The Six Rules of Insurance

Drawing from our experience, here are six “rules” relating to insurances.

1. One size does NOT fit all!

Insurance needs are influenced by: age and stage in life, dependants (especially children), financial obligations, and whether you are in business. Protection plans need to be tailored for individual, family and business needs.

2. Insurance policies are NOT created equal!

There is often substantial variation in quality of cover and cost – so work with an adviser who has access to and knows the products and policy wordings available across the market.

3. All insurers have their specific “sweet spots”

It’s your adviser’s role to find the best “sweet spot” for you, in terms of: type, quality and amount of cover, as well as ensuring the cost is competitive and manageable. 4. Periodically review your insurances!

Over time your personal situation, risk exposures and protection needs can change. It’s essential to undertake a periodic “warrant of fitness” insurance review, to identify changed requirements and make appropriate adjustments. This is done via a free, no obligation review.

5. Be wary of insurances offered by banks!

Buying insurance through a bank means you get a choice of one (tied) insurance provider, one size fits all, and dealing with multiple people rather than one dedicated adviser. Who would you want to manage your claim – your trusted adviser or a random bank employee?

6. Once you’ve decided on your protection plan put it into effect promptly!

Don’t dither. An insurance plan is useless unless it’s in force.

Follow these 6 rules of insurance and you can expect to have a sound protection plan in place.

Theo Simeonidis FNZIM & Cristina Simeonidis UProtectNZ Insurance Services

Theo and Cristina Simeonidis are Registered Financial Advisers, living and working in Millwater, and specialising in personal and business insurances. Theo can be contacted on 027 248 9320, Cristina on 021 868 280 or email theo@uprotectnz.com. Any assistance is provided on a free, no-obligation basis. A disclosure statement is available free of charge on request.

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