Finding “hidden treasures” in your personal insurance policies
Personal insurance policies are not created equal. There is considerable variation in both the quality and cost of insurance covers from insurer to insurer. The more innovative insurance companies have recognised the need to incorporate additional in-built features into their policy wordings to provide better cover for their clients and to make their products more attractive in the market.
Policy add-ons for better, more attractive personal insurance cover
For example, one insurer:
- provides free in-built child trauma cover of $50,000 along with the parent’s trauma cover. This benefit was recently paid to a Millwater family, clients of mine, whose young 5-year old boy had been diagnosed with acute leukaemia. Following payment of this child trauma benefit, the family also obtained a 6-month premium holiday, meaning they were still fully covered for that time but didn’t have to pay their insurance premium;
- includes “own occupation” total permanent disability cover, as an inbuilt benefit included under any trauma cover;
- pays an additional lump-sum benefit of 24 times the monthly benefit if, while you are on claim for a monthly disability benefit, it becomes clear that you will never return to work again. This lump-sum benefit is paid in addition to the ongoing monthly benefit;
- will waive the wait period for any monthly disability benefit cover, should you experience any one of 11 critical illnesses, including the major events of cancer, heart attack or stroke. The payment of the monthly benefit commences from the date of diagnosis.
- offers a variety of means to increase existing cover, without the need to complete a new full application and without the need for medical underwriting. While most insurers provide this facility, the quality and scope of this cover varies widely.
Want to incorporate add-ons to your personal insurance policies?
These are all exceptional “hidden treasures” that many people may not know about. If you wish to incorporate such benefits in your existing or prospective personal insurance cover, talk with someone who knows their way around the insurance landscape. It’s what I do!