We all might be familiar with an insurance. Everyone knows that insurance does have a time period. Thus after the tenure of a policy, if the insured person need to extend the policy for a certain period of time, it is called as Insurance Renewal. Renewal is all up to the person’s interest.
How to renew Insurance?
This is not a hectic task. Usually an insurance representative will contact the insured regarding this. Now a days the agent will help the policy holder in all sorts of documentation. The policy holder might have to sign an agreement for validity extension and can continue with the premium.
Will the Insurance premium change?
Sometimes Yes. Premium is the fixed sum of amount that insured need to pay towards the policy on a periodic basis (usually monthly). But new Government regulations, market fluctuations affect the insurance policy in several ways, thus a policy holder might have to pay the revised premium rates upon renewal. Some companies provide a provision of paying old premium rates to keep the policy alive, whereas some companies won’t.
What all should I check before renewing?
- Make sure that the insurance benefits stays competitive with to other companies. If other insurers give better offer then it’s better to change the policy.
- Some Insurances like Health Insurance are portable. You can port your Health Insurance from present Insurance company to a New one, which may offer better benefits.
- Review your policy. By doing this you can check for the add-on benefits
- Take help of websites that helps to compare policies, so that you choose the suitable and best on the market.
