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INSURANCE THE MOST IMPORTANT FACTOR

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Simon Dick
INSURANCE THE MOST IMPORTANT FACTOR

When deciding the type of insurance, you want to consider for yourself and your family, it is critical you get the right type of cover. AN IMPORTANT CLAUSE THAT NEEDS TO BE CONSIDERED IS WHETHER OR NOT THE TERMS AND CONDITIONS OF THE POLICY CAN CHANGE, EVEN AFTER YOU HAVE TAKEN OUT THE POLICY

Group Insurance
Group insurance is a pooled insurance product that is offered by a super fund or employer to a group of people. Often, people will hold a default level of group cover via their industry super fund.


Retail Insurance
Retail insurance is a fully underwritten policy that is distributed to customers through intermediaries such as financial insurance advisers. The application is typically a lot more thorough and individually specific.

As Group Insurance is a ‘pooled’ type of insurance, the definitions in the terms and conditions are not typically tailored for each individual. This allows the insurance company to change their terms for a product, which will affect anyone with that product.
They have the ability to do this anytime, meaning that your terms and conditions may be changed without you knowing.

Retail Insurance on the other hand, works differently. Once you have agreed to a policy, the terms are ‘locked’ and cannot change. The terms and conditions of retail insurance tend to be more comprehensive and allow for more flexibility.

Life Insurance: Why Do I Need It?

Life insurance…. It’s one of those things that may be uncomfortable to think about or discuss. After all, who really wants to think about their own demise – be it untimely or natural? The reality is that is you pass away, your loved ones could face a massive financial burden. As the old saying goes: “nothing in life is certain, but death and taxes”.

When should I buy life insurance?
The bottom line is that “you never know”. When you have dependents and loved ones, you need to take their needs into consideration. If you die, you who will cover the cost of your funeral? Who will pay the loan on your property? If you are the sole income source in your family, how is your partner going to support themselves after you pass away?

Life insurance is one of those necessary things in life that nobody likes to think or talk about. However, having a policy goes a long way for peace of mind. If anything happens to you, your loved ones will be taken care of.

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Simon Dick
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