Your policy should have a cover page or declaration page (this contains basic information like your name, address, policy dates, insurance company contact information, and key details of your policy), a list of terms or definitions found in the policy, coverage details, riders and exclusions. Any policy illustrations previously discussed should also be attached. Remember policy illustrations are estimates – there are no guarantees. In most cases, your application should also be attached.
Names (including correct spelling), contact information, the duration of the policy, beneficiaries and premiums. Check the information against your policy application to ensure all information is captured accurately. Remember that misleading or mistaken information can invalidate your policy and death benefit in the case of life insurance.
If it is not, contact your life insurance agent or company. Remember the policy illustration attached to your policy is an estimate.
Check the eligibility requirements to make sure you and your dependants are covered. If you requested certain riders, make sure they are represented correctly. Be aware of any exclusions in your policy – there are certain risks and conditions that your insurance company will not cover.
Your policy should have a list of definitions written in plain language that you can understand.
As a consumer you have the right to cancel a life insurance policy within 10 days and in some cases 20 days. You may also have the right to convert your term policy into a permanent policy when it expires.
Be aware of how to process a claim and how your money will be paid out. For health insurance, tell your family about your policy and what they need to do to make a claim. For life insurance, tell your beneficiaries who to contact in the event of your death.
Your insurer or human resources representative may provide you with a booklet that outlines the key features of your plan, which may include receiving up to 100 percent coverage by coordinating benefits with your spouse/partner. Review the deductibles, co-insurance, maximums and premiums so you know how much you have to pay for medical expenses.
If you see anything that you don’t understand, ask your insurance agent or company. If you have life insurance or supplementary health and/or dental insurance through your employer, ask your human resources representative for clarification right away. If you see anything that seems wrong, talk to your insurance company. It is your responsibility to make sure you understand what you are buying and that all of your information is correct.