Temporary Insurance

Insurance is primarily a life-long phenomenon for a person (covering diverse aspects prone to risk and damage). However, there are also arrangements where an individual can be insured on temporary basis.

Temporary Insurance Plans are meant for all those who are without any insurance plan for the moment. Its coverage starts as early as the very next day once the policy is taken for a time span of 30 days to 180 days. Payments for such policies can be made all at once or through simple monthly installments.

Types of Temporary Insurance:
1. Temporary Health Insurance is suitable for people who are without health insurance on temporary basis
2. Term Life Insurance (Temporary Insurance) is a less expensive form of life insurance which provides protection during terms of 5 year, 10 year, or 20 year (these plans may be renewed though for additional terms or can be converted to permanent life insurance plans)
3. Temporary Travel Insurance is applicable to all foreign nationals who have visited another country for purpose of travel, study, and others. Such insurance can cover emergency medical treatment and repatriation.
4. Temporary Domestic (Health) Insurance is suitable for those who people who are seeking a low-cost alternative to expensive health insurance. Those who could be helped by this plan includes fresh college graduate, those between jobs, moving from one place to another, or waiting for permanent coverage to begin.

Who are the eligibles?
Part-time employed and unemployed persons
Fresh graduates or school students
People with early retirement plans
All those waiting for the beginning of stable insurance coverages

Short-term insurance plans provides coverage for a small period of time, and might be an answer for those between jobs or those waiting for other insurance to start. Generally Short-term plans present coverage up to six months. Some plans also offer coverage up to 12 months.

The application process for short-term health insurance is quite simple. Short-term health insurance plans are planned to offer protection against unanticipated accidents or illnesses. It normally does not include coverage for preventive care, physicals, immunizations, dental or vision care.

Enrolling for a short-term medical insurance plan makes a person ineligible for HIPAA Plans. HIPAA (Health Insurance Portability and Accountability Act) plans are expensive and are generally made for people with pre-existing medical conditions.

Short-term health insurance plans exclude pre-existing medical conditions like diseases that have been diagnosed or treated within the previous 3 to 5 years.Short-term health insurance plans gives the option of payment through monthly installments, or in a single up-front payment which costs lower than monthly plans.

basic details:
Short term health insurance lasts for periods ranging between 1 to 6 months
Not to be considered an alternative of any regular, long-term health insurance policy
Meant for covering those who are sure to receive benefits of permanent health insurances in future
Covers individuals suffering from sudden disease or damages only which are temporary in nature
Short term insurance policy holders need not assure renewal or issues
Since these insurances are short-termed, once its coverage ends, application for extension of policy is considered on the basis of the health of the individual concerned

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