Any kind of insurance is like a safeguard or precautionary safety measure that acts as damage control by providing a financial cover in case of emergencies or mishaps. Depending on your insurance policy value, the insurance company pays a substantial sum to the insurer to cope up with damage control and recovery. Medical insurance for example pays for medical expenses and motor insurance covers vehicle damage costs in case of accidents.
But before opting for any kind of insurance, be it health, motor, business or any other, it is vital to know about a few factors. This will ensure that you are able to get the best rates along with coverage. Here are some of them-
Getting insurance is quicker and easier
Now you can get insurance in just a few clicks. All that you have to do is search online, shortlist 3-4 vendors, fill in the required details and get free quotes from them. Then simply compare them and take your pick. Remember that in this reference, you should make sure that you are comparing different vendors. In particular, no two insurance requirements are similar or offer same benefits. For example, some business areas are riskier than others in SA. So the cost of premium will depend on them.
Be aware of free benefits
You should also consider the free preventive care benefits that you get with insurance, which could be free services with car insurance or even vaccinations with health care. There are many other benefits applicable on different kinds of insurance like car servicing can be part of auto insurance and No Claim Bonus on health insurance.
Health insurance cannot be denied due to illnesses
No matter what pre-existing condition you have, health insurance cannot be denied because of the same. Be it illness like diabetes or even obesity, you may have to pay higher premiums but the insurance company cannot deny you health insurance. So, if opting for medical insurance do remember that these little facts should be taken into account.
You can get maternity insurance
Yes one is now entitled to the benefits of maternity care too but you should check about the terms and conditions of the same prior to planning. Some companies may require you to hold insurance for a few months before getting this benefit. Do remember to check on the basic waiting period prior to getting the same.
These days you get cashless hospital insurance
Cashless insurance is another feature of insurance today. So you don’t have to worry about whooping medical bills at the hospitals and get benefits later. Now you are entitled to cashless insurance at many healthcare centers. If there’s an emergency, you can just head to a networked hospital and get cashless benefits. No need to pay any cash yourself!
You may not get coverage from your employer
And last but not the least, it is not mandatory for your employer to provide you with an insurance. You may opt for your insurance at your own expense but it is not mandatory for the employer, except in some terms and conditions.
So prior to picking your insurance, do ensure that you are aware of all the key aspects you need to know about various types of insurance.