Why not just buy insurance from a bank?
Buying insurance from a bank can be a good idea in some cases. There are some downsides though. Bank insurance products are often not rated, which means they aren’t evaluated against the 15 or more insurance providers when it comes to price, value for money, payout of claims, number of conditions covered and much more.
This means that even though a bank insurance product may have lower monthly premiums, the value of that policy when it comes to making a claim can be very different.
The value of any insurance policy, whether it is from a bank or not, comes at the time you make a claim. That’s what you pay the insurance premiums for. The likelihood of claim acceptance, speed of payout, service and peace of mind becomes very evident at the time of claim, but is hard to imagine at the time of buying insurance.
Your InsuranceLab advisor offers you more options than the single product that a bank sells off the shelf. Your advisor surveys all the available insurance products to get the best cover at the best value. If you go to a bank you’re only going to be offered one product, one that often isn’t as comprehensive as what the specialist insurance companies offer. An InsuranceLab advisor will also make sure your policy is ‘fit for purpose’ in that it fits your current situation and future goals. The advisor will then review your policy annually to ensure that it still fits your current situation and goals… because a lot can change in a year.
