See Frequently Asked Question
Is my statement allowed on life insurance?
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What type of insurance do I need?
You need health insurance to cover medical expenses and life insurance to secure your family's financial future. Additionally, consider vehicle, property or travel insurance based on your assets and lifestyle risks.
How much does insurance cost?
Cost is a primary concern. This includes questions about premiums, deductibles, co-pays, and factors that influence pricing, such as age, health, vehicle type, and lifestyle.
What is the difference between premium and coverage?
The premium is the amount you pay to the insurance company, usually monthly or annually, to maintain your policy. Coverage refers to the extent of protection provided by the policy, including the risks or losses the insurer will compensate for, as outlined in the terms of the agreement.
What is a deductible, and how does it affect my policy?
A deductible is the amount you must pay out-of-pocket before your insurance starts covering a claim. A higher deductible usually lowers your premium but increases your upfront costs in case of a claim, while a lower deductible increases your premium but reduces your out-of-pocket expense.
How is the premium amount calculated?
The premium amount is calculated based on factors like the type of insurance, your age, health, lifestyle, coverage amount, and risk level. For example, higher risks (e.g., smoking for health insurance) or higher coverage amounts typically result in higher premiums. Insurers also consider location, claim history, and policy terms when determining the cost.
Can I have multiple insurance policies at the same time?
Yes, you can have multiple insurance policies simultaneously, such as health, vehicle, and life insurance. However, ensure there’s no unnecessary overlap in coverage, as it could lead to higher costs without added benefits. Carefully manage your policies to meet specific needs effectively.
What happens if I miss a premium payment?
If you miss a premium payment, your insurance policy may enter a grace period, during which you can pay without losing coverage. If payment isn't made within this period, the policy may lapse, and you lose coverage. Some insurers allow reinstatement, but it might require additional fees or proof of insurability.