Insurance: Cheapest Is Not Best

When clients are looking at insurance they are initially drawn to price comparisons, but if you need to claim you will have one concern only - Quality!

Choosing the right insurer can be the difference between 100's of $1000's of dollars that can be claimed, or no claim at all.

With personal insurance you can find variation in the following areas:

- how cancer is defined for a claim

- some insurers will allow a claim with melanoma of 1mm in size, others will not pay unless it is 1.5mm or more

- some medical insurance will cover $300k per year for non pharmac drugs, others will cover nothing or $20k

- some income protection policies will pay large lump sums as well as covering income, and others will not

- you might be in a situation where you are fit to work but you need to care for a dependent. Some insurers will pay for this

Our list could go on and on and these are just a few examples. The point you should take is that quality of insurance varies a lot between insurers, and although price is important, you need to weigh up value for money.

When we talk to clients about insurance we give them the price comparisons for the insurers, and we give quality comparisons also (in laymans terms) so that you can feel armed with the knowledge to make the decision that is the most suitable for you and your family.