With todays’ busy environment we often forget to cover our basics and that can lead to a multitude of problems and complications.
Choosing the correct cover and providers can often be a frustration, having to spend hours calling around for insurance quotes, call centre “hold” lines and answering enough questions to cover your entire pedigree!
To fully understand the value of insurance, we should first understand why insurance is a necessary accessory to our modern lives?
In short, insurance is all about risk, what you are covered for, short or long-term insurance, value and exclusions and how the risk is managed during any incident or activity. Popular forms of insurance include:
- Household insurance
- Automotive / vehicle insurance
- Life insurance
- Disability and critical illness insurance
- Health insurance
- Travel insurance
So what steps should you follow to get sufficient cover in an easy way?
1. Research your options:
a. Check up on insurance providers, read online reviews and general customer experiences.
b. Ask your friends and family member who they insure with?
c. Compare policies, cover and exclusions.
2. Consult a broker:
a. Brokers offer a variety of services in both short and long-term insurance and most are aligned and accredited by top services providers governed by the Financial Services Board (FSP) and the relevant statutory bodies e.g. Short / Long-Term Ombudsman etc.
b. Understand the lingo – when words or clauses don’t make sense, ask your broker or provider to clearly explain and elaborate on items of the insurance you don’t understand.
3. Identify your risk:
a. Whether using a broker or just ringing up an insurance provider and taking out cover, ensure that you complete the survey or risk questionnaire as detailed as possible to make sure you get the best cover.
b. Evaluate your lifestyle, company or needs and adjust your idea of risk and what value you attribute to your possessions or assets.
Whatever the options, the risk or the provider you end deciding on, remember with sufficient insurance, your peace of mind and quality of life can continue uncompromised and uninterrupted in any event.
EUM is a proud short-term insurance provider and registered Financial Services Provider, contact us today for more information or to assess your cover needs.