Should I buy medical insurance policy from a bank or an insurance company?

Nowadays, people are buying medical insurance policy both from banks and insurance companies. From wherever you are taking the policy you have to conduct a thorough analysis and comparison of quotes so that the best one can be chosen easily and conveniently. If you buy medical insurance directly from insurance-company then a proper transparency will be maintained. 

It is not that buying from banks will not bring transparency but you should always remember this fact that banks are nothing but intermediaries like that of insurance agents. Popular insurance-companies hire banks to sell off their products in order to increase the policy sale as banks have got a huge reserve of customer-base. 

If you are buying medical insurance for any senior fellow then you should be much more careful. In this case, listen to the experts in order to frame a proper planning regarding how to go ahead in the right direction. Experts say that you have to consider medical-inflation for reaching to the correct quote. If any pre-existing diseases are there then you also need to produce the list for effective selection. 

Third-party distributors or banks can be surely approached instead of insurance-companies for having medical-policies. If you get a better understanding of plan-features then you can choose any source of taking medical-policy. After purchasing health insurance policy you shall receive a proposal-form copy. Check whether pre-existing ailments and other important details have been clearly mentioned or not. Claims get rejected predominantly because of non-disclosure information. 

Some major benefits that you can receive by taking insurance plans from any bank are low premium, no medical-test, parent coverage, policy-renewal till maximized age and others. If you want to become eligible for health-policy then you got to essentially hold an account in that particular bank. Few limitations are also faced while dealing with the bank. Service-levels are highly pathetic as a result of which your queries will remain unresolved for most of the times. 

Sometimes, bank-representatives sell policies just for the sake of selling but they do not have in-depth knowledge about policy features and thus they fail to make customers understand about the same. In some cases, banks charge the same rate of premium for all ages which is pretty confusing. Since they do not have the skill to calculate premium-amount properly, therefore, they do the same. But this is a type of misguiding customers. 

Limited options will be found with banks and this can create a huge problem especially for selecting medical-policies for senior beings. Moreover, banks sometimes receive updates about policies lately and thus they fail to assist the customers who are purchasing policies from them. 

Therefore, you are strongly recommended purchasing policies directly from the insurance company in order to avoid unwanted circumstances or unavoidable situations. Only those plans are to be chosen from your insurers that have been equipped with restricted co-payment. Those insurance-companies are to be chosen who have got on an average 90-percent or more settlement-rate. Settlement-rates usually can be known from the official sites of insurers only.