Seek out information about the insurance you are about to purchase. This information can be from peers, insurance companies and the internet.
Before signing on the dotted line, shop around from other insurance companies. We now have several online comparison sites for insurance products these can be helpful in determining which type of cover suits you.
Always make sure that your payment, whether in cash, cheque, mobile money transfer, bank transfer, or other forms of payment is supported by evidence. Always seek acknowledgment that the insurer has received the premium payment. It is in your best interest to always pay premiums directly to the insurance company.
There have been several cases of customers paying unlicensed agents/brokers and end up with no cover, yet they paid a premium. You can ask to see the agents/broker’s license to sell insurance, you can call the insurance company whose product they’re selling to you to confirm they represent the company and you can also check the IRA website to confirm they are licensed It is in your best interest to always pay premiums directly to the insurance company.
You should receive a copy of any type of insurance policy complete with terms and conditions outlining your coverage and its limitations within a reasonable period after your purchase. If you do not receive it, follow up with your insurer, agent, or broker. Remember, the insurance policy is the proof of insurance and this also applies to motor insurance.
If you have taken out any form of life insurance or are saving for retirement in a pension scheme, it is important to inform your dependants or your beneficiaries. We have witnessed many life insurance policies go unclaimed because the named beneficiaries are unaware.
Whether it comes as a text, a phone call, or an email. Call the insurance company directly to verify the request.
Do not be pressured into purchasing insurance that you are not sure you need. Take time to decide what is right for you.