Myth 1. Most insurance companies cover is roughly the same.
Answer: Every insurance company has their own policy wordings, it is important to know the pros and Cons of these. This is where we can help, we have had 20 odd years of knowledge from working alongside the insurance companies in New Zealand and are able to show our clients the differences and what is best for them when choosing an insurer.
Myth 2. Insurance companies don’t want to pay out claims.
Answer: Insurance companies will always adhere to their policy wordings, hence why myth 1 is good to understand. It is also good to know your insurance company’s policy wordings and understand what disclosure means and how they both fit with the type of cover you have or need to have. Knowledge of these two main things can give you a great understanding of how claims are accepted.
Myth 3. The bank has my insurance cover sorted.
Answer: This may be true; however it is always best to have an adviser to insure you that the bank is looking after your best interest. This is where we here at Financial Matrix can help. We are able to evaluate your entire situation and more importantly show you comparisons for policy wordings, structure and premiums, then we can see whether the bank has you covered correctly for the time when it is needed. Insurance companies are very competitive and are always looking at ways to better policy wordings for their customers. They can be fairly competitive in pricing as well; these are good things to see and know and are things that we as advisers can show you.
Myth 4. Insurance advisers are only after the commission.
Answer: Most good insurance brokers think long term, they think about your family and friends who would be affected if ever a tragedy struck. One of our biggest principals in this company is that clients come first, as it is all about what happens at claim time. We are more concerned about setting our clients up and preparing them and family for the worst while hoping for the best.
Myth 5. Life Insurance is not affordable.
Answer: Insurance needs to be prioritised in your budget. Most people will spend money monthly on insuring their car but not themselves; they forget that it is not their car that gives them an income but their job. Advisers are here to help and plan with you; we as advisers will look at every aspect of your current circumstances and make sure that we can get the best cover for you at the price that is within your budget. This is what we do best here; we start with getting to know you and your situation, this is so we can know how best to keep you insured for the long term.
Myth 6. Nothing has happened to me or will ever happen to me.
Answer: Our future is unseen, it’s true, but for most people the risk of not being prepared is too high. Here are a couple of good questions to ask yourself: “Do I know anybody who has had cancer, diabetes, has had a heart attack, a stroke, been sick or injured?”, if this is a yes it’s likely that you have seen its effects on families as a whole. Another question to ask yourself is “do I know when I am going to pass?” It’s loved ones that also suffer when tragedy hits, hence insurance on you is actually protection for family. We can help show you how to prepare and best insure you so if ever the future brings tragedy, you and your family can be financially prepared.