Waiting Period on AVBOB Insurance Explained
The vast majority of insurance policies out there will have a waiting period in place. The waiting period, as you may know, is a length of time where you will be unable to make a claim. For example; if you take a medical insurance policy out then there may be a stipulation in place that will stop you being able to make a claim within the next six months (or something like that). There are a few reasons for this, and we are going to take a little look at them first. Funeral cover usually has a six month period. AVBOB Insurance is no exception. However, this is only for natural causes. Firstly, let us look at why there is a waiting period.
The insurance company is in business to make money. They do not like giving it away. By default, this means that they will have a waiting period in place. This practice is in part down to the fact that they do not want people signing up for their insurance policies only to make a claim a couple of days later when they have barely received a payment from the customer. In short, this is not the way to make money at all. There are plenty of people out there who would do this sadly. The only way in which you are going to get cover for an event is if you hold the insurance policy for a reasonable length of time otherwise the insurance company will get a little bit suspicious. It is not uncommon to find that those who take out insurance policies and make a claim within a year or so will tend to get more investigated than those who have no claims over the years.
Remember; it is not just the insurance company who benefits from the insurance waiting period. The clients of the insurance company will do too. As I mentioned previously; the insurance company exists to make money. A good proportion of this money, but not all of it naturally, is collected from insurance premiums. If people are continually making claims, then these premiums will need to be pushed up for the insurance company to make money. Usually, this means that if people are solely creating insurance policies to pay for something and not paying a lot into that insurance policy before they make that claim, then the premiums for everybody else’s insurance is going to need to go up dramatically. In short; you may be a little bit agitated with the insurance waiting period, but in the long run, it is going to help save you a considerable sum of cash as your insurance premiums are going to end up being a whole lot lower. Read More
Remember; the insurance waiting period tends to be pretty much standard across all insurance policies. You, therefore, may not need to shop around too much as the waiting period is going to be much the same. You should, however, shop around to make sure that you are getting the best possible deal on your insurance. This way you can significantly reduce the number of payments you need to make while maximizing your coverage.
With AVBOB Insurance, there will be a six month waiting period. This waiting period is only for natural causes of death. For example, if you have cancer, you can still apply. You will have to live for at least six months to claim. This practice is purely to prevent clients from taking out a funeral policy while they are on their death bed.