Helpful tips to choosing the right provider for Insurance
The four providers I work with are; Clearview, AIA, One Path and Zurich. Each of these providers are highly respected in the industry, and are all excellent choices to provide insurance. As part of the application process, I will provide quotes and PDSs for each of the above providers, and you are free to make your own decision as to which you would like to proceed with.
| A few things to consider when selecting a provider include: |
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| Overall cost per year, including management fees and stamp duties. Management fees and stamp duties vary between providers, and may be included in some providers overall premium, or split out to show the breakdown. My comparison spreadsheet easily shows you the breakdown, and where the management fees and stamp duties are included in the quote / split out. |
| The focus of the provider – each provider has a specific target market, whether that be to support white collar or blue collar workers, younger or older applicants, etc. These focuses can be found on their websites, but will also be indicated by the premiums – the more economical the policy is, the more focus the provider has on your demographic. |
| Amount to be paid via Superannuation vs direct debit – some providers have specific requirements around where policies are paid from. Here’s a link to understand more about whether you should use your Superannuation to pay for Life Insurance? Or Direct Debit? Or a split? |
| Reviews online – each provider has online review ratings, and client reviews re ease of claims etc – I recommend you review these prior to deciding on a provider. |
| PDSs – these documents are admittedly long, however they are well worth reviewing specifically for inclusions / exclusions, for the specific type of insurance you are applying for. For example, different providers will pay 60% or 70% of your income via income protection, and different trauma conditions apply per provider |
| Waiting periods – this is the time between a claim, and when a payment will be paid. Different providers have different premiums for waiting times, however typically, the lower the waiting period, the higher the insurance premium. |