Consequences of Forgetting to Have an Insurance Policy

Queenews.com– For some people, effective saving is not keeping track of the amount of money saved. Including an insurance policy, which can be considered as a long-term ‘protection savings’, sometimes the owner forgets about it.

There are various factors why someone can forget to have an insurance policy, including:

  1. Because insurance is long-term, the journey of years can make someone no longer remember the policies they have.
  2. Most commonly occurs in life insurance products where the benefits can only be felt when the insured dies or at the end of the policy period.

Having many insurance products also makes the owner vulnerable to forgetting one (or a number of) policies.
There are many other factors and reasons that can make someone forget to have insurance policy.

Yes, forgetting is human; but that’s not an excuse. Because if we forget about the insurance policy we have, it will be detrimental. The main disadvantage of forgetting to have a policy is if we continue to pay premiums but don’t use the benefits that we should get from the insurance we have, such as reimbursement for medical expenses or inheritance for the family.

Things to Look For So You Don’t Forget to Have an Insurance Policy

In order to remain a mainstay for yourself and your family, there are a number of things that need attention:

1.Understand the insurance products we have

Before we buy an insurance product, make sure to first study the details about the product. Don’t forget to study and understand the contents of the insurance policy that you want to have, for example a life insurance policy and health insurance must have different benefits. Get used to not rushing, because the company will give customers approximately two weeks to study the contents of the policy to the fullest. Be wise in buying insurance products, adjust them to your needs.

2.Fill in the data correctly and completely

The next thing that needs to be considered when buying an insurance policy is to ensure that we have filled in the data of the policyholder and the insured correctly, because the policy is a very important legal document in insurance. This has something to do if we later file a claim at a later date. If there is a change in address data or telephone number, immediately contact the insurance company or agent who handles our policy, so that communication is maintained properly.

3.Information assistance and transparency

In order not to forget, it’s a good idea to be accompanied by a family or person who is the beneficiary when signing the policy. Even if you are not accompanied when buying an insurance policy, your family should know what insurance policies you have. If there is a risk, they can help remind us about the insurance we have.

4.Make a record of policy ownership

Some people neglect to make a record of policy ownership (containing the policy number, due date, name of the beneficiary, and so on) because they feel it is taboo to write an ‘inheritance letter’ prematurely. In fact, this note will help us remember the policies we have.

5.Keep it in a safe place

Keep the policy carefully in a safe place such as a safe deposit or a place where we usually store other important documents such as house certificates.

By paying attention to the various things above, we can prevent the problem of forgetting to have an insurance policy. On the other hand, Manulife as an insurance provider also actively reminds and contacts customers who may not remember their policy or whose policy contract has expired (maturity) and ensures that customers get the benefits they are entitled to. This has received appreciation and a positive response from customers who have been reminded of their policies and have received what they are entitled to.

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