Do you turn to friends and family for guidance about money? Many people do.
But when it comes to personal insurance, it’s also important to talk with someone who knows how policies work inside and out – and what solutions are available. Why? Because there are many different options available, and not all of them will be suitable for your circumstances.
To help you kickstart the conversation, we asked our LifeDirect advisers for some key questions to ask them. Or, if you prefer DIYing and sticking to our quote compare tool instead, you can use these questions as a handy checklist.
What types of personal insurance are available, and which do I need?
You are unique, and so are your insurance needs. So, the type of insurance you need will depend on your individual circumstances, most likely risks, and personal goals.
Here at LifeDirect, we can help you compare premiums and apply for life insurance, health insurance, income protection, trauma insurance, and mortgage protection. Our quote compare tool is a great place to start, but if you’re still not quite sure what you may need, you can contact our friendly advisers on 0800 800 400: we’ll discuss your personal needs and the potential solutions to meet them.
How much coverage do I need?
Here’s another key question. Finding an appropriate level of coverage is key for both your peace of mind and your wallet. Our LifeDirect advisers can help you assess your situation and financial commitments, ensuring you have adequate cover to provide financial security for you and your family.
What is covered by the policy?
When taking out insurance, it's essential to understand not just what your policy covers, but also what it doesn't – these are known as policy exclusions. You can find this key information in the fine print of your policy, and this is another area where our LifeDirect advisers can step in. We can talk you through the detail of your policy and explaining all exclusions and allowances to you, so you can fully understand (and make the most of) your safety net.
How can I manage insurance costs?
Premiums are determined by a variety of factors, like age, health status, occupation, and lifestyle choices (e.g., smoking tobacco). We work with a wide range of insurers to provide Kiwis with options, based on their circumstances.
If you’d like to manage the cost of your cover, get in touch: our LifeDirect advisers can guide you through the factors affecting your premiums, and suggest ways to review your policy/policies’ structure without compromising on key layers of protection.
Are there any waiting periods for my cover to take effect?
Some insurance policies (for example, income protection) have waiting periods before the benefit payments start. Make sure you understand these fully, before and after you take out cover. Not quite sure? Get in touch and we’ll help you find out.
How does the claims process work?
Claim time can be a stressful time, but knowing how to navigate the claims process in advance can take out at least some of that stress. So once again, don’t hesitate to contact us. Our LifeDirect advisers will explain the steps involved, from initial notification of claim to completion, including what to expect, the typical timeframes (if available), and what documentation you might need.
Can I adjust my cover as my life changes?
Well, life is rarely static. Things like marriage, having children, buying a home, or changing careers can significantly impact your insurance needs. As insurance advisers, an important part of our job is to help people adjust their policies as their lives evolve, ensuring their cover keeps up with their needs.
Has it been more than one year since you last reviewed (or took out) your insurance? Contact us today to book a review.
What happens if I can’t pay my premiums?
This is a critical question to ask. If your situation has changed and you’re falling behind on payments, the first key thing to do is to contact your insurer as soon as possible. They will work with you on a solution.
For our part, we can explain the implications of missed payments, any grace periods that might apply, and options that may be available to you to keep your cover in place during financially challenging times. Remember: rough patches can happen, but it’s always crucial to be proactive, to minimise the impact.
We’re here to help
Remember, there are no silly questions when it comes to financial security. Our friendly insurance advisers at LifeDirect are here to support you and ensure you’re making informed decisions every step of the way. Your peace of mind is our ultimate goal.
Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.