Some consumers may consider buying life insurance online, and there are many providers who offer this service. If you are considering this option, there are several items you should be aware of beforehand :
Is the website offering personal advice ?
Many sites that offer on line quotes will only produce quotes based on what you tell them you want. But how would you know the difference between the types of products or understand the difference in the options within each sub product ? Or how do you know how much cover you need ? If personal advice – specific to your own needs and circumstances – is not provided, then you must consider what you may be missing. Obtaining a life insurance product where you get personal advice can be more comprehensive and cheaper.
Is the website managed by an insurer or an intermediary ?
If the website is managed by a life insurer, then it is likely to only offer quotes from that one insurer. So you may be missing out on quotes from many other providers who may be able to offer better prices and also better coverage ?
If it is managed by an intermediary, then how many insurers does that intermediary offer for you ? If there is only one option then, again, you could be missing out.
Claims support
Will the company that offers the website service provide active support in the event of a claim and act on your behalf ? Many will not offer this so you should take care to know what you are getting.
Policy set up
Many people need advice on how to structure their policy. Who should the beneficiaries be ? Should the policy be structured to use the superannuation environment or not ? Should premiums be paid on what is known as a “stepped age structure” or a “level age structure” ? If you are taking multiple types of cover, like death cover and trauma cover, then should these covers be linked or not ? Advice on this and other matters may not be offered by an online option.
Advantages of using an insurance broker that offers personal financial advice
If you are considering buying a policy online, then you should consider using the services of Experien Insurance Services, a life insurance broker that offers personal financial advice. Compared to dealing directly with insurers, the prices we can obtain are often cheaper than buying equivalent cover directly from an insurer. You only pay the insurer their premiums and don’t pay us any fees in addition to those premiums. We can compare pricing across many insurers, help you with all the medical evidence required when you apply and assist you with any claims. We can guide you on how much cover you should have, the types of cover you should have and how you should structure your cover. You will often need ongoing reviews to see if changes are needed, or if better terms become available at another insurer and we assist with this too.
If you want to find out more or to get a quote and advice based on your own needs, goals and circumstances, then contact us at any time.
The information provided contains general information and does not take into account your personal objectives, financial situation or needs. Note that the policy wording will differ from insurer to insurer and loadings, exclusions and other limitations may apply by the insurer to each applicant on a case by case basis.
At the time of writing, Life insurance and Financial Advice services are provided by Experien Insurance Services Pty Ltd (EIS) ABN 99 128 678 937 and Experien Financial Services Pty Ltd (EFS) ABN 32 631 346 757. EIS and EFS are a Corporate Authorised Representative (No. 320626 and No. 1274354) Count Financial Limited ABN 19 001 974 625, AFSL 227232. See our website for our Financial Services Guide and latest AFSL arrangements. Always read the Product Disclosure Statement issued by an Insurer before considering insurance.
