There are different types of insurance that you should look at to cover yourself, your livelihood and your property in the event of an emergency or for any unexpected circumstances that might arise. The most common are health, income protection and life insurance (types of personal insurance) and house and contents, car and landlord’s insurance (types of property insurance).
You can research and buy insurance on the Internet although depending on the type of insurance you’re after you might be best to seek help from a broker as some types of insurance can be complicated. Above all, it’s very important to make sure that you get the right cover! And remember to always read the fine print.
Going it alone
For good advice about buying insurance start by reading Insurance on MoneySmart, the Australian Securities and Investments Commission’s consumer website. Then, if you know what type of insurance you need and you’d like to have a look for yourself try these websites for information and quotes. It’s probably a good idea to do some research yourself even if you do end up deciding to get help as that way you’ll have a good idea as to what’s available and at around what price.
Insurance Watch provides free online quotes from a selected number of life, trauma and income protection insurers.
Compare health, life and car insurance policies at iSelect. Note that this site only provides recommendations from an approved product list of funds selected by a group of participating funds, not all funds or products that are available in the marketplace. However you should be able to get a good idea of what’s out there that might suit you, at what price.
Compre life insurance, car insurance and income protection at RateCity.
You can compare life insurance, income protection, trauma cover, total and permanent disability cover, funeral cover, travel insurance and business insurance policies at Rate Detective.
Find a financial adviser
Check out the Australian Securities and Investments Commission’s website MoneySmart – it has loads of great information about obtaining personal financial advice and finding a qualified adviser. Experts often suggest you find an adviser who charges by the hour instead of receiving a commission.
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