Will my premiums go up if my policy lapses?

In some cases, premiums may increase if your policy lapses and you need to reinstate it. The insurer may charge a reinstatement fee, and your risk profile might result in higher premiums. You may also face limitations in the benefits offered after a lapse.

How does emergency medical evacuation work?

If you suffer a severe illness or injury and local healthcare is inadequate, medical evacuation coverage pays for transport to the nearest suitable medical facility or even repatriation to your home country.

Can term insurance be renewed after the term ends?

Some policies allow renewal at the end of the term, but premiums usually increase based on the insured’s age and health at the time of renewal.

Can an insured have multiple insurance policies for the same risk?

Yes, an insured can have multiple insurance policies for the same risk, such as having two health insurance plans or multiple life insurance policies. However, insurers may coordinate benefits to prevent overpayment. In some cases, one policy may serve as primary coverage while the other acts as secondary.

What are the different types of insurance policies and their features?

Common types of insurance policies include life insurance, health insurance, auto insurance, home insurance, and disability insurance. Each type has distinct features: life insurance provides financial protection for beneficiaries upon death; health insurance covers medical expenses; auto insurance covers vehicle damage or liability; home insurance covers property and liability risks; and disability insurance provides income replacement if you cannot work.

Why do insurance companies pursue subrogation?

Insurers use subrogation to recover costs, keep premiums lower, and hold the responsible party accountable for damages.

Does Public Liability Insurance cover online businesses?

Generally, Public Liability Insurance is for physical interactions. Online businesses may not need it unless they have physical premises or organize events. However, they should consider Cyber Liability Insurance to protect against data breaches and online risks.

What is variable life insurance?

Variable life insurance is a type of permanent life insurance that offers a death benefit and investment options, allowing policyholders to invest in various sub-accounts for potential growth.