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Get Smart With Money

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Nuts and Bolts

Decided that you might need to take out insurance or make a will? Read on…

1)  Take some advice from the experts

For good advice about buying insurance start by reading the insurance section of MoneySmart, the Australian Securities and Investments Commission’s website.

Little blue cars2)  What type of insurance do you think you might need?

The main types of insurance are:

Car insurance

Health insurance

House and contents insurance

Income protection insurance

Landlord’s insurance

Life insurance

Travel insurance

Click on each of the links above to take you to the section with lots of information about that kind of insurance.

3)  Make a will

Every adult should have a will. Even if you don’t have a lot of possessions (or children!) you probably wouldn’t want a court deciding who gets what if you should die unexpectedly. You can pay a solicitor to write up a will for you or you can write one yourself with the help of a do-it-yourself will kit.

To find a qualified solicitor contact Law Institute or Law Society in your State or Territory.

If your affairs aren’t too complicated and you’d like to try writing a will yourself, buy a do-it-yourself legal will kit.

Legal Wills Made Easy

4)  Where can you go if you want to make a complaint about an insurer or insurance broker?

If you’ve made an insurance claim and it’s been rejected, or if you have any problem with an insurer or broker, the best place to start is to talk to them first. If you’re unable to resolve the problem there are a few places that you can turn to for help.

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Financial Ombudsman Service

The Financial Ombudsman Service provides free dispute resolution services for finance and insurance disputes.

Private Health Insurance Ombudsman

An independent service to help consumers with health insurance problems and enquiries.

5) 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 financial adviser. Experts often suggest you find an adviser who charges by the hour instead of receiving a commission.

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>> Next section: Learning More

<< Previously in Insurance: Insure Your Property and Make a Will

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