1. Not Knowing Or Understanding Your Insurance Needs
Buying any insurance products, you need to understand why you require a particular insurance, and what type of coverage is necessary to meet your needs. We all want to get a good deal on our insurance purchases so, do shop around and compare what’s available in the market before signing on the dotted lines. Readup, do your research, ask your family, friends or colleagues for their experience, and have your questions clarified.
2. Not Reading The Fine Prints
Before buying any insurance policy ,you should read the related policy documents either on your own or have an insurance adviser explain. It may be intimidating and be over whelmed with all the words that seem foreign to you but, it is still prudent to go through instead of brushing them a side and signing without reading or understanding what they mean. If you are unsure if the policy is suitable/meet needs then it is advisable to consult an insurance adviser who can explain the policy and assist to as certain if plan is suitable.
The policy documents include: a Cover Page, a Policy Illustration, a Product Summary, a Bundled Product Disclosure Document (where the policy is a bundled product); and a Product Highlights sheet (where the policy is an investment-linked policy).
If you find the number of documents overwhelming and a pain to go through, read the Cover Page atleast as it contains all the key things you must know and understand about the policy. And if in doubt, seek your insurance adviser’s assistance for clarification.
3. Not Considering Your Travel Frequency Or Destinations
If your work requires you to travel abroad often, and for long periods, this must be covered by your policy, either paid by your company or, yourself.
Frequent travelers often include a clause that extends their insurance to a given country and or region. This is especially important if you travel to countries that have high health care costs.
You may also want to consider a Family insurance if you do take time off frequency to travel with your family.