InvestorQ : Is this the right time to buy health insurance or any other type of insurance during COVID-19?
ananya Sing made post

Is this the right time to buy health insurance or any other type of insurance during COVID-19?

Answer
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5 months ago


Amidst the ongoing circumstances, life insurance has become one of the necessities since the risk of infection and mortality is high and no vaccine has been discovered as yet. The best thing about buying health insurance during the present time is that the insurance companies are selling insurance on the basis of short video interactions and some necessary documents instead of full medical reports and other documents, as were required during normal times.

Also, buying life insurance would be cheaper during this time as the customers would end up buying directly from the company, therefore, no commission needs to be paid.

Generally, agents are the mediators between the insurance company and the client and they do all formalities on behalf of the client and sometimes the buyers are asked to hide the material information from the company, which could be the biggest mistake. However, presently, the insurance company’s sales staff is selling the products which means that the buyers would be restrained from making such blunders.

Online buying could also be an option but the fact that the terms & conditions are not very clearly mentioned and the buyer might miss out on some vital information.

The sales team of insurance companies is selling their products and explains all the facts about the policies, while the buyers are supposed to disclose all the relevant information. All this could be done with small video interactions and hence the entire process has been simplified.