Although, insurance problems do not usually occur since the government really takes care of insurance policy holders through the insurance commission, here are some simple things you can do now so that you will receive all insurance claims faster than the average time it takes.
Logic Behind: As with any contract, it is always fundamental to read the provisions of the contract. This will be a way to review the verbal agreements which are now in writing.
2. After your application has been approved a policy contract in a folder is usually issued. Always ask the agent to read important details in the contract before accepting the policy.
Logic Behind: Believe it or not, your policy contract may not be the one you expected it to be. Always ask the agent to read important details before accepting the policy contract. It is the policy holder's right to refuse to accept the policy contract should there be important provisions that were not discussed or were inappropriately discussed. Also when you arrive at home, try to scan over the policy contract and if there are questions or misrepresentations contact your agent or company immediately.
3. When paying for premiums through an agent ALWAYS ask for a probationary receipt and eventually ask for the official receipt.
Logic behind: Probationary Receipts are controlled by the Insurance Companies. They have unique codes. All probationary receipts are requested to be returned before the expiration date. The probationary receipts are then checked individually whether they have been issued a corresponding Official Receipt. All probationary receipts as the term implies are temporary and thus must be replaced by an Original and Official Receipt indicating that the money has been received by the company's cashiers.
4. Keep your latest receipts together with your policies.
Logic Behind: Keeping your latest receipts together with your policies provides support that your policy is not delinquent and thus subject to all the rights stated in the contract.
5. Pay your premiums on time.
Logic Behind: Being delinquent in paying your premiums will make the policy lapse and thus depending on the contract, reduce or totally remove the benefits stated in the contract. If you are unable to pay for the next premium due to a financial problem, make sure you contract your insurance agent because he would be more than willing to help you find ways to help you pay your premiums (like taking out a policy loan, withdrawing funds from your VUL policy).
6. Keep yourself updated.
Logic Behind: Always keep yourself updated on the company as well as on their latest products. Always check whether your protection and insurance needs have changed because of a major event such as marriage, having another child, retirement, etc. This way you could be able to detect impending risks as well as opportunities.