My company provides me a group health insurance that covers my 25-year-old wife but provides no cover to my 54-year-old mother. I want to buy a separate health policy, which will cover my mother, my wife and myself. What should I do?
It is a good strategy to have your personal family health insurance policy even if your company provides you insurance. Here are three main reasons why you should do so. First, employers provide health insurance cover only till a person is employed and not to the retirees. Also, it is difficult to buy a health insurance cover at an advanced age. So, it is important to buy a health insurance plan when you are younger. Second, different employers offer different sets of benefits. So, while switching jobs, you may find that your new employers covers only you and not your dependants. A personal family insurance can take care of the dependants in such a case. Third, during the intervening time between two jobs the family is left without a cover. In your case, you can either take a family health insurance that also covers your mother or a separate policy just for your mother. I would recommend the second option. Remember that your mother will have to go through some health tests before she gets the cover. While no pre-existing diseases will be covered, diabetes and hypertension can be covered on payment of extra premium.
I have a health insurance policy that is due for renewal in December. My wife is pregnant and I want to know whether my policy would cover maternity expenses. Do I need to inform the insurer about her pregnancy at the time of renewal?
Unfortunately, individual health covers do not cover maternity expenses. But, most corporate health insurance policies cover these. So, if you are an employee of any such corporate, you can claim the expenses under the employer’s health cover. The good part is that both your personal and your policy will cover your child after he is three months old. In any case, you will need to inform your insurer about your wife’s pregnancy.
Can I insure the contents of my bank locker?
It is difficult to insure your valuables lying in the bank locker since it is difficult to establish that the insured contents were in the locker. In case you can prove that you had kept the lost item in the locker, the bank will reimburse the loss.
Is a manual cover note issued by an agent valid even if it does not have the insurance company’s seal?
Yes, a cover note signed by an agent is valid. You are insured the moment the agent takes your premium and hands over the cover note to you. As a matter of precaution you can call the insurer’s helpline number and confirm whether the cover note number is logged in their system 48 hours after its issuance.
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Rahul Aggarwal is Director of Optima Risk Brokers