How do I compare insurance policies without a broker?

General advice only · AFSL 222640 · Global Mutual Funds Pty Ltd

The direct answer

Compare the Product Disclosure Statements (PDS), not just the premiums. Line up the definitions, exclusions, sum insured, limits and excess side by side. For home and contents, insurers must provide a Key Fact Sheet. The cheapest policy often has the narrowest cover — the question is what you are not covered for.

What it depends on

The full answer depends on your specific circumstances. Here’s what matters.

Definitions

Words like "flood", "accident" or "total and permanent disability" are defined in the PDS. Two policies with the same headline can pay very differently on the same event.

Exclusions and limits

Look for sub-limits (for example, jewellery or portable items), exclusions (wear and tear, pre-existing conditions) and waiting periods.

Claims experience

APRA and ASIC publish life insurance claims data, and consumer groups publish reviews. A low premium means little if claims are frequently declined or delayed.

The last 10%

What a qualified professional can add

The answer above covers the general position. Here’s where professional judgement — applied to YOUR specific situation — makes the difference.

Reading policy wordings for gaps that matter to your specific risks
Negotiating terms or accessing products not sold direct to the public
Advocating for you at claim time

Questions to ask before you engage one

If you decide to engage a professional, these questions help you evaluate whether they’re right for your situation.

What are the three most common reasons claims under this policy are declined?

What sub-limits apply, and can they be increased?

How is the sum insured calculated, and is it enough to rebuild or replace?

What happens to my premium after a claim?

Your next step

Download the PDS for your current policy and one alternative. Compare definitions, exclusions and limits first — only then compare price.

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