What insurance extras are worth it?
When it comes to insurance a lot of people are buying products that are not worth it. Everybody is entitled to want extras, but if you don’t actually need them you’re just wasting time and money.
We’ve put together a simple buying guide to buying insurance extras and which ones are actually worth your while. This way you can ensure that you’re in a better position to decide whether or not the extras offered by a particular policy are worth your while when it comes time to renew it.
Is my current extras policy worth it?
The fact is most people are paying more in additional premiums than they are getting back in terms of the added services that come with additional extras in an insurance policy. So it’s important to weigh up whether or not it’s actually worth your while getting this additional service. Here are some things you can do to figure out whether or not you’re getting your bang for your buck:
- Request an annual claims statement which shows the benefits you received.
- Compare the total benefit with your annual premium.
- Compare your benefits to that of other policies.
- Consider switching to a less expensive policy or cancelling extras if it’s not adding up.
Do I need basic, medium or top cover?
Generally health insurers will offer three levels of cover – basic, which is suited to healthy singles and couples, medium which caters for families with young children and average health care needs and top which is designed for families with school-aged children, mature singles and couples that have higher health care needs.
The biggest difference among insurers is for dental cover in terms of the range of services and maximum benefits that are offered, but there are also variables in terms of glasses, therapies and other therapies and medical devices that you may requires at some point in your life.
What can I do from here?
Well, the good thing about insurance being a consumer product is that you have the power to choose which policy is best for you. We recommend trying the following tactics.
- Look for percentage benefits.
- Look for funds with provider schemes that are near you.
- Check if your fund offers loyalty bonuses.
- Figure out if you’re using your lifestyle cover.
Related links:
The types of insurance that aren’t worth your while
What factors are affecting my life insurance premium?
Insuring your home for a natural disaster