Wednesday, September 22

Three Reasons Why One Should Review Insurance Coverage Annually

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Often, people buy personal medical insurance Qatar and forget it, which is detrimental to your life. The main purpose of an insurance policy is to protect your family’s financial future. Hence, it is important to ensure your insurance cover is adequate to cover your monetary needs at any given point. For this purpose, you must review your policy timely, preferably once a year, to make sure your insurance plan is still suitable for your life situation.

Here are the top three reasons why one should review personal medical insurance Qatar term plan annually:

  1. Personal life changes: There is a lot that can happen in one year. Major life events like marriage, divorce, the birth of a child, child adoption, death in the immediate family, illness, disability, change of job, etc. can have a significant impact on your insurance plan. Each of these things can alter your coverage needs and your annual premiums. An annual review of your insurance policy helps you accommodate the impact of these changes in your cover. For instance, at the time of purchase of insurance, you might have covered you and your spouse. However, you had a child during the year, and hence, you must revisit your coverage needs and make sure your insurance policy adequately covers all your family, including the newborn.
  2. Lifestyle variations: Your lifestyle has a significant influence on your health. Moreover, increasing age, stress, work pressure, unhealthy eating habits, lack of physical activity, etc. make you more prone to a wide range of health issues. Further, given the environmental issues, life has become even more fragile. Additionally, with rising medical costs and the probability of diseases, it is advisable to appraise your insurance term plan annually to be sure that your policy suits your lifestyle changes and is not affected by the spiking medical costs.
  3. Competitive pricing and new features: Each year many new insurance companies enter the market. Also, existing insurers introduce new plans with additional features, prices and often at discounted rates. Moreover, each year the insurance plans are updated to include several diseases that were not covered earlier. Hence, it is wise to research new features, pricing, and additional coverage offered by the insurance company and make changes to your insurance policy accordingly.

Apart from these factors, it is critical to revisit your personal medical insurance Qatar term plan annually is to make the most of the ‘No Claim Bonus’ facility. Most companies offer additional bonus on renewal of insurance plans, where no claim was made in the particular year. By not checking your plan timely, you are more likely to miss out on the opportunity to make use of the ‘No Claim Bonus’ feature.

That said, revising your policy year-on-year not only offers extensive protection but also aids you to save much on your premiums and substantially cover the inflation gap and rising medical expenses. You must renew your insurance term plan timely and keep you and your loved ones financially secure in against all untimely and uncertain medical contingencies.

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