Insurance is about protecting yourself from the unexpected. When you have belongings and property that are of value, you want to know that you are covered if they were damaged or lost. Insurance protects you against things like theft, damage and legal liability.
When you pay your insurance premium, it goes into a pool of money with everyone else’s premium. When people claim on their policy, that money comes out of the pool. In the event of a catastrophe e.g. large scale flooding or a cyclone, this pool of money goes to helping a lot of people recover.
An insurance company can offer you a range of policies. You can use this information to purchase a policy from that particular insurance company.
Insurance Brokers are professional advisors who have access to insurance policies from a range of insurance companies. They can provide you with advice on which policy is best suited to you and they will purchase this policy from the insurance company on your behalf.
Short term policies are specifically designed to cover the insured for a period of one year or less. Long term insurance plans are annually renewable and comprehensive options specifically designed for you to stay on the same plan for long periods of time.
Finding the right level of life insurance cover is different for everyone and depends on your own individual circumstances. Things to consider when deciding how much cover you need may include; what stage of life you are at, whether you have other people you are looking after, if you have any debt and the ongoing needs of your family and loved ones.
This is the actual cost of your insurance plan, payable monthly, annually or as otherwise decided upon between the insurers and insured. Your premium is based on a number of factors including your risk address, age, insurance history and the value of what you are insuring. In most cases, the higher the risk of loss or damage, the higher the insurance premium. The chance of loss or damage is different for everyone, so premium is calculated based on your individual circumstances.
An excess is the amount you are required to pay towards a claim on your policy. When you take out a policy, we apply a standard excess. On most of our policies you can select your excess from a range of options that can increase or decrease your premium. A higher excess will reduce your premium and cost you more at claim time. A lower excess will increase your premium but lower your costs at claim time. It’s entirely up to you.