Why write a blog? Because I’m all about communication.
With my first posting, I started at the beginning… where we came from… but why write a blog?
Companies, marketing departments, think it’s good (cool) to connect with potential customers, the consumers that may one day want to buy a product. Many people think it’s a way to make contact with a younger population or different demographic, or to be relevant in a digital age. Or they have a giant sized ego and think the world is waiting for their next missive, one that is so important that it will change the reader’s life.
That’s not why I am writing a blog. Yes, it will connect with some people who may want a product from us, but a blog fits directly into what we have been doing for a very long time: COMMUNICATING. We communicate with consumers and advisors, pulling back the curtain that hides our industry, telling those that will listen that you can be—and need to be—a smart purchaser, and showing them how to do it.
The insurance and financial industries are not good at communicating. They have terrific advertising about strength and fiduciary responsibility, but they don’t necessarily guide you on how to buy or use their products properly. Consumers generally have a limited understanding of the products that the financial industry sells and financial literacy is weak in most countries of the world, including Canada. Insurance and financial products are not difficult to understand, and the industry is not hard to navigate, if you put away the mythology, the fear and the hearsay.
We created a saying in the early nineties to assist Canadian Snowbirds when they were buying travel health insurance, and it can be applied to all insurance and financial products: “Read the fine print.” Journalists like James Daw (Toronto Star) and others started to use the phrase to represent a bigger idea; read your policy, don’t be afraid or embarrassed to ask questions, and make sure you get the coverage you need for your situation and medical condition if it is available. If it’s not available, find out why. We have written many articles on how to understand travel insurance products and have also included information for individuals travelling with pre-existing conditions on our sites. Also visit www.travelinsurancefile.com for more articles on travel and travel insurance.
Below are some simple terms to remember when you read your policy.
Eligibility: who can buy the insurance plan; who is eligible for the coverage
Benefits: what the insurer will reimburse (pay) you if you have a loss (claim) including medical, property or financial loss. Many of these will be accompanied by limits of coverage and the maximum the insurer will pay for that benefit.
Exclusions: what the insurer will not pay for or where the insurer takes away benefits under certain conditions
Limitations: similar to exclusions, but may include area of coverage (geographic or type) and overall policy limits
Conditions: how and what the insurer will do or accept, length of time you have to claim, get a refund, etc.
Definitions: Remember that every travel, international student and expatriate insurer will have their own dictionary. A word such as “stable” can mean different things for each company. Many property or life / extended health policies will have unified definitions (meaning companies or government agencies have mandated common terms).
What we do:
We provide travel, international student, expatriate and high risk (kidnap, war, sports and adventure) insurance worldwide in over 16 languages.
Our company does not push one company product over another—even our own products. We represent many of the major insurance companies in Canada and worldwide, we offer numerous products, and we search for the right product to meet your needs. It’s not about the compensation; it’s about getting you the most appropriate product for you, your family, or your company and having you come back while referring our company to others.
If you have a question or want feedback, Ask the Expert. We would be happy to help, and there is no need to purchase a product. You can also call one of our customer care representatives at no charge.