If you are thinking of transferring your insurance policy to transfer to another company, wait a little. It is very important to know some important things before making this decision, otherwise you can have a heavy loss on both your money and coverage.
Porting to insurance policy can be useful for you, but it is important to understand its terms and conditions. If you ignore these things, you can fall into trouble. Let us consider in the simpler words that five things should be kept in mind when the policy port.
Check the terms of the new company
First, it is to understand if the new company can refuse to port your policy? Yes, it can happen. If you are old or you have an old disease, the new company may decide not to accept your policy. Therefore, before the porting port, check the rules and conditions of the new company.
Enter the company first information about porting the policy
Second, the exact timium of porting the policy is close to the reinque. You need to notify your current company at least a month and a half months ago that you want to port the policy. The new company will have to decide to accept or cancel your application within 15 days. If you do not apply for a timely application, the process can be trapped.
Know about the no-claim bonus
Third, with the policy port, your existing benefits are maintained, but the new company terms may be different. You have to check that the same coverage and benefits are available in the new policy.
Consider the premium amount
Fourth, pay attention to the premium amount. Sometimes people port the policy in expected the less premium, but the new company can offer more premium or low coverage. Therefore, compare old and new policies carefully.
Provide Claim History Information
Last and most important thing, you have to give all your old policy information and the claim history new company. If you have already claimed, do not make a mistake to hide it, otherwise your application may be canceled. Porting to the insurance policy is then useful when you are not happy with your current company service or coverage, or you are getting a better choice in the market. But avoid making decisions in a hurry. Read and understand all terms and conditions carefully. If needed, talk to a financial advisor. By meditating on these five things, you can make the right decision and keep your money safe.