Nowadays there are many websites and providers offering to help you to purchase life insurance and income protection online.
It seems like a straightforward and perhaps cheap way to purchase insurance; after all, you are not being charged a fee.
However, based on my experience in working with doctors who purchased insurance this way, it can lead to you being severely under-insured.
Let me explain.
– Often, the provider has not considered your overall financial circumstances (because there was no face-to-face fact find) and has thus not gone through a rigourous process of understanding your needs;
– Sometimes, a basic policy or low level of cover is recommended, to facilitate an easier sale – the lower the premium, the easier the sale. This includes recommending 5-year benefit periods for income protection, rather than to age 65. It may also mean that only stepped premiums were considered.
In summary, doctors should never consider purchasing life insurance policies online. We take your family’s protection and financial future very seriously and make this part of a holistic process.
For all of our ongoing clients we prefer to rebate commissions upfront for any new policies, leading to reduced ongoing premiums. We have saved our clients thousands of dollars per annum in the process.
If you would like to organise a full health check of your personal financial circumstances, please contact us on 08 6160 5918 or Yves@affluenceprivate.com.au