It’s no mystery we live in a high-tech age, where we are increasingly taking to the Internet to browse for and purchase items — including health insurance products.
We’re certainly strong advocates of Kiwis being informed, researching, cross-referencing and comparing products. But one thing is having a smattering of what’s out there, another is making sense of the fine print and understanding what the policy entails, or how it would relate to your current and future circumstances.
So, if you’re considering applying for insurance online, here are a few key things you may need to take into account.
Non-disclosure refers to the situation where a customer fails to mention (or misrepresents) a relevant fact at the time of applying for an insurance contract and, as a result, put themselves at risk of being underinsured or uninsurable in the future.
Non-disclosure can also be unintentional. When applying for health insurance, for example, people can underestimate the seriousness of a medical condition, or simply forget having had past health issues.
This may come down to the fact that insurers and consumers have different perceptions of the threshold for disclosure.
As your insurance adviser, we’re here to ask the right questions. Part of our job is to minimise the potential for non-disclosure, guiding you on what information you should share (regardless of how insignificant it may sound).
The lower-price game
The insurance market has seen a surge in web-based insurance providers, some of whom claim to deliver lower-cost premiums. As appealing as this may seem, don’t forget the cheapest option might not be the best one for you.
To understand whether a medical insurance cover will work for you, you need to understand the small print first, with its abundance of inclusions and exclusions. That’s where our expert advice comes into play
Time to claim? You can count on us
For a policyholder, claim time is often the biggest moment of truth. What can you claim on? Under exactly what circumstances will your policy pay out?
As we said, such an all-round understanding can be difficult to achieve without guidance. But having an insurance adviser in your corner at claim time also means you don’t have to worry about dealing with extensive paperwork. We’ll help you do that.
The bottom line is, there’s nothing wrong with getting insurance online. But before you submit your application, make sure you’ve taken the necessary time to understand the product – or ask for our help.
An Adviser Disclosure Statement is available free and on request.