Why get specialist risk advice?

• The cover moves with you. Over time the insurance cover you need will change. Maybe you’ve changed jobs (or taken up an exciting new hobby like skydiving). Often it’s because your financial situation has shifted – you’ll need much less cover if your mortgage has shrunk. A good risk adviser will make those adjustments and do it proactively.

• Because you’re you. Insurance underwriters look at every risk individually – and in life and income protection insurance you’re the risk. That’s why their questionnaires are so long – they want to know your medical history, past claims, habits – anything that can affect the risk they’re taking in covering you. With a risk adviser on your side, you can get cover that’s specific to your needs and your personal story – and do it cost-effectively. 

• Making a claim can be stressful. Insurers exist to pay claims. Indeed, Australian insurers paid out ten billion dollars in claims last year – more than the GDP of some countries. However, the sad truth is that people are at their most vulnerable when they’re making a claim – they’re often in physical or emotional pain, which is exactly the wrong time to be dealing with onerous paperwork. A risk adviser can take that burden off you. And their expertise and insurer relationships could mean your claim often gets paid – and more quickly. 

• Insurance is a market. The final and often forgotten reason to get expert risk advice is that insurance is a market – and markets move. After long periods of low claims, insurance companies may compete aggressively on cost, so premiums fall. But if claims are running hot, insurance companies may have to protect their balance sheets, shareholders and existing policyholders by raising premiums and tightening definitions.