Common Insurance Problems Canadians Face
Canadians, when applying for insurance for themselves or for their parents or grandparents, encounter a host of problems. Knowing more about the common insurance problems faced by Canadians can help you navigate them.
Whether you are applying for Super Visa insurance for your parents or grandparents or applying for travel, life, or another type for yourself, you may run into a few common problems during the process.
By knowing the common insurance issues that you may have to deal with, you can overcome them to ensure the entire process goes smoothly and without any hiccups and delays in between.
Here is a list of common issues you may encounter:
1.Unaware of the Amount of Insurance Coverage You Need to Buy
Regardless of the type of insurance you are buying, knowing the estimated amount of coverage can save you from paying out of your pocket later. If you are filing a super visa application for your parents or grandparents, it is mandatory for them to get up to $100,000 in insurance coverage from an insurance company within Canada.
If you are getting travel or life insurance, it depends on several factors, such as your age and any medical conditions you have. Figuring the amount of coverage that you need may be difficult on your own, but you can always seek professional guidance to help you and your loved ones obtain the correct amount of coverage at good rates.
2.Failing to Review the Policy
Before buying any insurance policy, read the fine print in it. It is advised that you take a closer look at the policy if your situation is unique. For instance, you suffer from a medical condition. Now, some companies may not cover your medical condition.
Other times, your medical condition may not qualify you for the insurance coverage. Most companies will require your medical condition to be stable before they agree to cover you. If you qualify for an insurance plan, ensure your medical condition is under control and unchanged for a specified duration, which usually ranges from 4 to 6 months.
3.Not Asking Questions
Not asking questions and not reading the insurance plan can cause you to choose the wrong type of coverage. This is especially true in the case of life and travel insurance. Take your time understanding the insurance coverage and ask any questions that come to your mind before you sign up for a plan.
4.Submitting Incorrect Information
You may have not done this on purpose, but due to your lack of understanding, you may have made a mistake in filling the application incorrectly. There is an increased chance of this happening with parents or grandparents of Canadian residents.