What is buying insurance online and how does that compare to through an adviser?
Simply put this is when you take up your new insurance policy online, but it carries a lot of drawbacks. Buying insurance online looks attractive on the surface in terms of premium discount and cashbacks, however it carries a lot of risks that can be seen below:
- Policy Coverage
Normally you will notice insurance premiums are discounted when you buy it online as coverage offered through online purchase is sometimes inferior to adviser offered products.
- Understanding the technical terms and coverage under the policy
Insurance policies include a lot of technical terms in relation to product coverage a layman might not be able to understand. Those buying insurance online will not be able to clarify what each aspect is covered in your policy in detail. While an insurance adviser would be able to explain everything in detail and break it down for you in depth so that everything is understood and clarified with you.
- Medical Disclosure and Underwriting
With online purchase normally, the policies are non-underwritten, meaning at the time of claim an insurer will assess it before honouring any claim.Even if you are asked to fill an application there is no support provided in terms of getting the application part in motion and you will not be able to understand a lot of technical questions that are asked in terms of medical information.
- Need Based Assessment
With online insurances there is no one to identify what products and amounts you may require based on your current needs. There is also no ongoing review to ensure your insurance covers are adequate according to your unique needs and affordability.
- Support Services
With online insurances there are no support services provided in terms of policy servicing or claims, while with insurance broker policies you would be able to enjoy the following benefits below:
1. Policy Servicing
2. Claims Assistance
3. Periodic Insurance Reviews
4.Need Based Assessment
Extra benefits to customers
Overall, you do take on extra risk when you decide to buy personal risk covers such as life insurance online as oppose to buying through an insurance adviser.
It is a great peace of mind knowing that you can approach your insurance advisor and they can go through all your options with you. Not only can you get great benefits from your insurance policy, but a great insurance adviser will be able to not only help during claim time but also may be able to save you potentially hundreds of dollars by having the right policy in place for you and your family.
A good insurance adviser can give you tailor made insurance solutions. As well at that, when you go to make a claim it sometimes can be confusing to know what and how you can go about making a claim.
It is extremely important to know in what circumstances you can make a claim also should the unexpected were to occur. Another thing worth mentioning is that one of the major perks to going through an insurance adviser is that it can save you a massive amount of time rather than individually comparing each policy yourself.
Working with the right broker can mean a wide range of insurance partners and great service when you need it most.
If you want to know what different options you might have for your personal risk insurance policies, talk to an experienced insurance adviser at Global Finance. With over 22 years’ experience it’s an easy way to check out how you can make progress.
Make better decisions on your personal insurances and contact Global Finance 09 255 5500
**Underwriting criteria and insurer terms T’s and C’s apply