Thursday, February 26, 2009
WHEN DO WE USUALLY GET OUR POLICY AFTER WE HAVE PAID PREMIUM?
Some of my clients think that they will get their policy on the same day after I receive their premium.
In fact, generally, we can get our policy only after around two weeks. It can be earlier or later. We must understand that only healthy people can buy insurance easily. In other words, not all people can buy insurance especially when they are not healthy. That's why all insurance companies need some time to make sure that all the applicants are healthy. If they are not healthy, insurance companies may require them to provide a medical report to determine whether they are eligible to buy an insurance plan. Underwriters are the ones who assess all the information provided and approve our application. They may need to assess more than several hundred new and old cases a day. After approval, they still need some time to issue our policy.
Actually, we don't have to be worried if we get our policy only after one or two months after the application date. If we submit our application forms on February 26, 2009 and the issue date is March 2, 2009, we are still insured and protected by an insurance company starting from March 2, 2009 although we receive our policy in May 1, 2009, for example.
To know when our protection starts, please read my post titled WHEN DOES OUR COVER START? (February 16, 2009).