#6 Ways to get cover

Ways to get insurance cover

1. Online

There are websites that provide access to insurance products that offer a handy guide to pricing and, as most offer a number of companies' products, you can get a handy guide to what it might cost you - but be aware that some of the items mentioned in #5 can change the prices you see online. Any adverse health conditions that might add to the price are not included in the online websites. If you choose to use one of these online sites, completing an application form online will take you to the next stage to see how much you will be charged or if any further questions need to be answered.

2. Banks and Insurance Companies

Most banks offer insurance products - either their own or from insurance companies. Some insurance companies design and sell their own products directly to the public or through their in-house employees or agents retained under an exclusive sales contract. These employees and agents have no choice but to recommend their employer’s life insurance products, irrespective of your circumstances. This is usually the same for Banks also - you are not offered a choice of insurance products.

3. Workplace

Some employers will offer insurance benefits as part of your employment contract - medical insurance, life insurance are the most common types offered. Usually, everyone is offered the same benefits based on a multiple of your salary, and, if available, this can act as a handy safety net should anything happen to you. However, be aware that even a generous employer offering 2 or 3 times your annual salary will only look after your dependents for a limited time. For example, if you have a young family, they'll need more than just a couple of years of income to survive financially. Many employers have arrangements to offer advice on such matters and it worth checking whether your place of work makes this available to employees.

4. Financial Advisers

Other insurance companies make their products available via Financial Advisers, most of whom will retain the option of choosing which companies’ products are most suitable to your specific circumstances. They do this through a process of finding out about you, analysing what you need, researching solutions for you, then making recommendations that meet your specific needs. They are not employed by insurance companies and operate independently of any obligations, targets, or quotas. These Advisers will also keep you up to date should your circumstances change, and act on your behalf should a claim arise. All insurance and financial advisers are regulated by the Government and must comply with specific legal requirements when offering advice to you. Most advisers are paid commission by the insurers they recommend and some charge fees for their services. However, you must satisfy yourself that you are getting value for money and be happy that the advice provided is appropriate. Many Financial Advisers belong to a professional members association and must abide by standards required of them by their association - it's a good idea to ask about this.