I have found a really cheap quote on-line… How many times have you heard this in your working life, it might not be on-line and may be just offer that “Special Deal” this month!
We often receive calls from customers telling us that they have been offered a policy at a cheaper rate than what we can offer. Unfortunately it’s business, it’s going to happen and it will continue to happen.
What we know and so do you and especially if you are an expert in your field and you have assessed your customer's requirement fully and properly, is that anyone offering a cheaper price than yourcarefully evaluated proposal is probably cutting corners somewhere.
If you have been through the quote with a fine tooth comb, often times you realise why a certain policy is cheaper. A bit of simple comparison will reveal that the quote with lower prices miss some benefits and in terms of insurance its more often than not – exclusions or limitations in cover.
The question you want to asking yourself is – Do you really want the cheapest policy a policy that is priced appropriately and an insurer who will pay your claim when you have one. Do you want to feel secure that your income will be covered off when you have an accident or sickness or worry about the mundane small print?
Silly question when you rationalise it… However comparing policies is an important exercise so you don’t pay for the bits you do not need and at the same time the product covers you appropriately.
Remember this policy is your get out of jail card free when it all goes wrong, when all else fails; either physically or mentally and you cannot work, this policy is going to put food on the table. Whilst it needs to be affordable it doesn’t pay to be hung up on saving a pound here and there.
For instance, do you travel abroad regularly – do you travel to Europe or far flung countries, do you have drive up and down the country week-in and week-out clocking up the miles or just commute to work. Do you work with hazardous materials or at heights, offshore, or underground. Do you have medical conditions, either recent or aged, is there a family history of severe medical issues. Are you a Self Employed, Sole Trader or Limited Company Director, did your income drop last year, are you expecting it to improve this year, do you find it difficult to prove your income?
These are the important questions you need to consider when comparing income protection policies, the variables are endless and as a result so are the number of policies that may match your requirements.
The answer lies in comparing the finer detail, you will have to take notice of policy features that make a difference to you. The policy needs to meet your individual needs. You must be confident that when you make a claim, you know you will be paid. You should be 100% confident you have made the right decision on the type of policy.
Some of the common parameters to compare are - exclusions, excess period, benefit period, waiver of premium, price basis i.e. variable, guaranteed fixed or age related guaranteed, fixed benefit amount or benefit amounts is indexed linked. But the real reason for price differences lie in the detail. You can either read every policy wording to make up your mind or ask us to compare the policies for you
Comparing policies is an essential exercise so you also appreciate any extra premiums you may decide to pay. It doesn’t matter whether you spend £10.00 per month or £250.00 per month, it’s all about ensuring you select a policy that meets your requirements.
Best Insurance specialises in Income protection, it’s what we do day in and day out and have done for the last several years, it’s what we are passionate about… Give us a go!