Personal Insurance Process

The Personal Insurance process involves taking time to clarify your needs.

  • Discuss ideas
  • Clarify needs
  • Go over issues and options
  • Consider affordability
  • Agree and implement

The number of times we need to meet or talk on the phone will depend upon the complexity of your situation.

We don’t jump in with a pre-conceived idea of what insurance you either need or want.

Discussions will focus on your circumstances, goals and ideas.

Initial Meeting

The initial meeting aims to talk about different options & strategies available and to agree on an approach to insuring you. The only policy pursued will be the one that meets your needs.

We will also look at your budget to see if you can afford the proposed insurance. Can the appropriate cover be paid – partially or fully – from the balance of your superannuation account rather than out of your pocket?

If the proposal is unaffordable, we will revisit the options and levels of cover to find a combination of cost and coverage you are happy with.

What we will then do…

We will investigate which company will provide the insurance you will require.

This may mean we speak to the Insurance Underwriters on your behalf. Underwriters look at and assess the risks involved in insuring you. They may ask us to get you to supply a formal medical report.

They decide the price (premium) they will charge to insure you.  Although most companies require your application to be reviewed by an underwriter, group policies and superannuation life insurance schemes may not require underwriting for base-level insurance.

Final Meeting

You will need to complete the application forms after you have agreed with the suggested cover and cost. Sometimes secondary documentation is required.  If you are applying for life insurance, the insurer will require an Application form and a personal statement with details of;

  • Residency
  • Occupation
  • Financial status
  • Hobbies and sports
  • Medical history
    • Source:

After the meeting, we formally apply to the provider on your behalf for the insurance. 

Understandable financial advice from FinAdvice Financial Planning