Advice from an insurance law attorney - factors to consider when buying insurance

FLEMINGTON, N.J. - April 5, 2019 - PRLog -- When it comes to buying an insurance policy, you need to understand that it is a long-term contract that usually cannot be amended or changed. Insurance law attorney Jared Stolz, Esq. provides his view in a new comment. The complete article will be available on Mr. Stolz' blog at https://jaredstolz.law.blog/

No matter what kind of insurance you are planning to buy – life, health, house, car, funeral, liability – here are a few things you should consider and do before taking the decision:

Just because there are many different types of insurance available or your friend has bought ten different types of plans doesn't mean you have to buy them as well. The purpose of insurance is to protect you from a huge financial loss in case of any unfortunate incident. So, it is wise to start from things that are most precious or expensive, like your house, life, health and business. You can always buy more, if you can afford, but it is better to get your basics and most valuable things covered first.

The first rule of buying insurance is that no matter how attractive the policy looks, do not buy from the first insurance provider you come across. Always do research and explore your options before taking a decision. There are many insurance companies out there with different plans, coverage options, and terms. Evaluate and compare your options to make sure you take the best decision.

When you get in touch with an insurance company or an agent, they will tell you all about what the plan covers. But they usually do not talk about what it does not cover, until you ask them. Make sure to ask the agent you are dealing with to explain all the exclusions, in detail. This is one of the most important factors to consider when buying insurance.

We know how tedious it is to read those several pages long insurance papers with countless headings, clauses, and sub-clauses. But it is essential that you read them all so you know what you are paying for. Even if your insurance agent has explained everything to you, make sure to take your time and read the papers carefully before signing them. Remember to not skim through the insurance papers. Many a times, the tiny clauses that people overlook while buying the insurance create issues later.

For those who do not know, premium is the amount that the buyer has to pay, at regular intervals, throughout the policy period. Depending on the type of insurance and coverage it provides, the premium can range from a hundred to thousands of dollars. Failure to pay the premium amount can get you in trouble. So, always make sure that you can easily pay the premium of the insurance you are planning to purchase.

Buying insurance is one of the most important financial decisions of your life, so it is wise to take every possible measure to ensure you don't regret it later. No matter what type of insurance you are planning to purchase, always evaluate your options, weigh the pros and cons of each, and limit the risks as much as possible, to secure your investment.

*** Jared Elliott Stolz is an attorney in New Jersey, focusing on insurance law and litigation.

Blog: https://jaredstolz.law.blog/
Attorney Profile: https://solomonlawguild.com/jared-stolz%2C-new-jersey