Good insurance advice is priceless
Friday, 16 April 2010
Many people visit a financial adviser with an air of trepidation. Factors like cost of the consultation and the cost of the recommendations that will be made, make visiting a financial adviser comparable with a dental appointment.
And it’s not uncommon for advisers to make recommendations to people to purchase a product, and they take some convincing.
This is exactly what happened to Sam* from Hamilton just recently. The self-employed conference producer went to see an independent financial adviser about her financial goals and future.
When her adviser, Rachel*, recommended that Sam purchased Mortgage Protection, with Income Protection, she wasn’t very keen on the idea. After all, the premiums added up to be about the same amount of money as a holiday to Fiji per year.
It was only about two years after Sam purchased the insurance, that she became very unwell. So unwell, she had to stop work. The chronic illness (which is thankfully treatable), that she has developed will mean months off work.
Sam was so pleased, and relieved that the insurance she was so reluctant to purchase ensured that her house was safe and she still had some money coming in. When you are ill, the last thing you need is money worries on top of everything.
It’s so important for people to seek advice from someone who knows what they are talking about when it comes to buying insurance. Just as no two people are the same, and their needs differ dramatically, there’s no ‘one size fits all’ product that provides appropriate benefits for all.
Getting the right insurance isn’t simple. With the right advice, insurance can be simply a lifeline.
*Names and details changed to protect privacy.
This information is general in nature and should not be used as a substitute for financial advice. Always consult your financial adviser before making any financial decisions.