Basic Information You Should Know about Your Insurance Policy

Today, we are going to review all the basic information that every person needs to understand about his or her own insurance policy.

The type of insurance policy

There are quite a lot of different types of insurance out there and all each of them works differently. You should do your best to realize what kind of coverage you currently have. The basic, most common types of insurance are health insurance, long term care insurance, life insurance, property and casualty insurance, auto insurance and disability insurance. But this is not the only classification you need to think about. In case you are summarizing or reviewing a life insurance policy, you should also specify which type of life insurance policy is in question: whole life, term life, variable life or universal life insurance.

The insurance provider

It is also important to find out about the insurance company which provides the insurance. We recommend you to keep track of a special customer service number that you can call. There is another way for you to understand this, though, –require the contact information of your personal insurance agent and ask him whatever you need to know.

The policy number

Keep in mind that you will need your policy number in any situation when you call your insurance provider and ask questions about the particular policy.

The issued date

You should certainly know the date when the policy was issued. It is especially important when it comes to your life insurance, as term life insurance has a certain expiration date.

The required premium

We recommend you to keep track of the premiums which you have to spend and how frequently you give this sum to your company. In case you have a whole life insurance policy, the plan could be paid up. For all the other existing types of coverage, you might draw up a special list which would be named something like “Top-10 policies with premiums of twenty dollars per month and lower”.