A life insurance portfolio covering Death, Total and Permanent Disability, Income Protection & Trauma cover is essential for everyone with financial & family responsibilities. Personal Insurance is the foundation of every well constructed financial plan.
Advice Fee: Depending on the complexity of the insurance advice required our Statement of Advice Fee can range from $900 + GST to $2,500 + GST. Brokerage payable on the successful completion of applications are fully disclosed in $ & % terms in your Statement of Advice.
Implementation Fee: We do not charge an implementation fee as brokerage is paid by respective Life Office and incorporated into the premium (i.e. Brokerage is not an additional charge to you and reimburses us for the significant time involved in researching advice, making written recommendations & implementing our recommendations for you).
Review Fee: Renewal commission paid by the Life Offices is incorporated into the premium and covers our review fee.
Brokerage Structure: – As your adviser we can select from 2 brokerage options (your premium remains the same irrespective):
- Hybrid brokerage - Up to 80% of 1st years premium and 22% of annual premiums thereafter; or
- Level brokerage - 22% to 33% of the 1st years premium and every following year.
Comment: The higher the brokerage in the 1st year the lower the brokerage in following years. The higher the brokerage in subsequent years the greater the value you have as a client of the firm and the greater level of service you will receive. Brokerage paid in subsequent years allows us to review your portfolio without you paying us a fee to do so.
Reviews – It is appropriate that all insurance is reviewed at least every 2 years, or earlier as your circumstances dictate. Life Insurance is a very competitive market and offerings by different Life Office’s deserve consideration:
- Not all Life Office’s pass on all policy upgrades to their existing clients;
- Some Life Offices reduce their rates with better claims experience or increased market share;
- At a company level we also pay close attention to administration standards and claims experience with the companies we have recommended.
In additional the review service we offer includes the following:
Comparative analysis of the competitiveness of your current cover with:
- Benefits; and
- Product ratings
- Review changed circumstances to the appropriateness of your existing cover:
- An addition to the family is an increased financial responsibility
- An increase in pay should prompt an increase in your income protection cover
- Ensuring sufficient cover to cancel your mortgage in the event of a premature death or disability
- Moving to a new employer who offers insurance benefits as part of your package needs to be considered with existing personal cover levels etc