Friday, April 17, 2015, AM | Leave Comment
If you have been flagged as a high-risk-individual, in insurance terms, that usually means that the risk for which you are going to take up a cover for has a very high probability of occurring to you.
For example, if you have a history of obesity and heart disease, then getting health insurance for you will not be the same as for someone who has not had any health concerns in the past.
Having a previous, dangerous medical condition would render you a high risk individual in terms of health insurance.
Different insurance companies have different factors that they consider when deciding to cover ‘high-risk’ individuals.
That is why it is important to keep some of the below considerations in mind when choosing a high risk insurance cover while in Bahrain.
Below are 4 considerations that you should make:
Find out if the high risk insurance company covers your jurisdictions basic requirements
If you are new to Bahrain and want to get an insurance cover, or if you live in Bahrain and you are simply not aware of the insurance requirements that the country demands, a good idea will be to first find out what is required of you, before you can commit to any insurance cover.
A good place to get information on your insurance needs is a website like http://www.rsagroup.bh/ or a government website that has the information that you seek.
Compare similar policy covers from the different insurance companies
You can easily get information about what an insurance policy covers if you know what you are looking for.
For you to be able to compare apples for apples when comparing two different insurance covers, it is important that you factor in what exactly you are paying for.
You could get the details or the breakdown of what you are paying for by;
Thoroughly scouring through the insurance companies websites.
Reading blog posts from customers and from the insurance companies.
Getting detailed legal documentation from the insurance company.
Simply inquiring from the insurance company either through social media or by phone call.
Consider if getting a cover from a government owned insurance is a better option
If you are thorough enough in your research, you should be able to find a high risk insurance cover that is either owned by the government or is subsidized by the government. These covers will often be much cheaper than private sector high risk covers.
Consider how the insurance company handles its customer care service as a measure of how it will handle you when you need compensation.
A good measure of a well-managed insurance company is how it handles its customer relations. In this light, make a call to the insurance company and ask some tough questions to the insurance company’s customer care representative.
If you are comfortable with the quality of service that you get, you will most probably have a good experience when you call on them in your time of need.
Leah Tennar has been an executive in the insurance industry for the last 6 years. She started her career 14 years ago in the Middle East and rose to become a champion of the industry in the region. Visit her blog for more information.