Due to the wide variety of general insurance policies, you can find a policy for each of your needs. However, the wide variety can also confuse, especially if you are a newbie in insurance matters.
Luckily, you can get the guidance you need from your general insurance adviser.
Ask these questions to get the information you need when comparing available options.
1. What Type of General Insurance Can You Advise Me to Buy?
Your current situation dictates the insurance policies you need. Thus, your insurance adviser should evaluate your status and possible risks to determine the insurance policies you need.
Below are some of the insurance options to consider:
- Health insurance: This cover protects you from medical expenses resulting from hospitalisation after an accident or due to an illness. Medical expenses covered may vary depending on the terms of the policy.
- Business insurance: The variety of available business insurance policies is wide due to varying needs among owners. Some policies favour sole traders, while others are big businesses with many workers. For example, if you are a sole trader, a business overheads cover can protect you against losses for the days you fail to open due to illness or injury. On the other hand, a large business needs workers’ compensation insurance for protection against personal injury claims by staff members.
- Travel insurance: If you plan to travel abroad, your insurance adviser can encourage you to take travel insurance. This policy protects you against any financial liability caused by emergencies like injuries, flight delays or loss of luggage.
- Home insurance: This policy protects your home against damage by disasters. The policy also covers your belongings, such as electronics and jewellery.
2. How Can I Protect My Interests When Buying Insurance?
Since your insurance policy should protect you when things go wrong, ensure that your insurer is open and honest.
Your insurance adviser should explain how they handle claims. Also, ask about the steps you can take if you feel that your insurance provider violated your rights.
The General Insurance Code of Practice protects insurance users from exploitation by ensuring openness and honesty by the parties involved.
3. Does My Insurance Policy Cover Exclusions?
Ask your insurance adviser about the various exclusions for every insurance policy before you choose one. For example, health insurance providers can reject your claim if you are hospitalised because of a pre-existing medical condition.
However, your policy can cover such exclusions but at higher premiums.
4. Can I Make Changes to My Policy in the Future?
Your insurance adviser should help you make changes to your policy if your circumstances change. Insurers provide a means to get in touch with them whenever you want clarification or want to make changes to your policy.
Never leave anything about your insurance policy to chance, as it is the only protection against uncertainties. Get professional advice to avoid costly mistakes when buying insurance.
If this article has inspired you to think about your own unique situation and, more importantly, what you and your family are going through right now, please contact your advice professional.
This information does not take into account the objectives, financial situation or needs of any person. Before making a decision, you should consider whether it is appropriate in light of your particular objectives, financial situation or needs.