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Reasons to Revisit Your Insurance Policies!

Updated On Feb 16, 2021

When someone buys an insurance plan for the first time, the major reason behind it is to eradicate the financial crunch which arises due to any illness, death, or destruction. The insurance policy empowers policyholders to get proper treatment for their illnesses, loss or destruction of their vehicle, demolition of their home and financial help for the family after the death of the policyholder. 

People opt for long term policy periods too as per their requirement and convenience to pay the premium amount. The option to change the policy is always available which is required due to dissatisfaction in the customer’s mind. However, sometimes the need for upgradation of health insurance arises largely due to marriage.

In the case of health insurance policies, generally, the individual plans cost a higher amount as compared to a family floater policy. Therefore, it is always suggested that after marriage everyone should go for a family health insurance to reap benefits along with higher health cover.

Reasons to review your insurance policies

Enhance the savings!

People live carefree life till they are bachelor, where they are responsible for themselves only. But, marriage changes the entire scenario and you get a family to look after and support in different aspects. This requires more saving to keep your loved ones financially secure for long. On this note, you require investing more prudently than ever. 

The health insurance policies come to offer better health care as well as enhanced savings. People can easily reap the benefits of saving on their insurance premium amounts and can avail an enhanced cover by including their spouses to their existing insurance policies.

Incorporate your spouse!

Many health insurance policies allow you to include your family in the medical coverage along with you. The family health plans of such types are provided with at discounted rates in comparison to individual health insurance plans. Therefore, it is always suggested to cover your spouse in your existing health insurance plan to avail benefits.

Updation of beneficiaries

A beneficiary is an individual named in the insurance contract is entitled to get the benefits of the plan upon the death of the proposer or policyholder. But, after marriage, an individual might require to alter the insurance plan by changing the name of the beneficiary in his or her policy or by adding your spouse and children to the existing beneficiary list.

After the wedding, the insurance plans tend to turn into one of the most crucial monetary concerns where heed must be paid. Hence, becoming proactive and opting for consultations with your insurer about the required updations is the first and best step that should be taken forward.   

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