Insurance: Why cheaper is not always better

Sometimes when selecting their insurance, people are inclined to gravitate immediately to the cheapest possible option. Cheaper is better right? Well, we definitely understand the desire to have more money in pocket, but in the insurance market, the best way to accomplish this may not actually be to dive straight in to the cheapest cover. What is crucial to know is that whilst insurance premium costs can sometimes be daunting, there are factors that are often neglected that can dwarf these costs in the long run. Unfortunately, when it comes to insurance, cheaper is definitely not always better.

One of the most important factors we look at when we seek out a policy for a client is how the insurer will perform at claim time. If a policy is cheap but the insurer will throw up obstacles when it comes time to claim on your policy, the cost both financially and emotionally can be immense. Our advice does take cost into consideration and always attempts to secure our clients the best possible deal, but from a larger and more beneficial perspective. We know that you don't want to be fighting battles with your insurer during your most stressful times, and even more crucially, we know that when things go wrong in your life, you need assurance that you will be supported financially promptly and with the minimum of concern.

Some insurers also can be more trying than others in their requirements for not only claims, but aspects such as policy alteration, changing direct debits, increasing, adding cover or underwriting. Your insurance needs to work for you, and do its job to cover your financial assets in the event of medical issues or permanent disablement, and sometimes it is worth spending a few extra dollars to secure the best possible service in all aspects.

With a bit of searching, research and a bit of professional advice, you can get insurance that's both effective and affordable. It just takes some time and a bit of inside help. We're happy to be that help. If you have any questions or concerns about what you're getting from your insurance let us know.

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