Is Buying Insurance Through An Agent More Beneficial For Senior Citizens?

You need to be extra careful when buying insurance because you would also seek a hassle-free claim apart from premiums and features. An insurance agent can be very helpful for senior citizens in many ways. After the demise of the policyholder, agents can assist the beneficiaries in processing the claim. Here are some other important reasons why senior citizens should buy an insurance policy through an agent.

To Understand The Terms And Conditions Before Buying A Policy

Most of the important points of an insurance policy are mentioned in the fine print in its terms and conditions in the policy document. In the life policy, the policyholder has to ensure that terms and conditions are not violated else the beneficiaries may not get the claim in the future. In health policy, the insured may not get the claim when hospitalised and the terms and conditions are violated, such as due to undisclosed pre-existing conditions.

An agent can help the seniors understand various terms and conditions and guide them to avoid violating the insurance rules. Insurance companies may come up with useful add-ons and crucial updates in the policy terms, agents can inform the policyholders about such updates.

Agents Can Help In Processing The Claims

Senior policyholders and beneficiaries may not be aware of the process involved in claim processing. Agents can help such seniors in getting the claim processed. For example, if there is a need for hospitalisation, agents can help in getting the pre-approval under the health insurance scheme. On the death of the insured, agents having all the information can help the beneficiaries in submitting the claim documents along with essential documents for a quicker settlement. In the absence of an agent, the beneficiary in life insurance can make mistakes due to which claim can be rejected by the insurance company.

Things To Keep In Mind

Seniors should try to stay in touch with their insurance agents and introduce them to the beneficiaries and the family members. One should try to buy an insurance policy from known agents or verify the authenticity of the new agent before buying a product. Seniors should be cautious of mis-selling of insurance products to them.

Buying insurance from agents can be even more helpful for seniors who live alone in their homes. Agents can assist them whenever there is a claim requirement and seniors don’t have to worry about paperwork and hassle-free settlement of claims.

(The author is an independent financial journalist. Views expressed are personal and do not reflect the official position or policy of Outlook Media Group and/or its employees. The article is for information purpose only; please consult your financial planner/s before investing.)