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    What areas of financial planning are you looking for advice on?

Book a FREE consultation
and receive your complimentary eBook

Get started with a free strategy consultation and receive a copy of the Good Fortune Guide – written by James McFall, Managing Director Yield™ FP and 2020 National Finalist Certified Financial Planner of the Year to help educate you on your Financial Plan.

Yields Approach to Insurance Reviews

insurance reviews
Wealth Protection Your biggest financial asset is probably your ability to provide an income for your family. Your unique insurance cover will not only safeguard you, but the people you love around you.

In the case of an unfortunate event that puts you and your financial future at risk, life insurance advice and policies act as a safety net, to protect your family, as well as your finances. Among the variety of life insurance available to you, the most common forms of cover include Income Protection, Total Permanent Disablement insurance (TPD), Trauma insurance, and Death insurance.  

Deciding upon and purchasing Life insurance can be a difficult path to navigate, which is why we recommend you do so with the guidance of a financial advisor who can assist you in identifying contracts of great quality. A financial advisor can also provide important structuring advice, that could save you tens of thousands of dollars in tax and/or fee premium savings over time too. If you do not already have Life insurance in place, learn more about the various insurance covers mentioned and how Yield can help

If you have Life insurance already in place, it is important to regularly review and monitor your cover. To give you insight into the benefit of quality ongoing advice and what you should expect, this piece will examine Yield’s approach for our financial planning clients, by breaking down the insurance review process we provide them.  

Comparing Clients Existing Policies to Market & Identifying a Cheaper Comparable Cover If Available 

Financial advisors have a legal duty to act in your best interests only and in doing so, should have the ability to seek out insurance that is best suited to you and your circumstances. If you find insurance markets difficult to keep up with or even overwhelming, you are not alone. There is complexity in some insurance products, which often do not match your specific needs.  

Insurance brokers work to represent their clients and their interests within the market, as opposed to representing the insurer. The broker should have access to a wide variety of policies from a range of insurers, which are used to draw comparisons and to ensure that the best suited insurance policy and price will be recommended.  

Here at Yield, drawing comparisons between existing and market policies is our first step in the insurance anniversary service in which we provide our clients.  

Preparing an Anniversary Report 

After undertaking market research about our client’s insurance policies, a well-structured informative anniversary report is prepared for the client, collating all the relevant information into the one document, making it easy to access and to comprehend.  

This report details the current cover in which the client has, how much it costs, and how the insurance is being paid.  

Additionally, brokers usually review their clients’ policies on an annual basis, in accordance with the changes of the clients’ needs, as well as changes reflected in the market. When a client’s needs have changed, the broker should review the policy to help ensure that the existing cover for their client remains price competitive and suited to their personal situation.  

Identifying Savings and Obtaining Cheaper Cover If Possible  

This step of our insurance review service entails highlighting how much the client is saving compared to the next cheapest alternative, or the amount in which they could save if a cheaper alternative is identified. Additionally, if a cheaper alternative is identified that is comparable or worth considering, assistance is provided to clients in order to assist them in obtaining it, if they wish to do so. 

Providing Assistance as Needed to Ensure Policies Are Paid and Remain in Force

In order for an insurance policy to remain in force, it is integral that the policyholder pay a single premium upfront or pay regular premiums over an extended period of time.  

At Yield, our client experience team are available to tend to matters regarding the policies of clients, whilst also having the capacity to make administrative or product amendments – though the latter would generally require the input of an advisor. 

Providing Claims Handling Support 

The reason that you pay insurance is to have the protection, if one day you should need it. Insurance brokers can help in the claims application and ongoing management of the claim to assist in getting the desirable result. Not only does this reduce stress levels for our clients, but it can also lead to comprehensive and rather timely claim results. 

Yield Financial Planning is Here to Help  

Buying any form of insurance can be a complex and daunting task at the best of times. Our team of professionals here at Yield can assist you in finding the best suited insurance policies tailored to you and your lifestyle. Contact us today for a no obligation review of your life insurance need.  

Important Note
Any information provided here is general advice only and does not consider your objectives, financial situation or needs. This information should not be taken as comprehensive and does not constitute legal or financial advice. You should seek legal, financial or other professional advice before relying on any content. Yield Financial Planning is not responsible to you or anyone else for any loss suffered in connection with the use of this information. Information is only current at the date initially published.

About Yield™ - Financial Planner Melbourne

Who we serve – We help time poor professionals and business owners who intuitively know they should be doing more to improve their financial position and are seeking an expert to guide them on financial planning strategies. Our clients want personalised financial planning advice and to feel empowered and confident that they can achieve a secure transition to retirement.

What we do – We gain a deep understanding of your current financial position and preferences, what you value and want to achieve. We then help you develop a highly personalised financial plan, to show you how to make your money work harder for you. Ongoing we regularly monitor and measure progress against your plan projections, to show you how you’re tracking and help you manage change to your advantage.

How we do it – We apply our proven expertise in investment markets (Shares & Property), Tax and Debt structuring, Retirement Planning, Risk management and Estate planning, to help you reorganise the way you use your money to achieve your desired outcomes.

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