Is Your Insurance Still Working for You? Small Tweaks Can Make a Big Difference
Consider targeted insurances
You may also be surprised to learn about some newer, more targeted options. There’s now Cancer Cover available that focuses solely on cancer treatment, offering up to $500,000 a year. It’s often less than half the price of comprehensive health cover and there’s no excess.
On top of that, some policies allow you to cover just specialist consultations and diagnostic tests. This can help with the cost of things like specialist visits (up to $10,000 a year) or procedures such as colonoscopies, MRI scans, ECGs, and more (up to $100,000 a year), when referred by a registered medical practitioner.
Give your Financial Adviser a call
At Futurisk, we work for you. If your cover is starting to feel a bit expensive, we’re more than happy to review it with you. Our goal is to help you keep insurance in place that’s affordable, practical, and—most importantly—does exactly what you expect it to do when claim time comes.
Sometimes, a small tweak today can make a huge difference tomorrow.
If the cost of your insurance has been on your mind lately, you’re not alone. We all sometimes wonder if we could get a better deal or if there are a few tweaks we could use to maximise our cover. The good news is, there are more options than you might realise. Here are a few thoughts on optimising your insurance cover.
Adjust your cover to suit your life and your budget
Today, there are plenty of ways to adjust your cover so it better suits your life and your budget. A quick conversation with a Futurisk Financial Adviser could unearth a few simple changes to ensure you’re getting great value without giving up the protection that matters.
Review your insurance’s benefits
It’s also worth asking yourself, “When was the last time I reviewed the benefit amounts I have in place?”
Life changes quickly. Your financial situation today may look very different from when you first arranged your cover. Do you still need the same level of Life Cover, or do you now have other assets that could support your family and ease the financial pressure if the unexpected happened?
The same goes for Critical Conditions (Trauma) Cover. Insurance products have evolved, and there are now more flexible options available. For example, Progressive Care Cover can pay out based on the severity of a condition and even allow for multiple claims. Some insurers also let you split Trauma Cover, with part allocated to Severe Trauma Cover, focusing on the most serious conditions and often coming at a lower cost than standard Trauma Cover.
Income Protection is another area worth revisiting. You might now have more resources at your disposal, such as accrued leave or savings, that allow you to increase the waiting period or reduce the benefit period. Small adjustments like these can make a noticeable difference to your premiums while still ensuring a firm safety net is in place.
And don’t forget Health Insurance. If your financial position has improved, increasing your excess could be a smart way to reduce costs while still maintaining access to private healthcare when you need it.