Whether it’s your home, your car or your income, insurance may provide some financial protection.

Make sure you understand how it works so you can make an informed choice. 

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What is a product disclosure statement?

An insurance policy is essentially a contract that you and your insurance provider agree to. The Product Disclosure Statement (PDS) lays out everything you need to know about your policy.

It includes whether you need to pay an excess when you make a claim, if there are any waiting periods and what is excluded from your cover.

Find out what to look out for in a policy so you know exactly what you’re paying for and how to claim cover you’re eligible for.

What is a premium?

The premium is the dollar amount you pay for your insurance policy. You can usually pay your premium monthly or in one annual lump sum. Some insurers charge extra if you pay in monthly instalments. 

What is excess?

If you need to make a claim, the excess is the amount you pay from your own pocket when your insurance claim is accepted and processed. You usually need to pay the excess before your insurance provider pays the remainder.

Things you should know
