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 premiums go up in line with inflation, your age and any underlying premiums costs, however medical insurance premiums generally increase a higher rate due to increasing medical costs and investments in new technology.

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.

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 may have to go through the claim process yourself. An adviser 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 advisers specialise in insurance, have access to a wide range of providers, and possess an in-depth understanding of the insurance market. They are able to offer professional and impartial guidance in assessing risks and exposures, as well as recommend the most cost-effective solutions tailored to your needs.

When it comes to making a claim, people often attempt to claim for items or situations that are not actually covered by their policy.

Having an adviser can:

• Serve as the primary point of contact, helping to reduce any embarrassment or unnecessary costs.
• Act as your first port of call whenever there is a change in your condition or health, offering guidance on how such changes might affect your business.
• Liase directly with the insurer to confirm whether your claim is eligible.
• Assist in pre-completing forms and advise on which documents or items should be prepared in advance.