Monday, May 21, 2007

Understanding your Insurance Policy

Choosing the right insurance agency and well as the right policy is very important and must be tailored to suit your needs since each of us have different needs that must be catered to. But equally as important is understanding the policy that we have bought that requires a through reading of the policy and if necessary tell your insurance broker to guide you through the entire documents since it might contain jargon that a typical Filipino insurance buyer would not likely to understand. The health insurance you have bought at a certain insurance company may not cover all types of medical conditions or conditions that may arise to to an accident so its very important for prospective buyers to read the fine print.

Filipinos don't typically read a document before signing it especially if its a couple of pages long and contains numerous fine prints weather we are applying for insurance or the latest landline/DSL promo. Take for example when we are opening a savings account at a bank. The bank clerk usually checks all the necessary places where we need to sign to open an account. But how many of us do actually take the time to read through the whole document before signing the signature cards? We just want to sign them so we can get our passbook or ATM and go on our merry way not knowing that what we have signed we are agreeing to the banks term and conditions as well as any future bank policy that they may implement that we may not agree to upon account opening if we have known. Just like an insurance policy. If we know that we bought a health insurance policy we just feel secured that we are covered but does not take the extra step to understand or read the fine print that perhaps buried in the numerous subsections of the policy might contain clauses not covering some medical conditions which the insurance company have every legal right to not pay for the treatment even if you have been paying your policy for years.

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