A lot of enquiries that come through our website aren’t aware of the differences between general insurance advice and personal insurance advice. This article helps break down Life insurance personal advice vs General advice which may help you decide which option is best for your circumstances.
General advice: General advice doesn’t consider your goals and current circumstances. The advice they give will be no specific to you. This means that they can explain the features and benefits of each policy and how the policy works, but not whether it would suit your financial situation or goals. The person providing the general advice would be unable to recommend a product (eg Zurich as opposed to AIA due to reasons A, B and C) nor would they be able to tell you what the best product would be for you.
General advice-only providers can provide you with a list of insurers, their pricing, and policy benefits but can not tailor the advice to your personal situation.
When general advice may be suitable:
- When you want an easy solution, such as taking out life insurance as quickly as possible. General advice providers do not have to provide the same level of documentation an advice that provides personal advice does.
- Know exactly what type of insurance you want and what insurer. If this is the case general advice may be more suitable as it is less time consuming.
- You are researching only and do not want advice around different products or whether they are suitable for you
When personal advice may be suitable:
- You would like tailored life insurance insurance and need guidance around what insurer to go with or how much cover to take out
- You want to arrange certain insurance but have specific requirements; for example, you want to take out Income Protection but have pre-existing medical issues or would like advice around what waiting period/benefit period would suit your situation
- You have existing insurance in place and would like it reviewed to ascertain whether it’s the right policy for you or if you would lose any benefits when compared to a new policy. For example, you have an Income Protection policy that was taken out before Oct 1, 2021 and would like to move to a newer Income Protection policy that is cheaper.
Now that you know the difference between Life insurance personal advice vs General advice it’s time to get in touch with our team at the insurancequoter.com.au we provide personal advice to help you take out the right product at the right price.
– The information provided here is general only and does not consider your personal objectives, financial situation or needs. Before you decide to purchase a product, it is important to read the relevant PDS.