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If you plan to purchase insurance, please read the following carefully to make an educated decision:

Request quotes from various insurance companies and read the policy documents carefully. Compare types and levels of coverage, exclusions, and how deductibles are calculated. When comparing policy terms and premiums, make sure you are comparing apples to apples. Premium is an important consideration when purchasing insurance. However, simply comparing premiums may not be a wise move because the policy with the lowest premiums may not necessarily provide the best protection for your needs.

If you have a policy that has expired and needs to be renewed, you should request some quotes before talking to the insurance company. You may be able to find better terms or ask your insurance company or insurance intermediary to lower your renewal premium. You should also review your policy’s coverage regularly and as your needs and circumstances change. Insurance brokers also have the opportunity to compare and select different insurance products for you.

In many cases, one policy may not cover all risks or incidents. A risk or accident that is not covered by the policy is called an exclusion because it is not covered by the policy and therefore cannot be compensated even if it occurs. Before applying for insurance, please be careful to check what is not covered by the policy, otherwise you will not be able to receive compensation for losses that are not covered by the policy.

When you shop in a store, you know what you’re buying and the price you agree to pay. This principle also applies to insurance. Your insurance agent should clearly explain to you any costs associated with taking out insurance. If you don’t understand, you should ask the agent to explain it clearly.

In the policy, the insurance company may set conditions that you must comply with for the policy to be effective. For example, you must have a security system installed in your car for your car insurance to be effective. If these conditions are breached, you may have to pay higher premiums or your coverage may become ineffective.

Whether you apply for insurance online, by phone or by filling out an application form, you must answer all the insurance company’s questions truthfully to the best of your knowledge. You are responsible for disclosing true and accurate details to your insurance company, otherwise your policy may be terminated and future claims may be refused.

For example, if you have been diagnosed with a disease and you are purchasing health insurance, you must disclose this information. Likewise, if you are applying for car insurance, you must disclose any accidents that have occurred, regardless of the size of the accident. Relatively speaking, when an insurance intermediary introduces a policy to you, it must also disclose important information about the policy and its terms that you must know. These are responsibilities prescribed by law.

Policyholders who purchase new life insurance policies can consider the terms and conditions of their long-term policies during the cooling-off period. The cooling-off period starts from the time the insurance company delivers the life insurance policy to you or your representative or sends a notice (whichever is earlier) and lasts for 21 days.

If you change your mind and wish to cancel the policy, you may send written notice to the insurance company during the cooling-off period and request a full refund of the premium (subject to a market value adjustment of the premium where applicable).

Before signing a policy, please make sure you understand the policy terms and conditions, premiums and exclusions, and that you have truthfully provided information to the insurance company. Never sign any blank forms. Once you sign a document, you take responsibility for its contents.

The policy states all details, including coverage period, conditions and exclusions. You should keep a copy of your policy and all supporting documents you submit to your insurance company for future claims or renewals.