The best cure for insomnia: read your insurance policy wording!

Once my clients have their personal insurance policy issued, I encourage them to read the policy wording to gain some familiarity with it. This is in addition to having already explained the key features and benefits of the recommended covers during the advice process.

What insurance cover do you actually have?

An insurance policy is not exactly great bedtime reading as it’s guaranteed to put even the most afflicted insomniac to sleep! For this reason, very few people actually know what they are covered for under their insurance protection plan, or – more importantly – what they are not covered for.  Some people don’t even know who their insurer is!

Insurance reviews are worth the time

For this reason, it is important to periodically undertake a “warrant of fitness” insurance review so that you can be informed on you insurance cover, gaps in your protection plan are identified and the plan is amended to accommodate your changing needs.

We’ll find your sweet spot

All insurance companies have their own specific “sweet spots” – it’s your insurance adviser’s job to find the best “sweet spot” for you, in terms of the type, quality and level of cover, at a cost that is manageable and sustainable for you.

An experienced insurance specialist who knows the market and is familiar with the policy wordings of different insurers, can provide you with quality advice to tailor your protection plan to your specific needs. For example:

• which insurer has the best medical insurance plan (and why)?
• why are the trauma (Critical illness) policies offered by some banks and other providers, markedly inferior to those offered by the best providers?
• which insurer offers the best key person loss of revenue cover for self-employed business owners just starting out in business?
• why are some insurers consistently the most expensive in the market, despite offering average or inferior policy wordings?

More than just insurance advisors

But it goes further than providing quality advice. Being a strong advocate to look after your interests during the application/underwriting process and, later, during claim time, is when the value of working with a dedicated insurance adviser really pays off.

It’s what I do.