Source: http://www.globaldomainsnews.com/
Life is full of uncertainties and these uncertainties come unannounced. It is better to safeguard yourself and your family before any medical emergency strikes and a perfect solution for this is – buying a life insurance policy. It not only protects the person from high medical expenses but also secures his or her family from the unbearable financial burden that may hit them once you are gone.
You can easily purchase aninsurance policy online, thanks to digitalization. However, before buying it, here are the 10 things that you should keep in mind.
Thorough research on types of insurance
Insurance firms offer a diverse range of policies and plans to choose from. You can go to the insurance company’s online website and select the most appropriate one. These include SeniorCitizen Health Insurance, which provides coverage for various health problems that might arise with old age. It is meant for people between the age group of 60 years to 80 years.
Then there is the Family Health Insurance Plan, where you can insure yourself and your family members under one policy. After that, there is an Individual Health Insurance Plan that covers the individual, who has bought the policy, from critical and regular diseases.
Critical Illness Insurance provides cover to critical diseases such as cancer, kidney failure, paralysis, heart attack, etc. Personal Accident Insurance helps in covering hospitalization and other medical expenses that may turn up in case of an accident. And finally, Preventive Healthcare plan that helps in covering expenses on regular health check-ups and diagnostic tests such as X-Rays, MRIs, etc.
Simple and quick claim process
After choosing the right life insurance policy, you need to look at another important factor – claim process. The easier the process, faster is the claim settlement. If it is not quick, it can act as a major hurdle in case of any medical emergency. So do proper research and choose a firm which gives faster claims.
Waiting Period
Source: https://www.sciencenews.org/
It is better to buy a policy at a young age because most insurance policies have a waiting period for pre-existing diseases, which can range from two to five years. It also differs from insurer to insurer. It is important to keep the waiting period in mind. If you are young, there are lesser chances for you to file a claim until the waiting period is over.
Select the right insurance amount
While purchasing a life insurance policy online, you should select the amount carefully as it covers the medical expenses for a year. The younger you are, the lesser is the sum insured you need. You should also consider your income in order to decide the premium that you can afford. Make sure you have your family members and their age in mind.
Before buying the policy, don’t forget to consider pre-existing diseases, their present ailments, and medical history. Because if you don’t mention them while purchasing a policy, it might affect the premium amount that you have to pay once in a year.
Cashless hospital network
It is very important to know the cashless network of hospitals in the insurance company. In case of any medical emergency, these hospitals offer cashless hospitalization, where the insurer can pay off the medical bills directly through the insurance company.
Maternity benefits
Source: https://static.timesofisrael.com/
Over a period of time, pregnancy costs have also witnessed a steep rise. It is really important for women to buy an insurance plan that gives maternity benefits. To avail those benefits, she should also look into the waiting period available for claiming maternity expenses and also keep in mind the sub-limit. She should make sure that the policy covers outpatient expenses.
Covers pre/post-hospitalization expenses
Choose an insurance policy that covers both your pre and post-hospitalization expenses. While pre-hospitalization expenses include visiting the doctor, medicines and medical tests, post-hospitalization expenses include the cost of medical treatment, following up with the doctor, medicines, among others.
Cumulative bonus
A lot of insurance companies offer cumulative bonus, which means an increment in the sum insured if no claim has been made in the past years. This amount gets accumulated in the sum insured at the time of policy renewal.
Lifetime Renewal
Source: https://trunnellinsurance.com/
Make sure you go for a policy that goes for lifetime renewal. You are at a higher risk of suffering from diseases and illnesses in the old age, so you should buy a policy which offers lifetime renewability.
Reputed insurance broker
You should always buy an insurance policy through a reputed insurance broker, who will help you in getting a faster claim in case of any medical emergency. This is because if you suffer a heart attack or have an accident, you won’t be able to get the claim yourself or fight the firm for any delays.
Choosing the right kind of insurance may seem like a daunting task, but keeping the above 10 points in mind can help you in your decision. Remember, every policy has its own pros and cons, so comparing different policies is a must during your decision making process.
