in Tips

5 Top Tips to Buy Insurance

So you’re thinking about buying insurance? Well, many businesses and individuals dread the insurance purchasing process. There’s a chance that your insurer will ask for tons of information, only to decline your policy request. This way, you end up wasting a lot of your precious time. But since insurance is a crucial risk management tool, whether at the personal, professional, or business level – you still have to go along and find the best policies available based on your custom needs. This article highlights the 5 main tips that can help make the ride smooth for anyone who’s shopping for insurance.

1.      Shop Around

This is one of the most important things you ought to do when buying insurance. And don’t just compare different providers based on the price – there’s more that goes into it. Think about the level of cover that you’re getting. One of the key strategies that you can use around this pointer is to seek information from comparison sites, as well as online insurers. You can also get brochures and online information from banks and building societies to learn what they have in store for you. Last but not least, most people will work with a skilled independent financial adviser or an insurance broker. This is someone who’s been in the industry for a long time, and who knows the rules of the trade. They have most likely worked with dozens of providers and know the best policies available based on your needs.

2.      Look More Closely

When comparing insurance policies, it’s important to look more keenly at how the levels of cover, types of cover, different charges, and excesses are calculated. You want to compare insurance policies only based on similar features. Some insurers will set their voluntary excess higher to make sure that they rank cheapest on comparison sites. Essentially – dig below the surface.

3.      Read the Policy Document

Another important tip for buying insurance is that you have to read the policy document. At least, you want to check for features that are important to you. The last thing you want is to waste money on a cover that doesn’t come to your rescue when you need it. Most providers give you a two-week period within which you can change your mind if you realize that the cover you went for won’t suffice.

4.      Answer Questions Truthfully

Now, whether you’re applying via phone, online, or through an application form, you want to make sure that you answer the insurer’s questions honestly, and to the best of your knowledge. Failure to do this and your policy could be considered, in which case any future claim will either be rejected, or paid partially.

5.      Get Expert Advice

If you have still looked but can’t seem to make your mind regarding where to buy your insurance, it helps to seek expert advice. Consider bringing in an insurance broker who has the potential to get you a better deal. Of course, sometimes insurance (e.g. critical illness) widely varies and has tons of complex terms and conditions. If you’re looking to buy this kind of insurance, it’s wise to seek the advice of an insurance broker so that you get the best policy for your custom needs.

There’s no understating the importance of being covered, whether for your health, your car, your retirement, your property, or anything else for that matter. The insurance buying tips above should get you started on the right note.

Write a Comment