There are many things people purchase online. It may be cheaper to purchase online but there is probably a reason why it is cheaper. It may not meet all your needs and expectations and when it comes to the crunch you may not be covered. The money you may save buying a cheaper product online will not cover the greater loss you may encounter. A recent example was a Newcastle lady who bought travel insurance online and they said that her and her dependants are covered for travel. Her daughter got sick while on holidays and had to be flown back to Newcastle. She thought she would be covered through travel insurance but it cost her $42,000 to find out that her daughter was not classified as a dependent so she was not covered!
Another example is the recent floods in Queensland. People bought their house insurance online because it was cheaper but no-one told them it doesn't cover flood damage! So the cheaper policy did not save them money only cost them more.
I was recently referred to a person to review their insurance policies and they advised my policies were more expensive than their existing policies. They thought they had death cover for each other but it was only accidental death. Imagine the distress and trauma caused if your loved one died and you thought you had life insurance but it only paid out accidental death. How would you tell your family?
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