4 Things to Look for in an Insurance Provider

A Life Insurance policy can ease your worries about the future. Life can be unpredictable, but we all want to make sure our loved ones are cared for, whatever happens.

That’s precisely why people look to Life Insurance, Income protection, Trauma Insurance or Total and Permanent Disablement Insurance to secure your dependents’ futures.

If you want to provide a stable life for your family, even after you’re gone, you may need to consider a Life Insurance policy.

However, finding a suitable insurance policy is something one should carefully take time in researching. Perhaps the most significant variable is the insurance company itself. To help you with this decision, here are 4 crucial things to look for in a good insurance provider.

#1 – Complete Transparency

Before you put pen to paper or make a final decision, make sure you understand every detail of your policy.

Otherwise, you may end up buying something that you don’t really need. Even worse, you might assume that you’re covered for a condition the company denies.

To prevent this kind of thing, always read through the entire PDS (Product Disclosure Statement) and don’t be afraid to ask questions.

#2 – Reputation

The provider’s reputation goes hand-in-hand with their financial stability. The data tells you a part of the story. But to get the full scope, you should get information first-hand from other policyholders.

Thankfully, you can look up most insurance companies online. Look for companies that have plenty of positive reviews about their staff, service, and claims process.

Another thing you can look for is any industry awards received. Companies that have left a mark on the industry often have accolades to go with it.

#3 – Good Customer Service

Reliable customer service is an often-underestimated, yet critically important trait of a good life insurance provider.

Now, there are a few important things to consider here.

First up, the company needs to be easy to contact. You should be able to reach customer service staff by phone, email, and online chat with ease.

Another key factor is the response time. How long does it take for a customer service representative to respond to your call? Do they redirect calls to an answering machine? Or can you reach an actual human being 24 hours a day without having to hold for a long time?

If the company responds quickly and is always available, this is a positive sign on how you will be treated should a claim arise. There will be countless situations where you’ll need an immediate response after becoming a policyholder.

A provider that’s capable of that level of service will provide valuable piece of mind.

Finally, you shouldn’t neglect the way the customer service reps communicate. Are they pleasant and clear? Able to answer all your questions to your satisfaction?

Look into and read reviews about an insurance company’s customer service before you make your decision. You can find lots of unbiased reviews through companies like Feefo and Google Reviews, as well as independent ratings agencies like Canstar.

#4 – Suitable for Your Needs and Capabilities

This may be the most important part. At the most basic, a reputable insurance provider offers a suitable insurance policy that covers your needs and fits your budget.

You may want to attain life (death) cover only or consider cover that provides “living benefits” such as Income Protection, Total or permanent Disability Cover or Trauma cover.

It would be best to make a list of your current circumstances, along with your goals. You can then calculate a representative life insurance rate on your own. You can use an online life insurance calculator to get a good idea of how much it would cost.

The Search for a Perfect Insurance Provider…

If you look around, you’ll find plenty of insurance companies. But that only makes your choice harder. Even if you decide to go with one of them, how can you be sure that you’ve made the right decision?

If you follow the tips above, you can be reasonably certain that you’ve made a good choice.

For an example of an award-winning life insurance company with a long-standing reputation, look no further than NobleOak.

A top-rated life insurer with over 140 years of history, Noble Oak provides you with an easy way to get a Life Insurance quote. Ask around and you’ll see why so many Australians have put their trust in NobleOak over the years.

To find out more about NobleOak’s FlexiCover Life Insurance, click here or call the NobleOak team on 1300 108 490 and mention ‘Community First’. Community First members receive the first month of cover free!^

Important Information – FlexiCover is issued by NobleOak Life Limited ABN 85 087 648 708 AFSL No. 247302 (‘NobleOak’). Community First Credit Union Limited ABN 80 087 649 938 AFSL/Australian credit licence 231204 (‘Community First’) promotes the FlexiCover product under a marketing arrangement with NobleOak but does not provide any financial advice regarding - and is not responsible for - the product. NobleOak Services Limited (wholly-owned by NobleOak) pays Community First an ongoing commission of 15% of premium when products are acquired as a result of the marketing arrangement. This commission is at no additional cost to customers. Further information can be found in the NobleOak Financial Services Guide (FSG) available at www.nobleoak.com.au

^ First month free offer - if you apply for cover and cover is issued you will not start paying premiums until one month after the commencement date of the cover. This offer is available once only per new customer and may not be used in conjunction with any other offer.

This information is of a general nature only and does not take into consideration your individual circumstances, objectives, financial situation or needs. Before you purchase an insurance product, you should carefully consider the Product Disclosure Statement (PDS) to decide if it is right for you. The PDS is available by calling NobleOak on 1300 108 490 or from www.flexicoverlife.com.au/communityfirst. NobleOak cannot provide you with personal advice, but their staff may provide general information about NobleOak life insurance products including FlexiCover.

The information contained in this article is only correct at the point of time of publication. It is general information and has been prepared without taking into account your personal circumstances, objectives or needs. Please consider if this information is right for you before making a decision to acquire any product.

Last updated: 01 June 2021

The information contained in this article is only correct at the point of time of publication. It is general information and has been prepared without taking into account your personal circumstances, objectives or needs. Please consider if this information is right for you before making a decision to acquire any product.

Community First Credit Union LimitedABN 80 087 649 938 | AFSL and Australian credit licence 231204 | BSB 512-170