Five tips for getting the right insurance

Life's unpredictable. So it pays to be prepared.

1. See what insurance you already have

Before you start, take a look at what insurance you already have - through your super, credit cards and other policies. Once you know where you're at, you can decide whether it's enough and whether it delivers value for money.

2. Get the right types of cover

Whether you're going on holiday, have just bought a new car, taking on a mortgage or starting a family - there is a type of cover that could be right for you. And as things change, take another look at your insurance to make sure it still suits your needs.

3. Check what's covered and what's not

Not all insurance is created equal, and you usually get what you pay for. Some policies are cheaper but give you less. Always check what's included in your quote and see the Product Disclosure Statement (PDS) to see what's in and out.

4. Don't put it off!

While many of us have insurance on our ‘to do' lists - it's probably easier than you think. You can often get a quote online or by phone in minutes, with a few extra questions when you apply. And there are some life insurance products with no medical checks required, making it even easier to get cover. However, these may have extra exclusions, like pre-existing conditions, so make sure you check the PDS.

5. Be honest when you apply

When you apply for cover, you'll be asked a few questions - for example, about your driving history, or health. It's essential to be honest - if you're not, your insurance company may not pay your claim. If this happened, not only would you have wasted the premiums you have paid, but you could be left short of financial support when you need it most.