HOW DO WE FIND THE BEST INSURANCE POLICY FOR YOU AND WHAT DOES THAT MEAN?
The first step is to have a conversation with you to understand your needs and requirements.
The best insurance policy for you takes into account:
your required payout figure
how much you can afford to pay
which inclusions and benefits you need
possible cash flow benefits of putting your insurance through super
how to best structure your premium from a tax point of view
how best to structure your premium from a payout point of view
if you have or have had health issues.
In the beginning we use a special insurance quoting tool to discuss various options and to assess which insurance mix is best for you.
We then check which insurance company offers you (with your unique variables) the best value.
Depending on your age, gender, profession and preferred insurance mix we usually find that one of our preferred insurance companies offers a clearly better deal than all the others.
In about a quarter of cases we find it worthwhile talking to one or more underwriters before submitting the application.
Once we have found a suitable quote for you, we provide that quote to you in writing.
You have insurance cover from the moment the application gets submitted.
Some policies get instantly accepted by the insurance company. With others the underwriting process takes a little longer. This is especially the case for larger policies and if there are health issues.
During the process, we provide you with a written Insurance Statement of Advice outlining the cover you have chosen, the options, all the costs involved in your new policy and more.
Once the policy is in force we stay in touch with you and regularly review it. When you are in a position to make a claim we are there to help and assist you. This is often a time when support is really needed.
How can we provide such services without charging you?
If you take out an insurance policy with us we are paid commission directly from the insurance company. The commission the insurance company pays does not add to the cost of your policy - strangely very often the opposite is the case:
In general if you purchase a life, income protection, TPD or Trauma insurance policy directly from an insurance company or via the internet it actually costs more (see our Top 10 Tips) - meaning it is cheaper to use an advisor for this kind of insurance even though the company pays commission to the brokers.
Interestingly, in most case we find that our Life and TPD insurance quotes are lower than those of industry funds for most people as well.
This is quite a different situation to car or home insurance where it can often be cheaper to purchase directly from the insurer or online.
If you already have a policy and would like to switch to our services or would like us to review your existing policy we would be very happy to assist and welcome you, also free of charge.
If you have an existing Life Insurance, Income Protection, Trauma, TPD, or Business Expenses policy with another adviser we are very happy to review it for you at no charge.
When we say improve we mean:
provide you with the same cover for a lower or much lower price, or
provide you with much better conditions for same or lower prices, or
sometimes both of the above ie you pay less and get a policy with better terms and conditions.
Have a read of our Top 10 Insurance Tips to see some of the things we consider when reviewing policies.
Which Insurance companies do we use?
Prior to taking out insurance with any company we consider the following questions:
Will the insurance company still be around at claim time and will it be in a position to honour its obligations.
This is determined by the ratings, financial stability and quality of management of the provider.
The integrity of the insurance company.
Specifically, has the insurance company consistently paid out claims and provided excellent service to its customers. This comes down to the experience of your broker and their licensor.
There is no point in having a low premium if a claim is denied or contested.
The terms, conditions and renewal terms of the policy being offered.
Terms offered by the insurance companies vary significantly. It is vital to understand the precise extent of the cover that is being offered. Have a look at our Top 10 Tips for more details about this.
Your ability to renew your insurance for as long as you would like is essential. We prefer to only recommend guaranteed renewable policies with an expiry date that is at or after your preferred retirement date.
Based upon all of the above we currently use AIA, Integrity, MLC Insurance, Neos, PPS Mutual, OnePath, TAL, and Zurich. Asteron Life, AMP (Resolution Life), BT, and CommInsure do not accept new clients but existing clients’ policies can be altered.