Personal Insurance Process

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

The Personal Insurance process involves taking time to clarify your needs. It will take time to complete as different scenarios need to be considered, ensuring all your needs are covered. 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 personal insurance you either need or want. Discussions will focus on your circumstances, goals and ideas.

Initial Meeting

The differing options & strategies available to you are talked about. Only the policy that meets your needs will be persued.

We’ve focused on what insurance you need, but now is time to consider if you are able to afford it.

We look for funding solutions – can we fund appropriate cover (partially or fully) from the balance of your superannuation account?

If the proposed policy is unaffordable, we revisit the options and levels of cover so as to find the right balance between coverage and cost.

We often speak to the Insurance Underwriters on your behalf. Underwriters look at and assess the risks involved in insuring you. They decide the price (premium) they will charge for accepted insurable risks.  Most companies require your application to be reviewed by an underwriter. However, Group policies and superannuation life insurance schemes may not require underwriting for base level insurance.

You may need to supply a formal medical report.

Final Meeting

Once you have agreed with the suggested insurance type and cost. You will need to complete the application forms, and prove secondary documenation.  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