Most of us don’t like insurance, we don’t value it and we certainly don’t like paying for it.
Below is a snapshot from an AIA article regarding some of the differences which need to be considered in relation to choosing the most appropriate Income Protection policy for our clients. As you can see there are numerous issues that need to be considered and this doesn’t even consider pricing, claims experience, insurer strength, etc, etc.
This is why when someone calls us and says just give me a quote on some Income Protection insurance, our answer is invariably “sorry we can’t do that, there is more involved than just the price”.
Yes you can go online or call numerous “direct” insurers and they will give you a quote, the reason being they aren’t providing advice; they are just selling a product. We are Advisers, we value long term relationships with our clients and we want to ensure our clients get the most appropriate cover, for their circumstances.
When you then consider the below are just some of the issues to consider when thinking about one form of cover (i.e. there is also Life, Total and Permanent Disablement and Trauma cover to consider), you can see why we don’t just “provide quotes”.
Given insurance is a grudge purchase for most people, paying to get good advice around what insurance they actually require is even less palatable for most……….which is unfortunate because the cost of getting bad advice or no advice at all, can be financially devastating.
Do you want your family to be the next one the community is having a fund raiser for…..or will you seek good advice?
It’s your call!!
Robert
