More and more, people are using the internet to buy what they need. In many respects it’s become a very useful and cost effective way of doing business. I personally make use of new technologies to meet with clients online rather than face to face. This way I can meet with more people, even those who don’t live close to where I am.

When it comes to insurance there are plenty of ways people to get insurance online. These sites claim that they make the process much easier and less time consuming for clients. But I’m of the view that if you understand why it is important to have insurance in the first place, to protect those things that are most important to you, you want to make sure that the cover that you pay for will do exactly that.

Here are some key learnings I want to share with you.

Cost

Contrary to popular consumer belief, pricing is actually similar between purchasing online and buying through an adviser. Sometimes advisers even have better prices. If a client buys a policy through an adviser, the risk is lower for the insurance company as advisers are professionally trained to choose the right policy for their customers, and not to under insure, avoiding unnecessary claims.

You should also keep an eye out for deals offering discounts on premiums as the discount usually only applies for the first years of the premium.

Most insurance advisers don’t charge fees, so you are accessing all their knowledge at no cost to you other than your time. In my opinion, this makes the process more cost effective for you.

Ease

It’s true, buying online means you can do it at a time and place that suits you. A financial adviser on the other hand, will ask to have a meeting with you, which can take up to an hour. However, as I mention before I do a lot of meetings online so my clients don’t have to spend time travelling to the meeting and we have more flexibility in terms of times to meet.

That said, an adviser is more pro-active and will be available to answer queries. This is particularly important when you want to make sure the cover you get suits your needs and you will be able to claim on it if the time comes.

Peace of mind

No big surprise with this one. Advisers are far more efficient at cross-checking policies than consumers. Advisers can also explain why you would need a certain policy and what the different options are, they deal with insurance day in and day out so they can walk you through the process.

When buying online you do all the work yourself. Though you might save time through the application process, what is really important is to have the peace of mind of knowing that should something happen you can actually claim on that insurance that you pay for every month.

So… in conclusion

We all know that insurance is not something most people get excited about buying. But if you are going to pay for it, you want to know you are paying for the right thing. Yes, my opinion might be biased, but insurance is of an incredibly complex nature and you might have a hard time doing all the work yourself.  Or even understanding what cover you should get to make the best decision for your loved ones or your business. So my recommendation is to spend a bit of time upfront to make sure you don’t end up trying to claim on a policy that doesn’t suit – a policy which you have been paying for years.

 

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