How do I choose an insurance policy that is right for me?

Insurance | May 2022

Life is full of unexpected and sometimes unpleasant surprises. While we can’t always prepare for absolutely everything, we can give ourselves a safety net for those times when life’s hurdles trip us up.

That’s where personal insurance comes in.

In taking out any kind of insurance policy, you are able to better protect yourself financially in the event of an accident or other misfortune - turning what might have been a major setback into a minor one by minimising your financial loss.

But how do you know what type of policy - and level of cover - is right for you?

When deciding what type of insurance policy to take out, it’s worth asking yourself these questions:

  • What things do you own of value, and would you need significant financial assistance to replace them if they were lost, stolen or damaged?
  • Does the location you live in or the type of work you engage in raise or lower the risk of something being lost, damaged or stolen?
  • Do you have an accurate idea about what the monetary value is of the things you own?

Most insurers will have online guides and calculators to help you work these things out, but it can also be wise to speak to an insurance company representative who will be able to educate you further on the level of protection each product offers.

This will ensure you will be more able to identify the type of insurance policy (or policies) best suited to your needs. It’s important to understand what is and isn’t covered, so there are no surprises at claim time.

Just remember that reducing risk is the name of the game, and with a bit of research and the right policies in place, that’s exactly what you’ll be doing, leaving you to enjoy that well deserved, and priceless, peace of mind.

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Disclaimer: These advertisements do not offer specific advice and you are responsible for your own decisions about financial planning, insurance and risk. All information presented is of a general nature, merely for informational purposes and is not intended as a substitute for professional and/or financial advice. Should you decide to act upon any of the information presented, you do so at your own risk.

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