People can be wary about risk insurance products – such as income, trauma or life insurance.
They might think that it’s not worth it and they could save the money they’d pay in premiums and use that instead if an emergency struck. Often, that’s not the case.
So, how do you determine what is the right cover for you? And what do you need to protect?
Start by identifying what is important to you to cover and build your insurance accordingly. Think about how you might cover your mortgage if you were seriously ill, or ensure your family can keep the house in the event of your death.
A financial adviser can help work out exactly what you need cover for and customise insurance cover specifically for you.
Protect what you love
House, car and contents insurance. Pet insurance. Mobile phone insurance. It’s easy to understand why we have insurance for tangible items. We understand the item’s value and how much it would cost to replace. It’s a fairly safe bet that you probably have one or more of these insurances already in place.
But what about income protection insurance? Health insurance? Life insurance?
It’s harder to pay a premium for intangible things – such as your income, or health. But if you were involved in a serious accident that meant you couldn’t work, or diagnosed with a terminal illness, how would you continue to cover your mortgage and pay your bills?
It’s not a nice thought – and yes, ultimately, you’re insuring yourself against something that may not happen. But knowing that you have insurance in place can bring peace of mind for you and your loved ones.
Buying online
We all love finding a good deal and a cheap price, right? Comparison websites allow us to quickly buy insurance – generally based on price. The key is to make sure you’re comparing apples with apples. Without checking all the details or fine print of the policy, you could end up with insurance cover that’s entirely wrong for your situation – and worse, may not pay out if you need to make a claim.
Honesty is the best policy
The anonymity of the web allows us to be less honest when completing application forms. But, not being honest about medical conditions on an insurance application could mean a rejected claim, exactly when you need it the most.
While it might involve some extra questions or medical tests upfront, being truthful on your insurance application will help to identify if the policy is the right one for you. This is where an adviser can really help. They will be able to source a policy that meets your needs.
Once your application has been processed, the insurer will let you know if you’re covered or adjust your premium to reflect an increased risk, or if a condition is to be excluded completely.
Get the right advice
An insurance broker or financial adviser can explain the options for cover and premiums and make recommendations. They can also look at your financial commitments and family situation and suggest how much insurance cover you need.
Talking to a financial adviser can help clarify what you need now and in the future. They can be invaluable in sourcing the best deal for you, customised to suit you perfectly. And, in the event you need to make a claim, an adviser can help you through the claims process – removing the stress so you can focus on you and your loved ones.
Insurance is more than just protecting what you love. It gives you something else: peace of mind.
Super Simple Life Insurance
At Booster we were concerned that many of our members don’t have any life insurance. We understood that the time and cost of setting up life insurance was off-putting for many people, so we created Super Simple Life Insurance.
By making it truly affordable and easy to get, it’s our way of helping more people put some protection in place for their families.
Interested in finding out more? Talk to your financial adviser or give us a call on 0800 336 338.
