Buying insurance from a bank can be a good idea in some cases. There are some downsides though. Bank insurance products are not rated, which means they aren’t evaluated against the 15 or more insurance providers when it comes to price, value for money, payout of claims, number of conditions covered and much more. This means that even though a bank insurance product may have lower monthly premiums, the value of that policy when it comes to making a claim can be very different.

The value of any insurance policy, whether it is from a bank or not, comes at the time you make a claim. That’s what you pay the insurance premiums for. The likelihood of claim acceptance, speed of payout, service and peace of mind becomes very evident at the time of claim, but is hard to imagine at the time of buying insurance. We can offer you more options than a single product that bank sells off the shelf. We survey all the available insurance products to get the best cover at the best value.

If you go to a bank you’re only going to be offered one product, one that often isn’t as comprehensive as what the specialist insurance companies offer.  We will also make sure your policy is ‘fit for purpose’ in that it fits your current situation and future goals. We will then review your policy annually to ensure that it is still fits your current situation and goals… because a lot can change in a year.

Indexation is a way of keeping the amount of cover relevant to the cost of living. It is linked to the consumer price index (CPI). Most providers give you the opportunity to decline each year.

Yes, your premiums will go up every year. Most insurance policies go up in line with inflation. Only medical insurance, which has increasing rising costs and investments in new technology, goes up by 12% each year.

That’s the bad news. The good news is that your cover goes up with the increase in premiums, so you don’t see a decline in the real value of your policies.

Your policy will roughly buy tomorrow what it will buy for you today.

ACC CoverPlus Extra is an optional product that lets self-employed people and non PAYE shareholder employees negotiate a pre-agreed level of lost earnings compensation. This way you know exactly how much you’ll receive each week if you are injured and can’t work – whether the injury is work-related or not. If you choose ACC CoverPlus Extra, this will replace your standard ACC CoverPlus product.

The key difference is the amount of lost earnings compensation you receive. With ACC CoverPlus Extra you get 100% of the amount you negotiate. Because you have agreed cover, you may begin receiving compensation more quickly. Whichever option you choose, ACC will provide assistance with treatment and rehabilitation costs.

It depends on your situation. Once people leave school, they go on a variety of different paths through life. Some go to university, some go straight into the workforce and others start their own businesses or a family. There is always a need for insurance at some level, it just depends on what your situation is.

• The five big life events that trigger a need for insurance are:
• Getting married
• Starting a family
• Buying a property
• New job or promotion (increase in income)
• Buying a business

If you’ve been through one (or more) of these big five in the last year, then getting insurance is a smart move. For less than 3 percent of your income, it’s a no brainer to protect the remaining 97 percent.

There’s several reasons why using an insurance advisor is a better idea compared to the other ways of buying insurance. The three most common other ways are buying insurance online, buying from a major bank or self-insurance. Self Insurance is where you insure yourself. If something happens you use your own assets to protect yourself.

The real value of an advisor comes at claim time. Buying a policy directly from a bank or online means that you now have to go through the claim process yourself, up against an insurer who will only payout if the claim meets what is covered by your policy. An advisor is on your side and will have your best interests at heart.

Having the correct insurance is important. Having the wrong types of cover or incorrect amount of cover could lead to disastrous consequences. Having the right advice and cover that best suits your situation would be provided and prevents costly mistakes. Insurance brokers are specialize in insurance, independent and have an in depth knowledge of the insurance market and are able to provide professional, objective advice on identifying risks and exposures and recommend the most cost effective solutions.

At the time of claim people can often claim for things they are not entitled to.

Having a broker can:

• Work as a first point of contact reduce embarrassment or cost
• Be the first point of call with any change of condition or health they can let you know potential changes to your insurance
• Get in touch with insurer to make sure the claim is claimable
• Help pre complete form and ask for certain items to be ready when needed