Should I buy insurance direct or with an adviser?

From booking a holiday to assembling flatpack furniture, some Australians are confident taking a DIY approach, while others look to professionals for support. We explore the benefits of both.

What is the difference between buying life insurance through an adviser or buying it yourself? Here we discuss a few of the differences.

Buying Life Insurance yourself

Doing it yourself does not mean doing it alone. Nor does it mean ending up with a one-size-fits-all product.

Lifetime Protection Insurance is available online or over the phone so you can confidently purchase cover yourself, or with the help of an insurance representative should you need a little bit of guidance.

– Control and flexibility

From the comfort of your own home, you can think about what’s most important for you and your loved ones and then purchase only the elements of cover that you need.

There are three types of cover that you can consider building into your Life Insurance policy when you buy direct: Accident Cover, Illness Cover and Adventure Sports Cover. So, if for example you don’t participate in adventure sports, you don’t need to include that in your cover.

Once you have an idea of the kind of cover you would like you can get a quick quote online in less than 5 minutes. You can then dial up – or dial down – your level of cover to see the impact on your premium in real-time.

– On the spot cover

If you buy Lifetime Protection Insurance online or over the phone you can be covered right away – won’t send you for medical tests.

If you buy life insurance through an adviser, a medical test may be required which may mean you wait a couple of weeks for test results to come through.

Buying Life Insurance through an adviser

Buying  Accelerated Protection Life Insurance through a financial adviser allows you to draw on the expertise of someone who handles insurance day-in and day-out, and gain advice on how to tailor your cover.

– Expertly tailored

There are many factors that can make buying insurance direct a challenging prospect for some: complicated personal relationships or medical history, extensive financial obligations, or various forms of income and lifestyle goals.

Or, you may simply prefer the confidence that comes from having an adviser there to support you.

An adviser can provide recommendations on the right amount of cover for your lifestyle, the best way to structure your policy, whether to have insurance cover inside or outside of super, and how to navigate the underwriting and claims process.

– Complementary services

A financial adviser is experienced at handling complexity and can design your insurance to not only suit your life now, but help you achieve – and protect – the life you’re planning for.

To that end, they may recommend other insurance products which can be bundled with your Life Insurance, such as Critical Illness, Income Protection Insurance, Total Permanent Disability or Business Expense Insurance.

Your financial adviser will also help ensure you have just the right level or cover at all times. They will conduct an annual review of your insurance and, if necessary, help adjust your cover if your circumstances have changed.

If you’d like to draw on an adviser’s expertise to purchase your cover, we can help you find an adviser here.

Whether you choose to buy through an adviser or direct, the most important thing is that your purchase leaves you confident that you’re covered and free to live life to the fullest.

Centra Wealth Group
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Zac Zacharia (Managing Director) has been assisting clients to create wealth and secure their futures for over 14 years.

He is also an accomplished presenter and educator

Co-authoring the popular investment book, Property vs Shares.