Information is an inseparable part of for day to day lives, but providing the right information at the right time is more important. This is especially true while signing up for an insurance policy.
You may take the effort of sending a bouquet of flowers for your wife’s birthday; however, if you do not give the right address, they may not reach her on time. Similarly, you may have decided to take up insurance, but filling the right information while signing up is crucial for it to be effective.
Significance of giving right health/medical information
Many times, insurance agents or family friends may advise you to withhold information related to a medical condition for fear of paying higher premiums. However, this is a bad idea. Your insurance company may trace your medical records and reject your claim eventually. The purpose of getting an insurance policy in such a case would not be met.
Most insurance policy contracts clearly mention that the claim amount or the sum assured would not be paid out if correct or complete information related to health or medical records is not provided.
When you buy an insurance policy, fill in the details very carefully. Make sure that your medical or health related details are mentioned accurately. If this information is incorrect or partial, your claim maybe held up.
Significance of giving right contact information
It may seem like a small thing, but providing the right contact details is also crucial. The insurance company will communicate important updates and details related to your policy through the contact information that you provide. While filling the form, double-check your address, phone number and mobile number. If possible, also provide an alternate number in case the company is not able to reach you on your phone.
Understanding the policy thoroughly and filling the forms accurately will enable you to make the best of your life insurance plan.
Guidelines for filling up an insurance form:
- Follow the instructions given on the insurance forms
- Clarify any doubts with the insurance company
- Do not give any misleading information
- Pay attention to every detail on the form
- Change any information that is incorrect
- Double-check the details that you have filled
What are Riders? Why do i need them?
Riders are a way to customize your plan according to your needs
When you are looking for that perfect life insurance plan to protect your financial needs, how do you make sure that a policy meets all your requirements? The answer to that question is two-fold. First of all, you need to find the most comprehensive policy that provides maximum protection. Secondly, you need to make the policy even stronger with the help of riders.
Riders are add-on features which can supplement your existing insurance policy. These riders provide extra coverage for specific situations. You need to pay extra for these riders, depending on what and how much they cover.
If you feel that your insurance policy does not provide protection from a certain event, you can add protection for that event by paying extra for it. For instance, if your policy does not have any provisions for covering a serious illness, you can simply add a critical illness rider to cover it.
How can riders help?
Riders can be very helpful in overcoming some limitations that your insurance policy may have. Depending on the types of riders available, you can get the following advantages:
- A rider can help add extra benefits to your current insurance plan
- It can support you financially in case of a terminal illness
- In case of an unfortunate event like death in an accident, an accidental death rider can protect family members financially
- Riders like waiver of premium rider can waive off future payments in case of disability of the policy holder
Riders can hence help you to add an extra layer of protection to your insurance plan. By adding the right type of riders, you can protect your loved ones and secure their future.
Research well and select riders that can add real value to your insurance plan
Consult your insurance company to clarify the terms of the riders