Common Mistakes People Make While Purchasing Nova Scotia Blue Cross Insurance

Posted by novascotiagroupinsurance on August 29th, 2013

Buying a Nova Scotia Blue Cross insurance plan is one of the most important decisions you take in your lifetime. As it may mean huge financial benefit to you and your family, you do not want to mess it up with a mistake or negligence. As you buy a Nova Scotia Blue Cross insurance plan, avoid these mistakes that can actually screw up your purchase:

Lying on the application: Some individuals may choose to lie or hide a truth just to get a better rate. For example, most people lie about tobacco use, drug use, income, traffic violations, depression etc. You may get a better rate this time, but when it comes to making a claim, they will find out everything about you, and the truth will be found out. In that case, the insurance company may even deny you claim.

Buying insurance at an older age: The older you are, the more insurance premium you will have to pay. Insurance companies perceive older people as high risk factors, and they resist from giving them insurance coverage. With old age, you also develop more risk factors, which may discourage an insurance company to cover you. Even if they agree to cover you, they may ask hefty insurance premium rate from you.

Purchasing too little insurance: This can be perfect way to ensure that your family has to struggle after your death. While purchasing Nova Scotia Blue Cross insurance, give attention to your family income, your debts, work-based benefits, health insurance, child care perks, retirement account contributions etc. Sit down, look at the expenses you have to make on a regular basis, the debts you have to repay, and accordingly decide how much insurance amount will be appropriate for your family after you.

Planning a risky vacation just before buying the insurance plan: Nova Scotia Blue Cross will want to know about your travel plans, especially if you are an adventure lover, and like putting your life at risk on a regular basis. For example, they may give a second thought to your insurance plan, if you frequently plan a whitewater adventure to South America, a safari to a disease-prone country, or a long vacation in a country that has terrorist dangers or political unrest.

After all, Nova Scotia Blue Cross will take care of your family after your death. So, you should be as honest as possible in your application, and know what is in best interests for your family.