#3 – An adviser will guide you to the right insurance company
Let’s say you go online and you want $200k of trauma insurance. One company will give you it for $20 a week, another $30 a week.
So, you go with the company who will do it for $20 a week. After all, it’s cheaper.
A few years later, you unfortunately get a form of cancer and you go to claim on your insurance. But then the company tells you your cancer isn’t severe enough to trigger a payout. Believe me, I’ve seen it happen.
Insurance is complex, and the quality of the policy is all in the wording (the fine print).
Most of us don’t want to read these long documents (and most of us wouldn’t understand the technical language used). And that’s why an insurance adviser understands all the different policies. That way, they can recommend the right one for you.
#4 – Ongoing reviews to make sure you’ve still got the right insurance
Your life will change over the next 10 years. You might:
- buy an investment property
- pay off some of your mortgage
- have a kid
- or maybe your children fly the nes
A (good) adviser will review your policies every few years. That way you’ll know you’ve got the right amount of cover.
You might decrease the amount of insurance you have (or take out more).
If you pay off your mortgage, you probably don’t need as much life insurance as you used to have.
If you have a newborn child, you might need more insurance. The internet can’t know this; it doesn’t know how your life has changed.
And the risk is that you buy a policy online and then forget about it. Then, 10 years later, maybe you are under or over-insured.