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Thurday, Sept 22, 2005

Things to look out for on your insurance policy.

Your insurance policy may look like pages and pages of legal documentation with tiny letters that are difficult to read, and in fact it probably is just that but to make sure you are getting what you requested and to make sure that there are no hidden charges or missing requirements you do need to scrutinise the policy and all the documentation that is associated with it.

There are particular areas that you should check as they are a breeding ground for confusion and missing information. By checking these you will know whether the insurance you are looking at truly offers the level of cover you require or if you need to ask for changes to be made or even select a different quote. Always have a pen and paper to take notes because by the time you’ve studied a policy from beginning to end there is no way you will be able to remember everything you want to ask your insurance company.

If you would like more information on checking your policy then visit the website of your respective regulator for your state. Government guide has a list of all regulators in order of state that is a very useful resource.

The conditions page.

Undoubtedly the page with the smallest writing and nearest the back of the insurance pack that came through your door, the conditions page is typically difficult to understand and even more so to read. Most people simply ignore or skim this page, but remember insurance policies know you do this so you can never be certain what is lurking amongst the fine print in here.

Definitions.

You should read the definitions section hand in hand with the conditions page and even check the terms you think you understand. You might find that your idea of an emergency turns out to be very different to the insurance company’s idea of the same term. In many health insurance policies an emergency is a life-threatening emergency that could not ordinarily be treated by your physician. In this case a broken arm or a broker leg would not be deemed as being an emergency and you would be unable to claim if your insurance only covered your for emergencies.

For a guide to some of the more common terms that aren’t specific to an individual insurance company take a look at this glossary of terms provide by the foreignborn website. These relate to health insurance but are common to other forms of insurance as well.

Benefits.

The benefits page can be a difficult one when it comes to finding problems. Here you are basically looking for the exclusion of items you were expecting to see. If you specifically wanted something covered in your policy and it isn’t here then you should ring the insurance company and inform them. If they aren’t willing to do anything about it then you need to move onto a different quote that does include everything you want.

Also check for any benefits that you believe are ambiguous and again get on the phone to the insurance company straight away to query the situation. If you don’t do this you could very well regret it in the long run by missing out on something you thought was covered.