subject: Know what you are getting into now, rather than paying for it later [print this page] If you are at a stage where you have to choose from a number of insurance policies, then this article will be of great help to you. While choosing an insurance policy there are many questions that come into the mind of policy buyers. I have tried to populate a list of answers to help understand the policies better when you are ready to buy health insurance.
What is the best age to buy a health insurance?
A brilliant idea to buy a health insurance will be to purchase it when you're younger as the premiums at that time would be lower and you will be able to lock in to a lower interest rate. The younger you are, the lower will be your health insurance premiums as the risk of your death is lower than if you were in your fifty's or sixty's.
Will I have to go through a medical exam?
Yes, you will be required to take a medical exam during your health insurance policy application process. However, if you are just purchasing a policy from a group health insurance or group health insurance plan, then you are not required to take a medical exam. Your health status will actually determines the premium rates you will have to pay to the insurance company.
Is it good to hold more than one policy?
Not really! If you have a permanent health insurance policy, then deciding on to buy a short-term need insurance plan is rather useless. Make sure to opt for a health insurance policy that fulfils your requirement as the payments done in insurance premiums does cost a lot.
What is the limit of listing the number of beneficiaries in your policy?
It is possible to name more than one person as a beneficiary in your health insurance policy. As long as the people you choose to name in your health insurance policy have "insurable interest," you can name them as beneficiaries.
What if my policy lapses? Can I renew it?
That fairly relies on the type of health insurance policy you have. With a permanent health insurance policy, you can use your saved up cash value money to pay the premiums with. An advantage of this policy is that it won't be cancelled, but your cash value does deplete.
Its is recommended to consult the members of your family who already have insurance policies or talk to a health insurance agent to avail the complete benefits of whatever health cover policy you choose. Make sure that you fully understand what exactly you are getting into now, rather than paying for it later.
Know what you are getting into now, rather than paying for it later
By: Tony (OM Visions)
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