Getting the right life, health, and income protection insurance can be complicated and confusing, especially if you go it alone.
So wheredo you go for insurance guidance? Direct to an insurance company? A broker or adviser? Or should you try out that "no medical info required" life insurance advertised on Facebook? (Spoiler alert: it's generally not a good idea).
There are so many options available, and unfortunately, some insurance businesses put sales before advice, often to the detriment of their clients. Instant insurance may seem like an easy option, but we liken it to fast food: convenient at the time, but not the best for you in the long run.
How do you know you've got the right adviser in your corner?
They have years of experience - a minimum of five years.
They have plenty of positive online reviews and testimonials.
They hold relevant qualifications - the National or New Zealand Financial Services Certificate is a good starting point.
They work with a range of insurers – not just one or two.
Their business has a professional online presence.
They ask for your medical notes during application.
They are thorough, transparent, professional, and have excellent communication skills.
They're prepared to negotiate with the insurer to secure you the best offer.
Why the details matter
Applying for insurance correctly requires plenty of information – also known as medical and financial disclosure – and time for the insurer to assess this information in a process known as underwriting.
The more detailed your application, the better. In the event of a claim, most life insurers will request at least five years of full medical notes – we believe it is far better to cross this bridge now as opposed to when you need to make a claim.
The application process may take slightly longer, but with the guidance of a professional, you'll end up with an effective and relevant insurance plan that fits into your budget.
An insurance specialist's service to you doesn't end after your policies are put into place. They'll service your policies at least once a year, and when you need to make a claim, you'll have a point of contact to guide you through the process.
We can't guarantee getting the right insurance will be quick and easy, but it will work for you when it matters: at claim time.
This article is for informational purposes only and should not be considered as financial advice. It is always recommended to consult with a qualified financial professional before making any financial decisions based on your individual circumstances.