Tips for buying insurance

◆ Make sure you understand the kind of insurance cover you need before committing yourself to it. The insurance company or agent has a duty to explain to you all the benefits, terms and conditions as well as exclusions of the policy.

◆ Shop around for the best policy from registered insurance companies as there could be some offering the same benefits at a lower price.

◆ Do not take a policy or enter into any transaction with companies or individuals that are not registered with the Insurance and Pensions Commission (IPEC). Ask them to show you their registration certificate first before you discuss any further.

◆ First consider your financial status before committing to an insurance policy. Ask the insurance company or agent, the chances of premiums going up in the near future. You should always remember that if you stop paying your premiums, your policy may lapse and you will not get the cover you wanted. You may also not get your money back depending on the type of policy.

◆ Don’t sign blank forms. Make sure you personally fill all the information required on the form. You should NEVER entertain any promise by the agent to complete the form on your behalf. If there is missing information then do not sign the forms until you have provided relevant information.

◆ Fill the proposal form carefully, factually and thoroughly. Failure to provide factual information, may result in the insurance company refusing to pay when they discover that you provided false or misleading information.

◆ Read the policy document and make sure you understand it. Check if all the benefits promised to you are reflected in the policy documents.

If there is need for clarification, ask the agent to help you. Report any discrepancies immediately to avoid inconveniences.

◆ Keep your policy document in a safe place. Remember as long as you pay for your insurance, your policy should be in your possession. It may be required when you make a claim.

◆ Every individual who has an insurance policy has a right to complain if they are not satisfied with any decision of the insurance company. Dos and don’ts when buying insurance

When you are buying insurance there are very important issues to look out for;

Dos

◆ Do own needs analysis. Before you start shopping for insurance, it is important to know what kind of insurance you need. You can also consult a broker, agent or insurance company for advice on what kind of insurance policy suit your needs.

◆ Compare products provided by various insurance companies.

◆ Compare the price and quality of the insurance product. Shop around or seek professional advice before buying insurance.

◆ Ensure the insurance company is registered in terms of the Insurance Act (Chapter 24:07), to carry out insurance business in Zimbabwe. If in doubt, check with the Insurance and Pensions Commission whose address and contacts are the back of this brochure. You also have a right to request to see the licence of the agent or intermediary. ◆ Choose an agent or broker who makes you feel comfortable.

◆ Fill the proposal form carefully, factually and thoroughly. Remember to fill in the proposal form yourself.

◆ Always get a receipt after paying for your insurance.

◆ Read through all insurance documents thoroughly. On the receipt, always verify policy details. In case of any discrepancy, report immediately to avoid any inconveniences.

◆ Do inform your agent of changes to your business, so that your policy always provide adequate coverage.

◆ Feel free to ask questions.

◆ Inform your insurance company immediately after suffering loss or damage of the insured asset.

The Don’ts

◆ Don’t pay cash to an unauthorised person

◆ Don’t provide false or misleading information. Doing so, may result in the insurance company refusing to pay when they discover that you provided false or misleading information.

◆ Don’t under-insure to get a reduced premium.

◆ Don’t leave any portion of the proposal form blank or unanswered.

◆ Don’t sign a blank proposal form

◆ Don’t forget to renew the policy and pay the premium before the policy expires. Failing to do so, will result in you losing the right to be compensated.

◆ Don’t cancel an existing policy when replacing it with a new one, until you have the new policy in place.

◆ Don’t exaggerate the extent of your damages. You could be accused of engaging in insurance fraud. We also have a radio programme, “Inside Insurance and Pensions” on Star FM radio station every Wednesday from 7:30pm-8:00pm.