Before we even heard the term identity theft, criminals used insurance policies. Protect your personal information to avoid becoming a victim. As with all things, prevention is better than cure.
Below are some tips and tricks to help you protect your financial life from identity theft.
Every word on your Certificate of Insurance, which comes with all Insurance Policies is important. It can also be called Face Page. This section is crucial to your insurance policy. You want to make sure you understand all details.
Know the name and contact information of your agent, as well as the name and contact information of the company. How long has the company been in business? What is their financial rating? Contact your State Department of Insurance to inquire about all the companies that you have coverage for and keep their numbers with your Insurance Policy records.
To use a popular phrase, “Don’t be penny-wise and pound foolish” or, to put it more modernly, “You get what you pay for.” This holds truer for insurance than it does for any other product. This is because insurance companies employ very intelligent people called actuaries, who do complex calculations daily to determine the likelihood of an insurance company paying a claim.
All policies, regardless of whether they are Life Insurance or Medical Insurance, must be filed in a timely manner. Keep all forms necessary to file a claim together with your policy. Also, keep any contact information that you have about the agent and company. If possible, speak to your agent or call the company to ask them about the filing of a claim.
Be skeptical about the advice of an agent. Good agents are proud to show you documentation detailing the coverage they offer. There is also a huge problem with Money Laundering, insurance policies, and their financial cousins, annuities.
Don’t be afraid to assert your rights. No one likes problems, especially when it comes to big insurance companies. But, unfortunately, it happens every day. Do not accept the insurance company’s interpretation of facts if you have a dispute. Get an attorney. These can often do wonders for you. Often times, an insurance company attorney will prefer to tell the company to pay a borderline case than to go to court.
When dealing with insurance companies, be honest. They are just like everyone else. Most insurance companies will work with applicants who are truthful on all applications. You can lie to obtain coverage. They may also deny your future claims depending on what type of insurance they offer. They could even file insurance fraud charges against you if they make fraudulent claims.
Avoid falling for the trap of resenting Insurance Premiums that you have paid for coverage. You can take precautions to ensure that your insurance policies do not lapse and you don’t have to file a claim. The Insurance Industry, which has existed for hundreds of years in some form, is based upon Risk Management and Risk Assessment. If everyone drove their cars every year, the Insurance Companies would cease to exist.
Have good records and a system to track all your insurance premiums.
Ask trusted family members or friends to help you with your insurance issues. Begin by meeting for two minutes with them. Give them copies of all records, including your Certificates of Insurance, Wills, and Trust Agreements. Unfortunately, sometimes we don’t have the ability to file claims for the insurance coverage that we have purchased.