It’s a well known fact that you can obtain a whole range of quotes for Life Insurance online. You just have to watch more than 3 1/2 minutes of daytime tv to remind you of that!
Whilst research online is one of the best ways to ‘narrow’ your search for the most competitive premiums, unless you speak to someone to give you some Personal Advice on that particular policy, you might actually be doing yourself a big disservice.
Consider these 5 things before purchasing Life Insurance or Income Protection online or over the phone:
1. Who is the ‘owner’ of the policy?
– Who cares? You might say. “As long as I’ve got the policy, it’ll be paid to my loved ones, right?” Think again. As many Australian families are now ‘Blended’, and/or children from previous relationships, there are various laws that may entitle the wrong person to receive the funds in the event of your death. You can have your policy owned by yourself (standard with most phone/online based policies), through your superannuation, your business, a Partner/Spouse, a Trust, etc.
All of these different options will have it’s own set of consequences at time of claim in the event of death. There are taxation issues, family law matters, amongst other things. You don’t need to know all these things, but a Qualified Insurance Adviser does.
2. Is the policy a Yearly Renewable or Guaranteed Renewable policy?
– Most people wouldn’t have a clue what this means, but it could be the difference between the insurer cancelling the policy on you at renewal each year or not, depending on your health or occupation. Once again, a Qualified Insurance Adviser knows the difference between these, and could save you from becoming uninsured without notice in years to come.
3. An ‘Agreed’ or ‘Indemnity’ based cover:
– Income Protection has a large variety of benefits which change the structure of the policy, which also impacts when a claim is paid when you need it most. Depending on whether you are employed or self employed will determine what you need to consider in terms of either of these income protection types. This sort of advice cannot be issued over the phone by an online based insurance researcher. You need personal advice tailored to your situation.
“But I don’t want to pay for Personal Advice”. You dont need to! Jarickson Insurance advisers do not charge any upfront fees to you. You only pay the premium, and we do the rest. If you’re not paying extra for your insurance, why wouldn’t you get a broker/adviser to do all the hard work for you? You can even request a particular insurer you wish to consider.
What does an adviser do for you?
- Gathers details about you and your needs for protection;
- Researches the type and level of cover you may want to consider;
- Advise you on the ramifications of owning your insurance in any particular way (Eg; in your super, through a company, your spouse)
- Complete the application with you;
- Chase up the underwriters, Doctors, super funds, insurance company customer service;
- At claim time: Liaise with you and/or your family to help complete the paperwork;
- Follow up Doctors, insurers, claims officers, banks, government institutions.
So, there is a lot involved in both the set up and claim of a personal insurance policy. Why would you do the hard work yourself when you can lean on the experience, understanding and network of a quality adviser such as Jarickson to help structure your policy correctly and efficiently.
After all, insurance is all about:
Getting the RIGHT MONEY
To the RIGHT PEOPLE
At the RIGHT TIME
Speak to Paul to have a quick conversation over the phone about how we can help you. Or call us on 1800 674 435.