Frequently Asked Quesitons Regarding Insurance
Talk to a professional who has tailored hundreds of expat insurance policiesQ: What kinds of questions will I need to answer when I am applying for an insurance policy? Why do insurance companies need so much information from me?
A: When you apply for an insurance policy, an insurer needs to get a sense of who you are. Quite frankly, many of these questions are used to determine how likely you are to file a claim.
When an insurance company makes the decision whether or not to give insurance to a potential customer, it will want to know about the person's driving record, history of illnesses, and whether they have any recent accidents or tickets.
Insurance companies have different programs and policies for different types of customers. Adults with decent driving records will generally pay less for auto insurance than a younger driver with traffic accidents or hospitalization. Being hospitalized after a car accident indicates risky behavior.
Q: What are the advantages of using an agent?
A: An agent can you give you more personalized serivce, and he or she should be "on your side" in the process and have your best interests in mind. An agent is also vital when filing a claim. A local, independent agent will be able to provide quality insurance with competitive pricing.
Q: How much life insurance should an individual own?
A: It is commonly held that one should have an amount of life insurance equal to 6 to 8 times annual earnings. However, many factors should be taken into account when deciding the best amount of life insurance for you and your family. Important factors include: sources of income sources, your spouse's earning capacity, the number of dependents you have, the amount of death benefits from social security or other plans, and other special considerations. For those residing in Cambodia, the last factor should be considered carefully. Although Cambodia has begun down the path towards development, even larger cities in Cambodia such as Phnom Penh carry special risks and increase the need for insurance coverage among expatriates.