Should Ask Questions
1) You should ask the person you are dealing with if they are authorised to give personal or general advice and hold an ASIC AFS (Australian Financial Services) Licence or are a representative of an AFS Licensee.
You will note on this site that we have disclosed our capacity to act as an Authorised Representative of Sustainable Life Solutions Pty Ltd who hold a ASIC AFS licence. My authorisation is as follows:
Providing general product advice for the following classes of financial product:
A. Life Products—Life Risk Insurance Products
B. Life Products – Investment Life Insurance Products
C. Life Products – Superannuation
Dealing in a financial product (apply for, acquire, vary or dispose of a financial product)
on behalf of another person in respect of the following classes of financial products:
A. Life Products—Life Risk Insurance Products
B. Life Products – Investment Life Insurance Products
C. Life Products – Superannuation
Please see https://boutiqueinsurancesolutions.com.au/what-is-the-difference-between-accessing-life-risk-insurance-through-general-advice-vs-personal-advice/
2) Are you getting the cheapest premium based on your occupation?
Life Insurance companies set premiums based on the risk of your occupation when it comes to Income Protection. An accountant has a less riskier occupation than an electrician or a concreter so the premiums can be cheaper for a white collar worker and even more cost effective if the white collar worker has a degree and earns above $80 – 100k p.a .
Make sure that you are correctly classified and also ensure that you may qualify for further discounts on the premium if you have stopped smoking in the last 12 months or may be able to apply to lift loadings of exclusions that may have been applied to be reviewed after a set time.
At Boutique Insurance Solutions we pick these sort of issues up in the annual review process. Yes personalised service can make a big difference.
3) Are You Getting the Best Deal Buying Life Insurance or Income Protection Online?
Most consumers are used to getting the cheapest deal online, however in the case of your personal risk insurance (life, income protection, TPD or critical illness) the situation is often reversed.
A careful review of such policies will usually reveal differences such as substantially higher premiums and with more exclusions and less comprehensive policy definitions than what we as specialists can provide.
Please read blog post – How to Avoid Paying Too Much for Your Risk Insurance premiums?
General Advice Warning:
The information contained within this website does not consider your personal circumstances and is of a general nature only. You should not act on it without first obtaining professional financial advice specific to your circumstances or you may make a decision that is not in your best interests.