There’s a lot involved in the process of hiring an insurance company, and sadly, a lot of people in their mid-’20s to ’30s are unaware of why they should consider hiring one and the things they should have in mind when doing so.
There are a lot of different types of insurances, for example, each one focusing on providing benefits for different circumstances, with different contract terms and prices. Certain types of insurances also require more complicated processes to be able to enjoy the benefits even when you are paying them, usually involving something known as an insurance claim.
At times, the process of filing a claim might need professional assistance, so there’s much more to the policies than just paying a monthly fee.
In this article, though, we will try to cover as many aspects related to them as possible, to escort you in the whole dynamic of deciding what type of insurance company is most suitable for you, how to actually approach insurance companies, and when to consider hiring a lawyer to guide you through the procedure of filing a claim.
Parents Guide on… Understanding the Basics of an Insurance Policy
First of all, before discussing the different types of insurance you can find, we should discuss the basics of all of them since although they all focus on different plans and benefits, their main goal is the same: protect you in a way that covers some (or all) of the financial expenses involved in an undesirable incident or situation.
Insurances can be seen as a form of financial protection, which is meant to be there to provide support depending on the situation that you get involved in.
Although we are going to discuss it further in the next segments, a good example of it is health insurance, which in case you were to be involved in an incident or suffer from a disease, you would get access to discounts, and at times, free medical services, such as medical checks, exams, surgeries, hospitalization, and medication.
Most of the time, you will end up paying a monthly fee that is related to the amount of coverage the insurance plan offers. The more coverage, the more expensive it gets, but the more advantages you will enjoy in case something happens.
If you think about it, it can be perceived as a form of saving that allows you to deal with future undesirable situations in case they were to happen. Considering the monthly fee of the insurance plan, and the incredible amount of money you would have to pay to deal with the said situation, it is actually worth it.
That is why most of the people inside the U.S pay for at least one form of insurance but considering that there’s a lot of insurance policies to pick from, choosing the right policy for you always comes up to considering your circumstances.
Why Health Insurance Matters
Among all types of insurances out there, the one that is probably the most commonly used one is health insurance. Considering that health is pretty much necessary to have a comfortable life, and it can also affect our finances as well as our professional lives, it is to no surprise that most people prefer this form of insurance over all the others.
Although you can find different forms of health insurance, as stated in this article, most of them provide the same benefits: health coverage when it comes to medical expenses.
Suffering an incident or a sudden disease is something that can happen to anyone. All of us are capable of running out of luck at times, so making sure we have a countermeasure to deal with these situations is a very smart thing to do, even more taking into consideration how expensive it can get.
I remember a TV commercial I used to watch a lot when I was a kid: it is always better to have it and not need it than to need it and not have it. It pretty much summarizes the whole point of health insurance.
Although the coverage varies depending on the company as well as the terms of the policy, most of the time, they included discounts at emergency care, doctor checks, exams, medications, injuries, and hospitalizations, and at times, coverage pretty much deals with all the expenses involved in the process.
There are also certain insurances very similar to health care plans in where you will be treated with higher priority over people uninvolved with insurance companies or policies. This is a big advantage in case of injury or sudden health complications.
As I mentioned earlier, certain types of health insurance cover other areas of health. For example, incident insurances cover accidents that lead to injures, and in the worst case, a severe injury that would lead to an inability to work.
These provide monetary compensation that could cover the living expenses of the involved person, but it all depends on the term of the contract, however, they commonly need a claim to be used. We will discuss claims later on in this article.
Ideally, you should consider what is more likely to happen to you, and why, then decide among the many options. However, hiring a health insurance policy is among the wisest things you can do.
Parents Guide on… Policies that Protect Your Assets
Now, unrelated to health insurance, there is the category that is meant to protect your assets, and when we talk about assets, we refer to things that would usually cost a lot of money to get, like a house or a car.
These usually involve things like monetary compensation or coverage related to repairs, but it depends on the asset involved in the policy. Among the options, car insurances are probably the most commonly used just because of the sheer amount of people that own a car nowadays.
Car policies are also known for requiring claims in case an incident happens, just to see if the incident falls under the responsibility of the company. House policies are there for incidents related to fires, or certain climatic threats, and they (most of the time) don’t require claims.
If you are interested, you should definitely check this article over here: https://www.nbcnews.com/better/lifestyle/7-things-you-should-know-about-auto-car-insurance-ncna1049086.
A claim can be described as a request for the company to receive support to deal with a situation that is covered by the company’s policy.
Most of the time, company staff will contact you to investigate the situation, and that is why a claim can be described as the process of providing enough evidence for the company involved so it can decide whether the problems enter its fan of responsibilities.
There’s a lot of paperwork involved in a claim, and this paperwork depends entirely on the type of claim and policy related to the process, as well as the company you decided to hire. Thankfully, some of the claims can be done through the use of a phone app, website, or computer software, really simplifying the process. Cheers to technology in that regard!
Sadly, at times, a claim might be declined. There are several main reasons for a claim to be declined, and they involve:
- Existing damage prior to contracting the service
- Damaged caused intentionally by the person receiving the service, or by an action taken unrelated to external influences, like driving drunk or burning your own house because you didn’t pay attention to a meal.
- If you failed to comply with one of the rules involved in the policy of the contract
- Fraudulent actions for the sake of receiving monetary compensation
Still, at times, you might have your claim declined even though none of the reasons above are involved in the filing process. That’s when hiring a lawyer might be a good idea.
Parents Guide on… Lawyers for Claims Aid
Lawyers that focus their work times on dealing with claims usually understand the drill well enough to provide support related to all the paperwork and evidence you might require to get the claim approved.
They often focus on various forms of services, though, since you can definitely file various forms of claims. The more one lawyer has worked in a specific variation of claim, the more experience he or she will accumulate through the years, leading to more expertise at dealing with such situations.
Hiring a lawyer can be tricky, though. There are many aspects of the process you should consider, like reputation, professionalism, prices, and approach. Most of them can be checked online, and reputation is a very quick and reliable way to determine whether one lawyer is good or not, but contacting them is always recommended.
By contacting a law firm or a lawyer, you can ask questions related to your circumstances, how they can provide help, and whether they are actually capable of winning the case for you or not. You also have to always keep in mind the prices of the service, which is an essential characteristic that pretty much determines what kind of lawyer you can hire.
The more reliable the reputation of a lawyer, and the more experience it has, the more it tends to cost, but there are always exceptions to the rule. The same rules can apply to someone looking to hire an insurance company as well, so always have that in mind if you are thinking of hiring one of the two.