You’ve seen the ads on TV – no medicals required, insurance just dollars per day, 60 second applications and instant approvals over the phone. You might wonder, “But what’s the catch?” and you’d be wise to look into the fine print.
Adrian, the ‘Bow Tie Man’, works with clients to assess their financial insurance needs, for worst case scenarios. With a wealth of experience and post-graduate qualifications in ta and financial planning, Adrian arranges financial support for clients doing it tough, mentally or physically. So Adrian knows what to look for – and what to look out for – when comparing insurance policies.
The first and possibly most important, is a policy with clear, comprehensive definitions. You need to know exactly what you are covered for. A cheaper policy may sound too good to be true on the surface, however there may be certain conditions you might not have even expected not to be covered at crunch-time.
Secondly, you want to know your policy is underwritten upfront, rather than at the time of claim, and is a non-cancellable policy. This provides certainty on your claim – you know exactly what you have been covered for, and if your circumstances change, your level of cover doesn’t. Policies that are underwritten upfront provide guaranteed cover for the agreed policy inclusions, without an assessment of financial or medical eligibility. The last thing you want at claim-time is to realise you’re not actually covered.
Underwriting upfront typically requires full disclosure, which is why your insurer will require a medical. It’s important to complete your medical history honestly, and don’t fudge your answers for fear you won’t be granted cover. Even with certain conditions such as obesity, mental health concerns, or a family history of disease, insurance cover is still possible – you may simply be required to pay a loading or complete an exclusion period before the cover kicks in.
Insurance may sound confusing, but it can protect you and your family from stress and financial burdens should the worst-case scenario eventuate. It’s not something you want to ‘wing’. This is why many people use an Insurance Broker or Advisor – as they are fully versed in the various loopholes and red flags of insurance policies, and often work with a portfolio of insurers to ensure the best solution for their individual client’s needs.
There are three questions you should ask your Financial Advisor/Broker:
- What are your qualifications? Look for a broker with an Accounting degree and post-graduate qualifications.
- Do you review our policy annually? Assets, partners, beneficiaries, and family situations change periodically and need to be captured in your cover.
- What happens at claim time? You don’t want to be on your own at claim time. Adrian from Bow Tie Financial Services regularly acts as the ‘Claims Manager’ for clients, ensuring the process runs smoothly and removing the stress from clients who are already facing a stressful time.
If you’re making the investment in insurance to protect your family, doesn’t it make sense to get the best cover your money can buy?
Talk to us to discuss the best options for you and your family, and review your cover annually to ensure any changes are accommodated.