Important Features of Portable Insurance Policy
With increasing awareness of need and benefits associated with health insurance and term insurance policies, almost every corporate company provides insurance to its employees. Many companies provide vehicle insurance as well. However, when you switch the job, the insurance cover is discontinued either permanently or temporarily.
This is where portable insurance policy come to your rescue. Although insurance policy from the employer is a good gesture, consider taking portable insurance to fill up any gap when you are not covered due to change in job, location or sudden changes in family and life. Let’s review the most useful features of portable insurance policy.
Remain Insured Forever
You may change the job, but you would never feel uninsured with a portable insurance policy. It keeps you covered all the time irrespective of the status of your employment. The medical insurance policy taken by your employer may lapse if you leave the job. If the company pays for your vehicle insurance, and you forget to renew the car insurance policy, you may find yourself in serious trouble in case of an accident and third-party claim. Make sure your vehicle is always insured with a portable insurance policy. While leaving the job, you may inquire with the employer whether you can continue the policy by paying a premium and enjoying the same benefit.
Remain Insured Everywhere
Many insurance policies have geographical limitations, mostly within the country. If you travel outside the country, for business or leisure work, the policy is not applicable. You may land in trouble if an unfortunate event happens outside your home country and your insurance policy is not valid there. The portable insurance policy solves such problems. You can take policy in your home country and enjoy the coverage in your desired country. For many expats, it is very difficult to get medical coverage in the foreign country due to inherent difficulties related to health insurance scope. The most efficient way to solve the problem is to take portable health insurance from your home country and to remain focused on work in a foreign country without worrying about medical coverage.
Many employees think to take the insurance once they leave the job because they are already insured till in employment. However, when you take the insurance policy at your own at a later age, you have to shell out more money for the insurance premium. Moreover, then you may not get the coverage of pre-existing diseases if you take fresh insurance policy at an elder age. It is always recommended to take term insurance and health insurance at a younger age. Hence portable insurance policy always helps you to remain insured at a reasonable premium. The companies like Bajaj Finserve offers an online portable insurance policy that saves your time and money both.
Avail Specific Scope
The employer’s policy may have the standard scope and may not address your specific need. You may select appropriate rider or add-ons in your policy if you opt for a portable insurance policy. Such facility is not available in group insurance policy availed by your employer. For example, your employers’ medical policy may not include medical insurance cover when traveling overseas. With a portable medical insurance policy, you may ensure world-wide or country-specific cover.
Continue Previous Policy’s Benefit
When you change life insurance company, in the normal case the new life insurance company considers you like “New” applicant of the policy. Some of the policy benefits and lower premium may not be available to newer policy. However, with the portable insurance policy -may it be car insurance policy or bike insurance or health insurance – you will continue to enjoy similar coverage without loss.
In a nutshell, portable insurance policy gives you freedom while you change your job or location. You need not to worry about the sudden rise of medical premium or denial of the medical policy or term insurance policy at all. You can feel safe and covered by the insurance in your foreign travel trip or during your deputation outside the country. Most life insurance plans can also be availed now on a portable insurance basis. Make sure every policy of yours has the above features of portability for smooth transit from one phase to the next phase in the life – maybe in career, location or change in social status.