Life Insurance Advisers: Their Duties and Responsibilities

Find suitable policies at competitive rates, with the help of a life insurance adviser.

For anyone that is looking to take out any form of insurance plan, the process can be a long and confusing one, as the insurance market is a vast and complex.

No matter what type of personal insurance cover you are looking to take out, you will find many providers and a huge range of plans to choose from. For those who lead busy lives with many commitments, or those who have little knowledge or experience of insurance services, it can be difficult and time-consuming to find the most suitable plan at the most competitive price.

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Coverage is the amount of money that you will be paid in the event of a claim. An insurance consultant can help you determine an appropriate amount. Calculator
Provides a lump sum payment if you become totally and permanently disabled and are unable to return to work.
Provides a lump sum payment if you suffer a serious medical condition. Cover can be taken out for 40-60 medical conditions depending on the policy you choose.
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Compare Life insurance quotes from these direct brands

Rates last updated December 9th, 2016
Product details Maximum cover Maximum Entry Age Cooling-off
(days)
Life Insurance
Life Insurance
Choice of cover options and flexible premiums to suit budget. No lock-in contracts and fast application. $1,500,000 65 30 Get quoteMore info
Term Life Insurance
Term Life Insurance
Receive up to $1,500,000 in life cover with American Express Term Life Insurance issues by Zurich. $1,000,000 69 30 Get quoteMore info
NobleOak Term Life Insurance
NobleOak Term Life Insurance
Save 25% on NobleOak life insurance and pay no premium in the first month. $15,000,000 69 30 Get quoteMore info
Life Insurance
Life Insurance
Get flexible life insurance up to the sum of $2,000,000. $2,000,000 59 21 Get quoteMore info
Ezicover Life Insurance
Ezicover Life Insurance
Get up to $1.5 million in life cover. 10% discount available on a second life insurance policy when two policies are issued at the same time. $1,500,000 69 30 Get quoteMore info

Why consider using the service of a risk adviser?

Many people decide to turn to experts in the insurance industry to help them find appropriate insurance cover for their needs at competitive prices.

Lack of time, lack of knowledge and lack of confidence can make the process of finding well suited yet affordable insurance coverage far more difficult for consumers

Consulting an advice professional who has extensive training, experience and expertise in the insurance industry can save you time, money and stop you from making a potentially costly mistake. Don’t underestimate the peace of mind you’ll gain knowing that you have an appropriate policy and adequate cover in place to protect you and your family.

What do life insurance advisers do?

Life insurance advisers, are industry experts who perform a valuable duty for consumers by helping them find the most suitable plan at the most competitive price. Some people get very frustrated and confused when trying to source and determine suitable and affordable insurance plans, but using a licensed and reputable insurance adviser can make the whole process easier and more efficient.

Insurance advisers have a legal duty to act in your best interests, rather than in the best interests of an insurance provider. This means they’re motivated to find you an insurance solution that is affordable, appropriate and better suited to your needs than simply selling you a product.

What are the key responsibilities of a life insurance adviser?

A life insurance adviser has to act in your best interests, but these professionals also have a number of other duties and responsibilities that mean they should be focused on helping you to get suitable coverage at the right price.

Some of the key duties and responsibilities of an insurance adviser include:

  • Identifying the most suitable policy for your needs based on your own circumstances and the information that you provide
  • Complying with the law, the regulations and industry standards
  • Finding affordable, appropriate and competitively priced cover
  • Acting in your best interests throughout the entire process
  • Prioritising your interests over theirs or those of the Insurance provider
  • Acting with integrity and honesty at all times Avoiding conflicts of interest or disclosing and managing conflicts that can’t be avoided
  • Ensuring that any fees, commissions or other benefits they receive are clearly disclosed to you
  • Keeping your personal information confidential and safe
  • Ensuring that all relevant records are maintained
  • Providing you with information about your cover promptly and clearly
  • Managing your application for insurance and dealing with the Insurer and underwriters on your behalf
  • Negotiating with Insurers and Underwriters to secure you affordable cover
  • Checking your application to ensure it’s accurate and complete
  • Helping you to secure cover (and avoid problems caused by errors, non-disclosure or misrepresentations in your application)
  • Managing your claim to ensure you receive the appropriate benefits

What are the benefits of using a life insurance adviser?

While there are some people who will have few problems in finding suitable and affordable insurance coverage for themselves, there are many benefits to using a good, reputable and licensed insurance adviser. Some of the benefits include:

  • Using an adviser can save you a lot of time when it comes to finding suitable insurance cover to match your needs
  • Advisers often have access to insurance policies that are only available through intermediaries and which you might otherwise be unable to access
  • A good adviser will put time and effort into sourcing a suitable insurance plan at a competitive price
  • Using an insurance adviser is often a great choice for those with other commitments and with a limited amount of time on their hands
  • An adviser enables you to benefit from increased ease and convenience when it comes to getting insurance cover

What if I prefer to purchase my life insurance directly?

If you are looking to secure a life insurance policy without going through a life insurance adviser, you may wish to consider direct providers instead. You can apply directly at the bottom of this page.

Direct life insurance is suitable for applicants who know what they are looking for out of their policies. Since there are minimal medical underwriting requirements, your application can often be approved in an instant over the phone or online. To apply for cover, all you need to do is to submit your request for a direct life insurance quote and a direct insurer representative will be in touch with you to confirm your details. Your policy will be active as soon as your application is approved.

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Richard Laycock

Richard is the senior insurance writer at finder.com.au and is on a mission to make insurance easier to understand.

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