Conversation Planning KiwiSaver Consultancy Retirement lifestyles Insurance Mortgages
There are a lot of people out there who are uninsured, and new approaches aimed at reaching them are welcome, as we all too often see the disastrous results of underinsurance, or no insurance.
There are companies launching online-only life insurance products, which appear to be aimed at people who are time poor, DIY-ers. Great idea in theory, as they are trying to be simple, easy, and quick. However, trying to simplify an often comprehensive concept doesn’t always give the client the best outcome. The fine print all of a sudden becomes much larger at claim time, and what seemed like a simple, easy and quick buying decision can end up costing – both in time and money!
Most non-adviser products advertise along similar themes, sometimes claiming to be cheaper because they don’t have to pay commissions (they instead spend a fortune on expensive advertising). The reality is these are generally highly limited insurance policies, filled with draconian exclusions that are often priced higher than adviser-based products.
Many people have complex business or family affairs, legal structures, or health issues that need to be understood. Most would appreciate some help working out what type of cover, and how much of it, to buy. All appreciate having assistance preparing the documentation for a claim and dealing with the aftermath.
For most people, advised insurance ends up costing less than online or direct products. After comparing several insurers, an adviser will select a policy that is suited to you, and will not sell a policy that has unusual exclusions, wide reaching ‘anti-claim’ criteria and contentious wordings etc.
So it turns out that using a good adviser will mean you get a good policy that will work when you need it. Someone to help choose, obtain, maintain and claim on the policy, and it will cost less than doing all the work yourself. Plus, you’ll have the support of an adviser who has your back, and who wants the best outcome for you.