Why bother with an Insurance Review?
And why insurance isn't always as straight forward as you might expect.
Visiting the dentist, the lawyer, the doctor, the mechanic… it’s never ‘fun’. The same could be said about insurance. It’s like ‘pulling teeth’. We all know how necessary it is to keep our gums healthy, our cars finely tuned, our medical check-ups regular, but we often fail to keep insurances up to date. In a world where our free time is limited the default answer is ‘why bother?’ Well, here is something to ponder.
We find that the average time most people wait to get an insurance review is 5 years or more. Just like getting a health check-up, most people keep pushing things out until they’re desperate or realize something's not how it should be – hopefully not too late i.e. after a health event.
You care about protecting you and/or your family’s future should the unexpected happen, because you’ve got some insurance in place and you’re reading this. However, if your level of debt has changed, if you’ve bought or sold major assets, if you’ve been promoted or changed jobs, if you’ve had kids… it’s time for a review. It’s time to double check that the cover you have is the most appropriate in type, level and structure.
As an example; you may have some basic health cover (or life cover) put in place a few years ago but now that you have a partner, maybe some children and a home. You’ll be assessing your need to have insurance for that mortgage/debt/family protection. There really is no excuse when $1/day gets you approximately $350,000 Life Cover in your 30’s. It may also be beneficial to have you and your partner’s cover on one policy. A couple in their 30s can get extremely comprehensive cover for $5/each a day.
Having different priorities and Advisers can be messy and confusing. At Montage we can advise on options across various needs and can keep everything under one roof – simplicity.
If you have insurance... is it enough? Do you have too much or the wrong kind (Life Cover when you should have Trauma Cover)? Did you buy it online or from a broker years ago only now to know very little about your policy or what you’re covered for? The ramifications of underinsurance don’t sit well with us… it’s so disappointing to see people struggle when the unexpected happens for the sake of a couple of extra dollars a month.
You might think Insurance companies add no value to your life… the reality is if you ever do need to claim insurance, for whatever reason, you’ll not only want a good policy in place but you’ll want the claim actioned promptly. Our team are experts at getting your claims processed efficiently. Buying insurance online does not get you the same level of service.
Do you want to have to call up family members and friends to help you cover health or illness costs? Or... do you want to be in the position to look after yourself in times of need?
If you are unable to work, due to serious illness or accident do you have enough in the bank to cover a year or more of expenses? What about debt(s), dependent needs, future income needs…? These are all difficult questions with simple answers.
Reviewing your insurance is free, often eye opening, and carries no obligation other than what you expect of yourself. If you have a ore tooth you go to the dentist, if you have legal issues you’ll contact a lawyer, or plumbing issues a plumber…but when it comes to insurance there is a trend to either ignore the issue or assume all the answers are online.
Why should you buy insurance?
Your families deserve protection should the unexpected happen. You’ll be ensuring your family is safe from debt and can continue their lives.
What’s the point of an insurance review?
The same reason you go to the doctor or dentist… to solve a problem or a pain you speak with an expert and the result is peace of mind.
Is your insurance a mess?
A free review could check this and possibly give you a simpler outcome than you currently have.
You’re in safe hands with us, we’ve been helping Kiwis with insurance for over 20 years and would like to advise you on your options moving forward. Feel free to contact us now if you’d like a no obligation review of your options. Get in touch
Montage Financial Services