Get the right insurance package
Many banks offer insurance as a part of their range of financial services, with such excellent examples as Suncorp and its interests in GIO. It's a highly underutilised field, however, with many people vastly underinsured even if they possess some small amount of insurance.
One of the most common forms of insurance is compulsory third party for car insurance, and often this is at the bare minimum allowable for the insured to operate legally. This will almost certainly mean an exceptionally high level of excess is payable, and thus while the insured party believes they will not need insurance, they will more than likely be involved in a minor accident at some point and may find the level of excess unacceptably stressful on their finances.
By insuring for an adequate amount to cover your costs in a time of financial difficulty, you can actually use insurance as the safety net it is supposed to provide. It will cost more in premiums, but when you do make a claim you should find that the immediate stress on your wallet is minimal.
Please visit our insurance pages for more information on insurance from the banks.
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