Income protection advisor in melbourne

Hi all,

Just brought a place and want to get income protection. Maybe looking at death aswell. Anyone recommended a good advisor in melbourne?

Am I right to presume they get better deals than if I look around myself?

Note: just looking at insurance, as all my money will go into my ppor. And I will support my stay at home wife and 2 young children.

 

Hi @Dalien

I would suggest speaking with someone specialised in this area. In my view it is complex, and could be a case of getting something that is not suited to you? Whilst not a direct metaphor, but - would you undertake surgery on yourself

 

Definitely don't do this yourself - insurance can be complex and the product available via DIY are inferior to what you'll get through an advisor. Often they're not underwritten, they can't be structured in/out of super and are usually stepped premiums that get super expensive right when you're most likely to claim. Professional advise is a must.

 

P: 02 9524 6711 F: 02 8080 4317

E: [email protected]

A: Suite 103, 304-318 The Kingsway, Caringbah NSW 2229



www.southernadvisory.com.au



We haveused the team in the past.


Kade Anthony ADFS(FP), JP I believe is the director.
Its not VIC but maybe a good point of call on the phone.
Financial Planner

 

If continuity of adviser is important to you and who is same person who handles the actual claims PM for a great Melbourne option.

 

Competent??? How do you identify?

 

I'd look for a good financial planner.

It is a complex area - and there's no point taking out insurance if they don't end up paying out when you need it! Therefore - it's best to get the right policy in place from the start.

I use (and recommend) Damian Toms from Burley Griffin finance - Welcome! - Burley Griffin Finance Co. He deals with clients remotely too.

Cheers

Jamie

 

Just by chatting to someone, you should know if they know their stuff......

There are commissions involved and they will be disclosed. It is more about what cover you need, inside or outside of super, term etc

You will get a good feel from the first discussion

Cheers Ivan

 

Yeah wander into CBA and compare the experience

Important to remember that the commission is a fee alternative paid by the insurer rather than the customer. Never met a client who wants to pay the fee in place of the expected commission fee income. In most cases its hours of work. Its not just - Here buy this and I will sort it out.

One good question to ask is why they recommend their upfront commission fee structure v's ongoing trail fees...Or why not ?

 

Hi experts,

I also need income protection insurance and need some advice.

I have an employer paid one at work that covers only 75% of the salary and also 90 days waiting
period.

Can I go out and take out another insurance myself that covers the 25% gap so that in the event a
claim is needed, I have two insurances covering me 100%? Does it work like that or not or one
can only take out one income protection insurance at any one time?

Thanks,
FXD

 

You need to go down a fee for service approach with a accredited planner and become a paid client on the planners company books. Only then will they sell you commission free product and takes a lot of tension out of the relationship

Those on commission only will cost you and often the commissions are omitted as definitely in life insurance there is no need by law to tell you how much it is and most advisers have a preferred supplier (extra $) which they will push you to and pretend they have found one that's best for you

 

Talk to a few financial advisors who also specialize in Insurance. Even then question every word they say, make sure they have acceptable answers to all your questions. If they are not willing to work with you to answer ALL your questions then find someone else.

Next important step is to read the Policy in full cover-to-cover a few times and see if it meets your current and future requirements (a few variations as well).

Like finance brokers insurance advisors also go through aggregators and approved product list. Just because their software "ranks" one policy/company better than the other doesn't mean it is. Sometimes trivial and useless features bump up the score.

Pick something that you think you'll be happy with until you retire and not having to change it constantly.

Lastly, never under-insure or over-insure.

 

That's quite common. The idea being to many you want to get back to work and off the insurance cover asap. The waiting period can be varied, at a cost. Your savings are expected to cover the gap.

 

Ok thanks whereas I am coming from the conservative and worst case scenario angle that if the
longer than expected period of such cover is required and the savings run out to cover the 25%
gap, is there supplementary insurance product available for that purpose.

Cheers,
FXD

 

Pay fee for service and agree that commissions are rebated - the broker (planner) commission ranges up to 110% of first year premium and up to 30% trailing commission. Higher commission upfront means lower commission trailing.

It isn't that complex but you need to read the PDS - the advisor will not do this for you and you need to read it yourself and compare.

 

Not your client Paul but with a level 30% trailing commission, then it is very easy justify paying for effort to set up! Three year ROI

 

Three year ROI is laughable for my accountant. He had outsourced the paperwork to India. I think the Royal commission needs to look at the smaller guys (small accounting and finance advice firms). There activities and charges are worst then what I hear from the Royal Commission with the big boys