With all the revelations coming from the ACCC and various other regulatory bodies around the legitimacy of advice (or lack thereof) from the major banks, many clients have come to me lately asking for a review of their situation because they were given advice on products and/or strategies from a major bank.
We have worked, and still do to some extent, with some of the banks, but in most cases, there are much better protection covers out there that also cost less. It’s not so much the type of product, but the type of advice, as this may be skewed to suit the bank adviser.
Why would a bank adviser’s advice be skewed/biased?
Well, they are employees, and have to meet minimum sales targets for their employer. They are encouraged through bonuses and other rewards (such as keeping their job) to put clients with the banks product. So, even though you may be more suited an Income Protection policy with another insurer, like Zurich for example, they would still put you with the bank’s product.
I would encourage you to speak to someone about a review of your policies if you have taken out protection with one of the banks. Jarickson offers 3 Free comparison quotes available to your current banking policy.