When contracting insurance, whatever the type, it is important to know the ins and outs and vicissitudes of the contract. Only in this way will we avoid unpleasant surprises when making use of the coverage of our Insurance policy. It is therefore essential to know what the grace period of Insurance consists of.
In any case, and to make the right choice, it is best to count on our services as Insurance advisory. With more than 27 years of experience in the insurance sector, in Euroteide Insurance We will find the policy that best suits your needs and budget.
Lack of insurance: what is it
The grace period or grace period of an insurance policy is the time frame, Once said policy is contracted, during which the insured must wait to be able to enjoy some additional coverage and services of his policy. Due to its importance, it is essential to know of its existence, so that possible problems are avoided when making use of any of the coverage of the policy.
Typically, the waiting period applies to certain Insurances, among which are the Health insurance, dental or deaths, among others. In fact, it is very common for this grace period to occur in dental insurance policies regarding coverage related to dental health, pregnancy and childbirth, and psychological assistance.
What are the deficiencies of Insurance for?
The grace period of an Insurance It is configured as a guarantee for insurance companies, so that insurers avoid fraud when taking out a policy. In other words: the lack of Insurance prevents the insured from contracting the policy to respond to a specific need and, once said need is satisfied, proceed to cancel the Insurance policy.
This guarantee function is especially palpable and important in health insurance, in which the grace period is configured as a guarantee for the Insurance entity that the insured does not contract the policy to be able to perform a surgical intervention or carry out the monitoring of the pregnancy and childbirth and, later, cancel the policy of your health insurance.
Is there insurance without deficiency?
Yes, there are some Insurances to which the grace period does not apply. This is the case of the Home insurance, civil liability or motor vehicles. However, it is more difficult to find health insurance to which a grace period does not apply.
Ultimately, there are Insurances without a grace period, although it will depend on the type of Insurance and the policy contracted. In addition, it must be taken into account that not all policies contemplate the same grace periods or all the coverage that it includes.
However, Yes, it is possible to take out medical insurance without a grace period, although it is true that certain conditions must be met. This means that the grace period may be eliminated when any of the following circumstances occurs:
- Health emergency: in accordance with article 103 of the General Directorate of Insurance and Pension Funds, the grace period must be eliminated in the event of a health emergency.
- Change of insurer: It is also common that, when changing companies, the new insurer eliminates the grace period when the new policy includes the same coverage as the previous policy. In addition, the previous policy must have passed a grace period.
How the lack of Insurance affects
As already anticipated, the waiting period does not apply in all areas of the insurance industry. Thus, there are Insurances that do not contemplate a grace period, such is the case of Car insurance. However, deficiency is very common in health insurance, in which there are coverages that can only be enjoyed once this period of time has expired. Typically, its duration is 6 months., but it is also true that each insurance company can determine the duration of this period.
In short, the following grace periods will be applied in health insurance with more regularity:
- 3 month grace period to carry out medical tests.
- 6-month grace period to perform surgeries or hospital admissions.
- 8-month grace period for childbirth and fertility treatments.
However, The grace period cannot be determined a priori, since it will depend on the type of policy and, above all, on the insurer. In fact, the grace period can last only a few days or extend over several months. That is why it is essential to carefully read and understand the terms and conditions of the Insurance policy before signing the corresponding contract.
There are health insurance without deficiency, although it is true that it is very difficult to find health insurance policies that do not contemplate this period, unless the above conditions are met. In any case, You can always negotiate the insurance conditions with the insurance company. For that, The best thing is to count on our services as an Insurance consultant with more than 27 years of experience in these matters.
Without a doubt, before signing an insurance contract it is essential to understand all its implications, since the language of this sector is complex and quite unknown to the general public. Only by understanding its ins and outs can you make the best possible decision and avoid unpleasant surprises in the future. However, as we have already mentioned, the language used in the Insurance sector can be complex, so when making a decision, it is best to count on our services as Insurance consultants with extensive experience. In this sector.
En Euroteide Insurance, insurance consultancy located in the south of Tenerife with more than 27 years of experience, We will advise, guide and accompany you throughout the process of contracting your policy and we will solve your doubts about the lack of Insurance, so that you make the best possible decision based on your needs.