Most people have insurance in one form or another these days. We have no choice in the matter really. The fact is that anything can happen at any time and to mitigate that risk, we need to make sure that we are adequately covered. But how do you know you have the correct amount and kind of cover? There are quite a few guidelines that one should follow when considering insurance, but in this article I would like to point out a few very common mistakes people make when choosing their insurance policy.

Too lazy to shop around

Unfortunately this is often the most common mistake people make. The excuses that you may not have enough time to properly compare quotes is really ludicrous considering all the companies out there that will compare quotes on your behalf, only requiring that you fill in a single form with your details. If you aren’t willing to shop around for the best product to suit your needs and your pocket, you have no-one to blame but yourself.

Only comparing monthly premiums

For many people the monthly premium is really the bottom line, but this way of thinking could land you in hot water. Not only is that only a portion of what you need to consider, not looking at other factors such as excesses could really hurt you financially in the event of some disaster. In addition, you also need to consider the company’s track record. Make sure that there are not any major complaints on web forums about the amount of time taken to pay out or declined claims.

Fine print

Who enjoys reading fine print? I certainly don’t! Unfortunately, if we want to be sure that we are adequately covered and know exactly what to expect in the event of a claim, we need to be familiar with the terms and conditions of our insurance policy. Most countries have laws that state that an insurance broker must explain the policy to you in full when you are purchasing it. That person also needs to answer any questions you have satisfactorily.

Buying too many policies

Telemarketers call us very frequently, often with a line to the effect of “You have been specially selected…”This obvious marketing ploy will only take your money and dump it into unnecessary funeral plans, hospital plans, life policies etc. If you already have a policy in place, that should be good enough. If it is not, cancel it and get one that will be sufficient.

These few simple pointers will help ensure that you don’t pay too much for your cover and ensure that you are adequately covered in the event of a tragic event. Regardless of who you insure with, make sure that you follow these simple common sense principles before you sign your name to a contract.



By: Johan Danies

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College Student Loan Consolidation

If you are working to have your family covered by a health insurance plan, you may be looking at a number of options for how to best get everyone the coverage they need.

Generally, there are two ways to go – individual health insurance plans or family health insurance plans. An individual health insurance plan will do just what you would expect, insure just one individual, by name. A family health insurance plan on the other hand will cover all the members of your immediate family, usually two parents and all their children.

If you have a large family, what you need to have may be a no-brainer – have family insurance that will cover you, your spouse and all the kids. But what if there aren’t as many of you? Today’s families come in all sizes. Some couples have only one child. Other families have only one parent with a child or two. In these cases, a family plan may not be the best deal out there.

For the most part the price of a family plan is meant to cover two parents and two children. If your family is smaller than this, it is a good idea to compare the price of individual policies for the members of your family as well as the price for a family plan.

There are some important considerations to make before you decide what type of plan you want to go with other than what the premiums will be.

What are the deductibles? The premium is just one part of what you will pay for health insurance. You also need to know what the deductible will be once you need medical attention. If your deductibles are too high, you may always feel like you are paying a fortune in medical bills before the insurance ever kicks in.

Is your doctor included? If you are very fond of your particular doctor, you need to make sure that person is in the plan that you go with. Different insurance companies have different networks of doctors that they approve of. Make sure your doctor is included.

Are there preexisting conditions? If anyone in your family has preexisting health conditions, you could be in for trouble. Many insurance companies will not accept individual policies for those who have preexisting health conditions like diabetes or cancer. In this case you will have to look back to a family plan that must accept all the members of the family.

Do you have high-risk habits? Health insurance companies are keeping an eye on a lot of health conditions these days to see who is at risk and who is likely going to be less of an expense to them. Two of the things they look at are if the candidate is a smoker or overweight as both of these are linked to medical conditions down the road.



By: Stephen Sikes

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