Tips When Shopping for Insurance
Insurance is a product you purchase to protect yourself from financial disasters, and your needs for protection can change over time. It´s important to understand the insurance policies you have and decide if those coverages are still right for you. If you´re considering buying insurance, here are some shopping tips to remember.
- Never be pressured into a decision. Never buy at the first meeting and seek the advice of someone you trust.
- Compare carefully before you switch policies. Before switching policies, compare benefits, premiums, limitations and exclusions carefully.
- Find out about your agent and company. Call TDI´s Consumer Help Line at 1-800-252-3439 to verify if an agent or company is licensed to do business in Texas.
You also can view a company profile that includes information about the company's financial status and complaint history.
- Never buy anything you do not understand. Ask questions and take notes when talking to an agent. These could help you later if there is a dispute over what you were told about a policy.
- Answer all questions on the application accurately. Omitting or falsifying information could cause the company to deny your claims or cancel your policy.
- Read what you are asked to sign. Never sign a blank application form.
- Do not pay cash or make a check out to an individual agent. Make checks payable only to the insurance company or insurance agency. Insist upon a receipt signed by the agent on the company letterhead.
- Know your rights.Most health policies have a "free-look period" which allows you to return your policy within 10 to 30 days after receiving it to get your money back.
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Last updated: 05/27/2008