Is buying insurance products simply a leap of faith? Personal accounts about insurance cover not being adequate at the time of the claim, have aroused scepticism about the insurance industry. “The key is to understand what it is you are buying before the claim happens – learning about the policy at the time of the claim can be an expensive lesson,” says Peter Olyott Managing Director of Indwe Risk Services.
Understand your risk
Risk is becoming increasingly complex. Even a really good insurance product is only likely to protect one against some of the total risks one faces in life. Too often people are not given a balanced, objective and encompassing view of the potential risk exposures they face and what options are available to them. A lot of focus is placed on the premium, which attracts most people’s attention and very little emphasis is placed on what one is actually buying for the cheaper premium one is looking for.
A broker will ask you about your personal circumstances, knowledge and understanding of insurance products and other aspects to assist in finding you the right policy. “They’ll also be able to tell you if you’re already covered by your existing insurance policies so you don’t overlap, and they will often get you a good deal by comparing prices and product features,” Olyott explains.
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