In present times, an insurance cover, be it general or life insurance,has become inevitable as uncertainties and risks lurk in every corner.Cost of medical care have surged, so much so that even a person hailing from families of affluence will find the going tough while footing the medical bills. Now, consider this: what if you have a health insurance cover, but have chosen the wrong insurance policy or the wrong insurance policy provider? Or, do you have a group medical cover, which you want to convert to a personal policy? What’s your next step in that case? That’s where insurance portability comes into the picture, which ensures that the policyholder doesn’t lose any benefit while transferring the policy.
What’s insurance portability?
The insurance portability, which has parallels with the mobile number portability, helps one switch the health insurance cover from one company to another insurance provider without any hassles whatsoever. This means an insurance policyholder doesn’t have to lose the benefits accumulated in an insurance policy.
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