Insurance Tips For First Time Buyers

Last Updated: Dec 03, 2015 | 272 Views
As a first time insurance buyer you may have your doubts regarding how to choose what insurance to buy. More often than not, this predicament may stall your first insurance purchase or you may end up buying what you don’t need. However, these four tips from MyInsuranceClub, if followed religiously, will help you overcome the dilemma of what to buy and understand how to buy. 

Read about insurance:
If you are a first time buyer, it’s important to carry out some research about numerous insurance products available in the market. Each insurance product offers a different type of benefit. A general reading about insurance will help you know the important aspects that concern insurance.

Pay detail to Terms & Conditions
We tend to make light of the Terms & Conditions related to the policy and do not read the offer document carefully. This is a blunder and can cost you dearly because this document has all details on the benefits, eligibility; exclusions etc. that your insurance has to offer. Reading the document will not take more than 5 minutes of your time and will save you the blues in the future.  

Learn insurance terms:
One of the important things which can limit your understanding of the policy you are buying is the insurance terms. It is likely that you will be coming across them for the first time. Don’t worry, by referring to various insurance dictionaries available online you can acquaint yourself with insurance related terms and what do they mean. 

Identity why you are buying insurance:
To get the maximum out of your insurance, identify the precise reason you want to buy insurance. To elaborate, a term plan will not offer the same benefits of a regular health plan and vice versa. Similarly, a traditional health plan will not cover what the insurers describe as critical illness. Reading about them will help you identity what you are exactly looking for.  

Akshay Kumar
Akshay is the Content Manager at MyInsuranceClub. He has experience in writing on varied topics such as Insurance, Finance, Foreign Affairs, Defence and Politics. He has done his PG in Journalism from Indian Institute of Mass Communication, New Delhi