Page 91 - Smart Money

Smart Money

For example, if your family has a history of cancer, knowing which
insurer has the best definition for those sorts of things will mean you get
the appropriate protection.

The role of an insurance broker is to be the liaison between you and
the insurance provider, so we do quite a bit of lobbying with insurance
underwriters and assessors to try and get the best possible outcome in
terms of the occupational risk rating, which dictates the premium. With
medical issues, we know how to provide enough information so that we
can legitimately avoid, where possible, exclusions or decline responses.

Key Point
Probably most importantly, an insurance broker is there to assist with
insurance claims. We don’t take insurance for the lowest premium or
the pretty prospectus, we take it because we don’t want the fi nancial
implications of having a claim event. In the event that you do need to

file a claim, the broker is there to help and make that as stress-free and
as painless as possible.

To work out whether you have the right insurances, you need to be asking
these questions:

$ Who pays the bills if I can’t?
$ What would become of my home if the breadwinner passed away?
$ What would we do about the kids’ education if our income was
removed or halved? Who would repay the debt? Can we stay in
our own home?
$ What if we have more kids?
$ What if we have a change in marital status?

$ What if I change jobs? You might have an exceptional policy for
your previous job, but what if you change career paths and the
existing cover is no longer the best in the market?

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