But did you know that in the majority of cases you are paying between 5% and 72% more than you need to be paying compared to a fully underwritten life insurance policy. Some of the more well known online insurers and those attached to Health Funds tend to be the most expensive.
Not only are the online companies more expensive, but in the majority of cases can get you better terms and conditions with a fully underwritten policy than you’d get with an online provider.
For example, most online providers don’t allow you to increase cover without medical evidence if you have children or take out a mortgage, whereas the majority of underwritten policies do. Also, most online providers don’t waive your monthly premiums if you are disabled for up to 6 months.
The other problem with online providers is they have much lower limits for sums insured ($300k – $1.5M) compared to a fully underwritten policy which have no limits, as long as you can pay for the premiums. In addition, the online providers only offer stepped premiums (cheaper now but go up with age) whereas an underwritten life policy also offers a level premium (more expensive now but remains steady over the long-term and generally more cost-effective after 15 years). It’s a bit like locking in a fixed mortgage rate where you know what your insurance premiums are going to be even into your 60s.
For trauma insurance (pays a lump sum on the diagnosis of a serious illness such as cancer, stroke, heart attack, etc) the online providers only provide basic cover and nowhere near as many medical conditions compared to a fully underwritten policy. The same applies for income protection which is more expensive when going direct and the policy terms are generally nowhere near as comprehensive.
So if you’ve purchased life insurance, trauma insurance or income protection online, please contact us for an obligation-free comparison as I’m sure we can save you money on your current premiums. If you’re considering purchasing life insurance online, then allow us the opportunity to compare what is available in the market from a number of different life insurance providers. There’s no obligation for a quote!
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My wife and I utilised Max’s services to review our life insurance policies, with particular respect to addressing an exclusion clause. Max spent significant time searching for the best possible solution and came up with a proposition that affordably met our requirements. I would not have been able to achieve this using one of those on-line insurance quote generators. Max did his utmost to get us the best deal and I would recommend him to anyone who is seriously looking to review their life insurance options.
Thanks Max for all your help with my new Life and Income Protection Policy. Not only have I got a better policy but a better premium as well. You answered all my questions and nothing was too much trouble. A pleasure dealing with you.
Insurance and the complexities of organising it has been made easy by Altura. Thanks Max for a painless process to organise what is an important aspect of any working person’s life. I have a great product within the price boundaries I gave and have the confidence that if I ever needed to claim, I have the full support of Altura to manage me through the process.
Max and Altura recently reviewed my superannuation and personal insurance circumstances. Upon reviewing my existing arrangements and analysing my personal needs, Max was able to outline a more cost-effective plan that saved money and was thereby likely to increase my return over time without compromising my personal coer. Max also took the time to make the process painless and simple and accommodate my busy schedule. Max is a true representative of customer service and operates a highly professional operation.
Max really took the time to understand my families needs and found a solution & cover that matched our situation and budget. His expertise, integrity and attention to detail were outstanding. He patiently followed up and answered each and every question with confidence and authenticity. I only wish all professionals conducted business in this manner. I can recommend Max to you enthusiastically and without reservation.
Max Pagnin from Altura Financial Planning provides outstanding knowledge and integrity in the field of personal insurance and income protection. Thanks to Max and Altura, my family was able to save over $5000 per annum on tax minimisation and through his detailed knowledge and support of my family’s needs for protecting our incomes, and the future of our children I can not thank Max enough, and highly recommend him to my entire network of family, friends and associates.
Max made a quite complex and daunting financial situation straightforward simple and not time consuming. Whilst finding me the best products and keeping my costs at a minimum, but with value, he stepped me through multiple options and was personable, friendly and punctual wiht good follow up.