of a policy year and is increased depending on the amount of the policy that has been used. Therefore, it is important that the policy you choose allows you the leeway of paying older premium amount for some time, after which you can start paying the increased premium without interest or other charges levied on it.
You are advised to read the fine print of any insurance policy you are considering and understand it completely, to ensure there are no hidden clauses. If there is anything you don’t understand, ask questions. It would be wise to review your needs and policy each year, to determine if you need to make any necessary changes. For instance, if you are planning on expanding your house or starting a family, you will need to expand your present coverage for them.
Good reputation and reviews:
What insurance really sells is trust. They are basically saying people should put their faith and money in them. It is important to do an ample research when looking for an insurance plan.
Ensure you check the “financial strength rating” of the insurance company. This measures their financial strength and their capability of handling the claims of their customers. The highest rating is AAA, followed by AA. Avoid companies without at least an A rating.
Also, always talk to friends and families, especially those who may have the same policy you are looking to get and read reviews too. Do they have a good reputation of processing claims in due time? These are questions you need to ask. Go online and search out what others have commended or complained about the company you are considering.
There is a lot to consider when picking an insurance plan. Start your research now.
Leadway assurance offers a wide range of flexible and affordable plans that enable you pay the premium monthly or annually.
There are also comprehensive packages like L-HAPPy, where you have almost all your policies in one, at a much lesser price. You can make a call to a service person on 012800700 or visit www.leadway.com for more information.