That thing you need but don’t want

Insurance is one of those things most people just don’t like paying for. If you do have insurance, I bet it’s one of those things you hope you never need to use. But I’m certain it is the one thing you’re really glad you have when a need arises.

I had to use my insurance this past week and I can honestly say I’m glad I had the necessary cover to deal with the situation. A friend of mine defines insurance as “planned outcomes for unplanned events,” and that’s so true – this week I was able to arrange a specific solution to an event I certainly hadn’t planned.

When was the last time you carried out a complete assessment and review of your insurance solutions? This is a fundamental discipline of anyone who considers himself or herself wise when it comes to money matters. To choose to ignore or disregard this issue is completely foolish.

Insurance is a complex concept and the solutions offered and terms available are changing constantly. That means the insurance you may have organised many years ago that lies hidden in the bottom of a file may now be unsuitable for your current circumstances. Just because it appears as a regular payment on your bank statement doesn’t mean that it is up to date.

Where you go for advice and who you choose to complete your review is really important. Please don’t take recommendations from a sports star who is advertising cheap premiums on the side of a bus stop! There are regulations in place now to ensure registration and qualification of Financial Advisers so make sure you work with one who is professional, proficient and prepared.

As much as I urge you to organise a review now I’m fully aware that very few of you will do it. Let’s be real, that’s as exciting as booking a dental examination, (or some other invasive check-up!)

What if I told you a recent review of our insurance on a group of properties saved us over seventy dollars a month? Are you interested in saving a bunch of money each year?

What if I told you that the coverage on your house has changed without you realising it? Since the shocking earthquakes of 2010 and 2011 the insurance industry has had to rewrite the rulebook when it comes to covering your property. But if you haven’t reviewed your cover since then you may find you are not fully covered. Obviously, claim time is not the time you want to find you have insufficient levels of insurance cover.

This doesn’t have to be scary. There are simple insurance solutions that will help you to protect your loved ones from the significant financial impact of terminal illness, disability or death. You can arrange surgical cover in case of an unplanned health event or be able to repair a broken window in the back yard. Whatever the possible need, I urge you to review your circumstances.

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