So you’ve got a quote for Life insurance, TPD, Trauma, or Income Protection online, and you’re told that a particular insurance company has the right policy for you – cheap, good rating, etc.

But what about the insurer’s claims history, their reputation in the industry, and other factors that can’t be judged by price alone? In addition, you need to consider each specific product features, benefits and definitions. Will you get expert advice or try pot luck…?

Our business has over 50 years experience in dealing with insurance, and we find it a constant challenge to keep up with the ever changing offerings from insurance companies. Can this knowledge be summed up in a few clicks from an online website? Perhaps not.

At JustInvest, we use industry specific comparison software that compares and rates up to 30 features and benefits of insurance polices. We then add our ‘qualitative’ overlay, which assesses the things that you can’t find online. For example:

- which insurers cater for FIFO workers in Oil & Gas and Mining?

- which insurers cater for dangerous professions?

- which insurers specialize in your profession, for example offering extra ‘needlestick’ injury benefit for medical professionals?

- which insurers specialise in covering Mums doing home duties/ childcare?

- which insurers give the best maternity/ paternity leave options?

- which insurers cover those working beyond retirement age (age 65)?

- which insurers will offer cover, even though you have a pre-existing condition?

- which insurers will offer cover even though you’re not yet an Australian citizen? (you may have recently immigrated from UK, South Africa or another country)

- which insurers offer ‘accident only’ cover?

It’s easy to say “get a Life insurance quote from us and we’ll give you the cheapest quote!”. It’s hard to get the correct information on a policy’s features and benefits from a website or a call centre, without the assistance of an experienced Adviser. The right insurance policy for you may be the one which accepts you for comprehensive cover, given your specific personal circumstances. 

Note: A starting point is always to check what cover you already have in your superannuation fund(s): Life & TPD can be held tax effectively in super & is generally issued to you automatically if you’re an employee (sometimes the automatic benefits offered are higher for the bigger Employers, but that’s not always the case). Also, some super funds offer ‘Life events’ cover, ie increases without underwriting for events such as the birth of a child, death of a spouse, divorce or taking out a mortgage.

Some reference points:

www.aia.com.au: see ‘A Claimant Testimonial’

http://life.comminsure.com.au/Which_Cover.aspx: Case Studies to help determine your level of cover

https://www.asteronlifeplus.com.au/: for a Health & Wellbeing program

http://www.onepath.com.au/personal/insurance.aspx: offers a variation on Income Protection, and Qantas Frequent Flyer points

Also: www.amp.com.au; www.macquarielife.com.au; www.tal.com.au; www.axa.com.au; https://www.moneysmart.gov.au/managing-my-money/insurance

 JustInvest is a Perth based Financial Planning business established in 1967. We have many clients in Perth and right around Australia. Call or email us today: 08 9267 3488 or clientsupport@justinvest.net.au