Avoid Insurance Pitfalls
- New “no medical exam” insurance policies can lead to quick approvals as well as denials, so consumers must understand a company’s underwriting guidelines before applying. If your application is denied, your information is stored in the MIB Group Inc. database. A “declined” status can make it difficult for you to get insurance from another provider.
- Anyone over 50 or anyone with known medical issues is better off working with an experienced agent who can discuss the nuances of an individual situation. This can prevent adverse information from being entered into the MIB database.
- The low rates displayed on the Internet often are for the healthiest of applicants. Depending on your health situation and history, the rate you qualify for may be higher. Also, to receive an online quote, you may be required to enter personal information, which might be passed on to as many as eight sales agents. The calls and spamming could continue for years. Read the fine print associated with the “submit” button before requesting an online quote. Companies that sell your information are required by law to disclose that they do so.
- While new insurance trends can be good for consumers, be mindful of potential security and identity theft issues. When dealing online, check with www.ambest.com to make sure you’re working with an A-rated company. Don’t send your Social Security number and other private information without confirming it’s going to the right person at the right email address at the right company. Be sure your computer or device has ironclad security.