One Mistake Could Cost You Your Health Insurance for Life

Don’t buy a health insurance plan to make a friend happy, return a favour, or because your banker is a nice person. Insurance is all about protecting your health, your finances, and your family's peace of mind.

Securing insurance is not like purchasing a mobile phone. At any point in time, if your mobile phone is not meeting your requirements or if there was a misleading advice at the time of purchase, it’s never going to bother you much, always you can buy a new one with better options. But with insurance, when a disaster strikes, you cannot reverse a wrong decision or a careless advice taken years back. That is what really makes or breaks a claim when it matters the most.

Let me share something that really made me feel helpless: A very close friend of mine had a health policy since 2012. Years later, he developed a health condition. Around a year ago, someone advised him to port the policy to another company. On the surface, it sounded like a normal suggestion.

But this is what happened: The advisor didn’t ask the proper questions. Didn’t verify his existing health status. Didn’t inform of the pre-existing condition while porting (changing the plan from one provider to another).

Today, he stands the chance of claim rejection, too, now when he needs his health insurance the most. And because of his present pre-existing illness, no insurance company will offer him a new policy. That means, for the rest of his life, in case of any medical treatments, he will have to pay all his medical bills from his pocket.

For some pre-existing conditions, taking a new policy is as good as impossible -- even while porting.

And the saddest part? This could have been avoided - with responsible advice. The best advice at that time? Not to port the policy at all. Just continue with the same provider who was covering him already.

When it comes to insurance guidance - There are plenty of good experts out there.

But always verify:

👉 Do they have the right experience?

👉 Did they ask you enough questions before recommending a plan?

 Ask yourself: “Did the person guiding me really take time to understand my health, my requirements, and my future?” If the answer is no, and they only asked your date of birth before presenting a plan - It’s time to pause… and recheck.

I’m Jayesh. And this was your Insurance Truth of the Week.

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