Before you sign on the dotted line on a new private insurance policy, especially in a post pandemic world, you should make sure you are fully acquainted with what you are agreeing to.
Times have changed and so have policies.
Whatever the level of threat posed by Corona virus the level of extra risk taken on by insurers is significant.
This risk translates to money and that cost is going to be transferred to the policy holder.
Whilst you may not see an increase in your premium, you can be sure that the level of coverage will change as a result.
How deeply those changes will impact consumers is yet to be seen.
As travel becomes more difficult, many ex-pats have found a whole new set of challenges face them as they go about their daily business.
If you are an ex-pat living abroad then you want an insurance company that has experience of your particular situation. You should check Foyer Global Health Insurance coverages experiences and get an idea of what is available for you if you are living abroad in these uncertain times.
Comparison Is Important
Whilst forecasting what’s going to happen to us all in the future is very difficult at the moment, one thing remains certain and that is, if you are taking out personal insurance you should compare insurance coverages before you buy.
In a world of ongoing change, it is vital that you look after your interests and make sure that you are still getting what you believe you are paying for.
Insurers Are Accountable
In the UK, insurers are governed by the Financial Conduct Authority. This group ensures that anybody offering financial services operates in an honest, fair, and effective manner.
As such, they cover all aspects of personal insurance.
They have published a document highlighting the insurance changes that consumers may see following recent global events and you should consider this before signing any new contract.
Wait and See
If you currently have insurance, then the best approach for you at the moment may be to take a ‘wait and see’ approach.
With uncertainty in the market, it may be best to stick with what you have.
Definitely speak to your current provider to get a clear idea of what their current policy is, and if there have been any changes to your policy.
Then, when global conditions settle further, you can consider changing provider of changing your policy altogether.
In uncertain times you need to be all the more vigilant.
Check with your current provider and ask them what’s changed.
Before you sign any new policy, you should be very clear on the fine print and coverage from your provider. If they cannot give you a clear indication of their policy, then it may be time to look elsewhere.
Keep an eye on the FCA’s expectations, as this may give you a better idea of what is coming in the future.