They were soliciting me, of all people! to “compare” insurance, be it life, or income protection or health insurance.
But the comparisons are mostly about the price, yet comparing premiums is a small and late part of the process. It’s like junk mail flyers – I don’t care how cheap a TV is unless I have already decided to buy a TV. Putting too much focus on pricing instead of building a policy that’s fit for purpose is dangerous. Any policy that won’t or can’t pay out, or pays out too little or too late, was never cheap enough. The price only comes into it once you’ve worked out what to buy. Besides, when we’re paying claims the price is totally irrelevant. Nobody cares or wants to know about the premium when a claim is pending
What most people want help with is figuring out what type of insurance they need to buy, and how much of it. I have yet to come across any website, bus shelter, or billboard that can do that. In the absence of any other relevant and useful information the only thing that can easily be compared is the price, but go back and see the previous paragraph about that. The key here is relevant and useful information – talking about how a policy can work for you, help you, and why it might be a good use for some of your money.
People are at a massive information disadvantage, and comparing prices and piling on generic and useless information about things you don’t understand only makes that problem worse. This is why when I first meet people I ask lots of questions. I’m a little curious/nosey. When I understand where you’re at, where you’re going, and the way you want to get there (your plan) I am able to match an insurance programme (your backup plan) that fits.
No website or order-taker can tell you why you need or do not need a particular type of cover. They don’t help you fit whatever insurance you buy into whatever insurance you already have. They can’t help you complete the required application forms and they won’t help you and/or your family with a claim.
You need a qualified Adviser for that.
