Join our investing community

Comparing Insurances

Discussion in 'Superannuation, SMSF & Personal Insurance' started by Ol School Skata, 28th Nov, 2005.

  1. Ol School Skata

    Ol School Skata Well-Known Member

    Joined:
    7th Nov, 2005
    Posts:
    71
    Does anyone know of a firm who can provide comprehensive comparisions between personal insurance policies (Death, TPD, Trauma, Income Protection)?

    Yes i could see a broker for these things but just not sure how detailed their info will be.

    Is there a website to compare a range of insurance options - i am concerned mainly with inclusions, exclusions and definitions of conditions.

    OSS
     
  2. Nigel Ward

    Nigel Ward Team InvestEd

    Joined:
    10th Jun, 2005
    Posts:
    1,172
    Skatey

    If your insurance broker is doing their job properly they should be examining and commenting on all those things in the Statement of Advice you receive.

    PM me if you would like the name of a very canny insurance broker I use.

    Cheers
    N.
     
  3. Maverick

    Maverick Well-Known Member

    Joined:
    23rd Sep, 2005
    Posts:
    51
    Location:
    Melbourne
    I have recently looked for the insurance myself and have found that insurance agents/brokers use software called Pro-Planner (http://www.plantech.com.au/html/products/ProPlanner/productinformation/productinfo.htm) which provides
    There are Core and Ancillary Scores for insurance products from many vendors according to the policy denitions, inclusions, exclusions, etc. I have asked by financial (risk) adviser to produce for me a report and compared 2-3 PDS's for the products with highest Core Score. The policy monthly (stepped) premium is also included in the report.

    I do not know of any other way to obtain such a report except from financial adviser or by buying the software yourself :)

    There are some on-line insurance brokers who would give you a quote and suggest 2-3 products. However, I have found out that they might give you the most cheap options which are not necessarily the best for you. There are a lot of nuances with insurance that you need to take into account, e.g. "any occupation" vs. "own occupation", bying insurance in your Super, etc.

    Good luck.
    Regards.
     
  4. luckyone

    luckyone Member

    Joined:
    13th Sep, 2005
    Posts:
    6
    Location:
    Canberra, ACT
  5. Maverick

    Maverick Well-Known Member

    Joined:
    23rd Sep, 2005
    Posts:
    51
    Location:
    Melbourne
    Insurance Watch

    I have tried Insurance Watch. They give you an idea of what premium(s) might be for the given input (age, insurance sums, smoker or not, etc.). You can order the report and receive COMPUTER GENERATED PDF file with the actual names of the companies and products. However, you won't see their Scores. The products list is sorted by premium price from low to high.

    I personally have not received much value from the report.

    Regards.
     
  6. Mark Laszczuk

    Mark Laszczuk Well-Known Member

    Joined:
    16th Aug, 2005
    Posts:
    793
    Location:
    Brisbane
    Yeah, I had a bit of a squizz at it today, didn't see much value in it either.

    Mark
     
  7. AsxBroker

    AsxBroker Well-Known Member

    Joined:
    8th Sep, 2007
    Posts:
    1,448
    Location:
    Sydney, NSW
    Why stepped? Your adviser is supposed to be giving you the best advice. If your going to have insurance for the long term, level is the way to go. If your going to have the insurance for the short term, stepped is the way to go. Ask your adviser to give you a comparison between the cumulative premiums To Age 65 between the two premium types, level will save you thousands (unless your 60).

    Cheers,

    Dan

    PS This is general information. Before making an insurance decision speak to your insurance specialist.
     
  8. Superman

    Superman Well-Known Member

    Joined:
    6th Nov, 2007
    Posts:
    343
    Location:
    Gold Coast, QLD
    The great thing I like about using a (good) insurance broker is that they do all the leg work and get you the best product (in terms of features, definitions, benefits, premiums) that suits you and your family specifically.

    I also like the way they get remunerated - no additional out of pocket to you - they get a commission (say 100% to 120%) on your first years premiums and then a trail commission after that.

    I do have some knowledge of insurance and I probably could arrange it myself, however even I leave it to the experts!

    Good luck
    SM