What kind of insurance do I need?

SOURCING insurance involves stipulations and specifications so be sure to streamline the process by knowing specifically what suits your needs. The majority of people are not up to speed with complex insurance language, which is why the first step is to pare down your options to exactly what you’re looking for. Is it home and content insurance? Illness cover, life insurance, savings or investment plans?

For example, providing financial cover for families and loved ones after we die is high on many people’s list. The impact of loss of income to a family can be minimised by sourcing what’s known as a ‘ Term’ or ‘Whole Life’ insurance policy. This basically enables you to fall back on a specified sum of money payable after death that is invested over an agreed timeframe. ‘Specified illness’ cover and ‘ Income Protection’ are other options in cases where the onset of sickness may alter an individual’s income stream.

Travel insurance is another that comes into people’s minds this time of year as they look to arrange holidays. Options are available for single trip insurance, multi trip (or annual) policies, aged 65 and over travel insurance, backpacker travel insurance, and business travel insurance are all available. Shop around.

Depending on a policy’s terms and conditions it will invariably differ. Yet some important caveats apply across the board when choosing a policy. You should always examine the cancellation clause of a policy that you’re considering. Ask the insurer about this as it may result in a percentage of the premium, in respect to unused portions of the policy, being refundable in cases where cancellation occurs prior to expiry.

Lastly, remember that any form of insurance is a two-way contract and that insurance brokers/firms are competing for your custom in a very competitive market. Use this to your advantage when sourcing the best price, cover, plan and return on your policy.