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The difference between advised personal insurance and direct insurance

🕑 4 minutes read


Personal insurance for doctors is about protecting your ability to generate income for the future for you and your family. There are different ways to apply for insurance policies in Australia, whether it’s through online comparison sites, directly through insurers and superannuation funds or engaging the services of a professional, such as one of our expert DPM insurance team to assist you with the process.  

The Australian insurance industry, the insurers within it and the policies offered by these insurers can vary significantly from one to another, and navigating these differences can be quite overwhelming. Just as medical professionals are experts in their chosen fields, DPM’s team of insurance consultants are highly specialised in providing insurance advice specifically to medical professionals. We believe the value provided by a qualified professional when establishing and reviewing insurance portfolios will ensure you and your family are adequately protected when you need it most.  

As a medical professional, you will likely have very specific and intricate insurance needs, and that’s where having a specialised expert can help you tailor your insurance portfolio to fully encompass all your needs without unnecessary bloat and cost.  

Engaging an insurance adviser can enable you to get: 

Tailored advice – An insurance adviser can assess your needs and risks, to make recommendations based on your specific situation. This is important because personal insurance is not a one-size-fits-all solution. An insurance adviser can work with you to establish the right policies and coverage levels to meet your individual needs.  

Policy access An adviser can help you compare different insurers and find the most appropriate option for your needs. Policies vary from one insurer to another, benefits, features, and costs vary significantly. DPM have access to a wide range of personal insurance products and providers that are not available without an accredited adviser. 

Understanding – Insurance policies can be complex and difficult to understand. An insurance adviser can explain the terms and conditions of your policies to you, so you know what you are covered for and under what circumstances. At DPM, we can explain technical definitions, and the differences between insurance being held inside super compared to outside of super including the advantages and disadvantages of each structure.

Payout considerations – Assisting you to ensure the proceeds of your cover end up where you wish for the funds to go. An insurance adviser can provide you with guidance regarding tax treatments of different covers and whether if structured certain ways tax would be payable on benefits by either you or your beneficiary.   

Claims handling – DPM have a dedicated claims team to help you navigate the process, taking away the burden of dealing with an insurer at a highly stressful time. We can help you to get an effective outcome from your claim through our in-depth understanding of policy terms and conditions, as well as insurer obligations. APRA’s Life insurance claims and disputes statistics December 2022 show that you are more likely to have a successful claim where you take out insurance through an adviser rather than on your own.  

For example, in the period between June 2018 and December 2022

  • 87% of total and permanent disability (TPD) claims were successful where the policy was taken out through an adviser, compared to 77% where the customer purchased their insurance on their own, and 
  • 95% of income protection claims for adviser-purchased policies were successful, compared to 89% for individually purchased policies. 

You’ll also have:

Access to experts – DPM offer ongoing insurance support and advice. Insurance advisers provide you with ongoing support and advice on your personal insurance needs. This is especially important as your circumstances change over time. It’s also beneficial to regularly check in and update your advisor with any changes in your life that could result in you needing an increase, decrease, or alteration to your insurance coverage. 

Peace of mind – There are a huge range of different plans and coverages available and knowing that you have the right personal insurance coverage in place can give you peace of mind.  

Whether you have an existing insurance portfolio that you would like to review or wish to discuss how our team of experts can assist you in establishing appropriate protection for your circumstances, we would welcome an obligation free discussion. Book an appointment here.  

If you’d like more information on our insurance services, click the link here to read more.

Disclaimer: * The information contained in this site is general and is not intended to serve as advice as your personal circumstances have not been considered. DPM Financial Services Group recommends you obtain personal advice concerning specific matters before making a decision. 

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