Insuring Teen Drivers, New Homeowners and Other Newbies

Hi, my name is Karen. Every quarter, I review all of my insurance plans and get multiple quotes to make sure I am still getting the best deals and services. Seriously, my family laughs at me for this obsession. However, in reviewing our policies so many times, I have learned a lot abut insurance. I decided that I wanted to share that information so I started this blog. In particular, I want to help people who are newbies to the world of insurance. If you are a teen driver, a new homeowner or anyone else buying a policy for the first time, this blog is devoted to you. Please read and enjoy!

3 Strategies To Find The Most Appropriate Life Insurance Policy For Your Needs

Insurance Blog

You may have taken insurance for granted, but the truth is that it is an important weapon in your arsenal. Life insurance shouldn't be taken lightly because it can protect your family from financial issues in the unlikely event of your demise. Mortality is uncertain—and it can happen any time. With so many insurance options available to you, how do you choose? An insurance broker will help you by shopping around, but it pays to have some knowledge on your own too. Here are some strategies:

Do A Bit Of Legwork To Understand Your Own Needs

There are plenty of options available when it comes to life insurance, each with varied features and benefits. For instance, some insurance policies may allow for one-time premiums to be paid out, while others may provide added benefits like income protection and accident protection. Some policies may allow you to bring in your spouse and children to provide complete family protection. Doing your research will allow you to better understand what is out there so you can better pinpoint your specific needs. An insurance broker can assist you with this time-consuming but all-important research to help you make the right decision.

Bear In Mind The Risks You Bring To The Policy

Insurers tend to look out for risks that any person can bring to the policy before establishing a premium. For example, if you have a pre-existing or genetic disorder, they may charge you a higher premium or refuse to cover you at all. If you drink alcohol or smoke, your premiums may be higher. If your family has a history of certain diseases and health complications, you may be charged extra in premiums. It's best to be as honest as possible with your insurance broker so they can find the best policy for your needs.

Check If You Will Be Covered Outside Australia

Whether you travel outside Australia temporarily or move away on work, some insurance policies may not cover you when you're out of the country. This is especially true if you move to a country the insurer considers high risk. Good life insurance policies will cover you if you move away, but with some restrictions—make sure you know what they are if you are considering a move in the future. If this is an important factor, make sure your insurance broker knows it when shopping around for the right policy for you.

Insurance is tricky because of the sheer number of options available—but insurance brokers can help you make the right choice once they assess your particular needs.


27 June 2018