Insurance is a must-have now. We are living in such a dangerous and vulnerable world that we have to secure our families and ourselves. In the last couple of decades, the need for insurance has increased several times making it an entire industry. The insurance business has invited lots of companies giving options for people to choose from.
Insurance companies have realized that people need to have insurance and they have offered a lot of plans to accommodate everyone’s need and budget. However, in a showoff attempt to secure their customers, these insurance companies sometimes play with the customers. This is done by concealing some important information from subscribers that might later lead to some difficulties while claiming damages or issues with premiums. Here are a few secrets they would not tell you.
They want your money
Insurance companies are in the business to make money. Don’t forget that. They insure you for a good amount asking for regular premiums. However, when it comes to asking for a claim, they come up with many conditions. This means that you may get much less than what you would have paid for.
They will not recommend any legal action
Insurance companies know very well that if a customer hires a lawyer, they will end up paying more money to the customer. So they would advise you not to hire a lawyer. They would state that he or she will prolong the proceedings and bill your accordingly. Instead, they would suggest that you resolve the dispute with a mutual agreement.
The situation changes when you need a claim
Medical aid insurance companies tell you that they cover many diseases, hospital admission, doctor’s fees etc. However, when you get sick or injured, they come up with different clauses. One of the most common ones is that you already had this disease before you were insured. Their primary aim is to have clients who pay the premiums without any major claims.
Insurance advisors are trained to deal with you
Your insurance advisor would pose as your best wisher. They will offer you a wide range of coverage in case of an accident. However, an advisor is not really your friend; he/she is an agent of the insurance company. They are skilled in speaking to customers in a manner that allows the customer to trust them. You would end up buying a policy where the company would pay you less money than what you have paid to them in premiums.
They use your money to make more money
While insurance companies pose themselves as your friend in bad times, but they really aren’t. They say so to win your trust and so that you fund them. It’s not that they collect your money to help you with a lump sum when you need it. In fact, they invest your money in multiple ways to earn interest on it and make money for themselves. Why don’t you do that as well?
While insurance is of a great need now, you need to be really very intelligent and smart enough to save yourself from any trap. Ask for detailed terms and conditions of the policy you want to buy. While it may be lengthy, read it thoroughly and question everything that you don’t understand. Ask them rightfully what is covered and what is not. That will help you in your bad times. Share any horror stories you may have with your insurance agent with us.
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