Insurance is more than just a financial product, it is a crucial tool for protecting what matters most. However, to truly benefit from your cover, it is essential to fully understand your insurance policy. Many policyholders overlook key aspects of their coverage, which can lead to confusion during claim processes or missed benefits. Below are three fundamental tips to help you better understand your insurance policy and make it work for you effectively.
- Read and understand the policy document thoroughly
An insurance policy is a binding agreement between the insurer and the insured. It outlines the terms, conditions, exclusions and benefits associated with your cover. It is vital that you take the time to read through the entire document, including the fine print. Pay close attention to the sections on what is covered, what is not covered and the obligations placed on you as a policyholder. If you find any terms that are unclear, do not hesitate to reach out to your insurer or agent for clarification. A clear understanding of your policy helps avoid surprises during the claim process.
- Review your policy regularly
Life is ever-evolving and as your personal and financial circumstances change, it is necessary that your insurance coverage is reviewed and adjusted accordingly to ensure continued adequacy and relevance. Whether it is a change in employment, acquiring new assets or starting a family, these events can impact your insurance needs. It is advisable to review your policies annually or whenever a major life event occurs. This ensures that your cover remains adequate and relevant.
- Know your rights and responsibilities
As a policyholder, you have specific rights such as receiving transparent information, fair treatment and timely claims settlement. Equally, you have responsibilities, including providing accurate information during the application process, paying premiums on time and informing your insurer of any significant changes that could affect your policy. Fulfilling these responsibilities ensures that your cover remains valid and that claims can be processed without delay.
In conclusion, insurance is a vital part of financial planning and risk management. At CIC Group, we are committed to empowering our clients with knowledge and support. By understanding your policy, reviewing it regularly and upholding your responsibilities, you can ensure that your insurance truly works for you when you need it most. For any insurance-related queries, reach out to us today through any of the following channels: email callc@cic.co.ke , call 0703099120, Whatsapp 0703099000, visit any of our branches talk to our licensed agents countrywide.
