5 key indicators of a poor insurance policy you should watch out for

A good insurance policy isn’t just about financial coverage, but also about the peace of mind of an individual. When an insurance company has unfair claim approval rules or tries to minimise payout, it not only drains a policyholder’s finances through unexpected expenses despite years of premium payments, but also adds unnecessary stress during an already difficult medical emergency.

This is why choosing the right insurance policy is very important. If you already have an insurance policy or are struggling to decide which one to buy, let’s take a look at five key indicators of a faulty insurance policy that can add to your stress.

These aren’t just general factors, like poor communication or unaffordable premiums, but particular issues you should be aware of. You can consider and compare these factors across various insurance providers to choose the policy that best suits your needs.

Indicators of a poor insurance policy

There are many other things that one should take into account, like whether the policy covers consumables (like gloves, syringes, masks, etc), if there are any restrictions on advanced treatments, how long the waiting periods are, if there is any restoration benefit, if it covers OPD and how smooth their claim process is.

You should also check for any hidden clauses, as surprises during emergencies can cause major inconvenience. Prepare a quick checklist for yourself, as per your and your family’s requirements, and choose a policy that covers everything you need.