It’s been a while since I’ve been to a hospital, and seeing the same doctors, seeing the same nurses, and seeing the same beds on the same day is a bit disconcerting.
The fact is that your life insurance policies are probably your best friend at the moment (not your worst enemy). When your coverage lapses, it’s usually because your doctor has taken office hours off and can’t come back until next week. We know this because we’ve heard a lot from doctors who are sick of hearing our patients complain about their insurance or doctors who can’t get back to work. So, when your coverage expires it’s important to keep yourself informed about what’s going on.
You should, of course, keep your doctors informed of your insurance status, and if your doctor is one of those, you should probably ask him or her about it. If your doctor is not on board with your coverage, there is always the possibility that a new doctor could be added.
It’s possible that you’re planning to leave your policy with a new doctor, but that’s a highly unlikely bet. And by saying “no”, you’re saying that you are not planning to leave your policy with a new doctor, and the odds of a new doctor being added are slim, at least not yet.
And if youre already on a participating life insurance policy, there are some things you can do to ensure that your coverage is as up-to-date as possible. First, check with your insurance agent to see if there is any active waiting period that applies. If there is, you should probably cancel that waiting period.
This is a pretty good reason to cancel any waiting period, especially if your insurance agent has already advised you that you can usually expect your policy to get adjusted within 30 days. Your new doctor should also check with the insurance company to see if they are already covering this doctor, and if not, to see if there is a waiting period that applies. You can always ask for an adjustment, as long as you can tell them you are not planning to leave your policy with the new doctor.
And if you’re on the fence then the insurance company will have to do a check on you. This is a good example of the power of the “what if” clause. If you’re on the fence then the insurance company will check for a waiting period and if they do not have a waiting period, then it’s up to you.
There is a waiting period on most life insurance policies and you should have a plan in place if you were to ever move or change your address. I don’t know anyone who has ever been denied a policy. Most people think that insurance companies make mistakes and that they are too strict about the rules. The truth is that not all insurance companies are that strict. It is possible to buy insurance without a waiting period and the insurance company may not have a waiting period for you.
A few years back a couple of us were discussing whether or not some of the life insurance policies we bought were going to lapse. I was a little uneasy about the possibility of a lapse, so I took the time to research the topic. There are a lot of life insurance policies that do not have a waiting period. Some of the policies that have a waiting period will still lapse after the policy has been in effect for a year or two.
For those of you who don’t know, a lapse is when a life insurance policy goes through the company, but then becomes uninsurable. It’s basically a case of the company not being able to pay the premiums on the policy. The insurance company may not have a waiting period, but the policy itself will continue to pay after a lapse.
