Insurance is one of those things that when you’re a grown up, you just have to deal with. Whether you like it or not. And when you’re young, you tend to think that the ‘unthinkable’ will never happen to you. Illnesses and accidents etc happen to other people, right? Then you become a parent, and all of that changes. Suddenly the world is a scary place and there are people you want to protect. And if anything was to happen to you (touch wood!) then you want to make sure that your loved ones will be taken care of. So without meaning to be morbid, lately thoughts of the ‘what if’ type have been springing to mind, and my husband and I decided to take another look at our existing insurance policies with an independent financial advisor. I was also asked by Mumsnet to take at look at the Value Your World tool from Zurich, which was good timing really. This is what we thought.
Following our meeting with the financial advisor, my husband and I sat down to look at the tool together, and quickly realised it was a very handy way of comparing the advice that we’d already been given. When you start, you’re asked a few questions so that the tool can work out how much you need to ‘protect your world’. First impressions? Its simple and easy to use, and good to see the sum change as you add more details. We liked the fact that you could save your details for later as some questions may require paperwork that could be at work, for example.
As you move through the questions, you’re asked about children, whether you intend to support them through university and whether they are currently in private or state education. I have to admit that further education is something that worries me. I want it to be an option for them if they wish to go on to study at university so its good that we can start to plan for that now. We also particularly liked option six, where we we were able to decide whether or not we wanted to add a bit extra, or allocate some funds for charity. This was a nice touch and something we’d definitely take advantage of.
When you’ve answered all the questions, you’re given a figure that you’re likely to need to be able to protect your world, and if you want to go back and fine tune anything you can. If you’re unsure, you’re also advised to get further financial advice, which is what we intend to do when we meet with our advisor again soon. You’re also told what your biggest ticket items are, and for us the children came top of the list! No surprise really, but its good to see how its all broken down for you.
So once you’ve moved through all of the questions, you’re given the option to save your details, and you can also get a quote. To do this you need to enter personal information (name, D.O.B etc) and then you’re given a quote for insurance with Zurich. Going through these steps has been handy for us to have a figure we can now compare with the figure our advisor is going to come up with.
The tool, overall, is a very useful way of breaking everything down and getting a clear picture of just how much you’re going to need to put away for the future. And as you’re able to get a quote there and then, it can cut out the middle man too. For us, we will still speak to our financial advisor because we intend to compare quotes to make sure we’re getting the best deal. It’s easy to use, clean and simple to look at and very easy to understand. If you don’t have all the information you need to hand, you can register and save to come back to it at a later date. We were very impressed and will definitely recommend the tool to other parents looking to make sure their insurance policy is looking after them and their loved ones.
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