The Canadian insurance companies are implementing new regulations and increasing their efforts to protect consumers and their trust towards the travel insurance. At the same time for the brokers its becoming tough to maintain a balance between simplifying the buying process of insurance products and ensuring that there is appropriate coverage for specific health issues for the insureds.
This kind of situation is bringing lost of work on the table of the medical underwriters as their task is to make sure that the full disclosure was there from the client when the policy was bought and the genuine claims don’t get denied.
It may become difficult when the client is not in perfect health. And often they purchase the insurance via telephone or internet and are oblivion of the facts that they have not been able to understand the exclusions, limitations, and most importantly what they are covered for in a policy. The total no. of claims which are made on policies are 2% as per Canadian council of insurance regulators.
No doubt that many people forget to inform that there were recent changes in their medication or they have been asked to undergo some new tests or there are new symptoms of the chronic disease. The customers must read and understand the terms while buying a policy online or over the phone. No wonder its always a great idea to speak to the licensed advisor if there is any confusion just to stay on the same page with the company you are buying it from. Thanks for reading!