How insurance works

If you’re considering insurance the government suggests the following:

• Shop around. Get quotes from different insurers and compare what they offer. Don't be afraid to ask lots of questions.
• Choose carefully. Write a list of the things you need (i.e. what you want covered) and pick the policy that meets your needs.
• Renew your insurance. Do this when your old policy expires or as your circumstances change.
• Work out how much you need. Do this when you start or renew your policy, so that you don't find yourself significantly underinsured. Insurance company websites have tools to help you work this out.
• Check exclusions. Always ask what is and isn't covered by your policy.
• Check the costs. You’ll pay a regular fee, known as a 'premium', for your cover. And when you make a claim your payout will be reduced by an amount, known as the 'excess'. Don't sign on the dotted line until you know all the costs.
• Be honest with your insurer. Tell it like it is because your 'duty of disclosure' means you must tell the truth when you apply. If you leave details out, any future claim may be denied.

Source: www.moneysmart.gov.au

Finding the right insurance solution is sometimes as easy as checking the details online, at other times you may need some further information and advice.

ANZ Insurance: ANZ offers a comprehensive range of insurance solutions to suit your needs. Quick and easy insurance quotes can be done for most products and you can apply or buy online today with instant insurance cover available.

An A-Z Review® with an ANZ Personal Banker: if you would like someone to guide you through your options and help find an insurance solution to suit your needs, request a complimentary A-Z Review® with an ANZ Personal Banker today. 

ANZ Financial Planning: if you have more complex insurance needs, including income protection or life insurance, make an appointment with an ANZ Financial Planner.