Insurance can be complicated. Business insurance, car insurance, home insurance, life insurance, short-term insurance and medical aid and the list goes on. However, the reality is you can't afford to make mistakes when it comes to choosing the right cover says FNB's Head of Consumer Education Program Eunice Sibiya.
To help you through the complexity of your insurance needs, it may benefit you to speak to a professional financial adviser. Getting expert advice, especially for complicated insurance matters could be one of the smartest financial moves you make.
A good insurance broker is able to build strong relationships with their clients by accurately assessing their insurance needs before selling them any products. They offer professional advice and source the best insurance deals that deliver on client expectations.
Here are a few things you can do to ensure that you find the right broker:
Make sure you can trust the broker
Don't just accept the first broker you meet. Their affiliation and reputation are critical. Who do they work for? Are they a reputable financial institution or self-employed? Conduct an interview to assess whether the person understands your needs and if you can trust them.
Be open and honest about your financial situation
Once you find the right broker, share all your relevant financial information openly and honestly. This will help you to find the right level of insurance cover for your individual needs.
Ask if you don't understand
If there are terms and conditions in your insurance contract that you don't understand, ask the insurance broker to clarify these issues.
Get your Last Will and Testament in place
While drawing up your long- and short-term insurance contracts, make sure that you get your Last Will and Testament in place. This is your opportunity to ensure that your money is paid to the right beneficiaries according to your wishes.
Regular / annual updates
Finally, speak to your insurance broker at least twice a year and update your insurance policies to meet any changes in your lifestyle - Like a new child being born or new assets added to your home.
Listen to the full interview below: