How does QA Insurance go about providing personal advice?

Our Process for Life Insurance Advice & Reviews

Including Life Insurance, Income Protection, Business Expenses, Total & Permanent Disability, Trauma (Critical Illness) insurance.

As Life Insurance is considered a financial product in Australia, we are required to adhere to regulatory guidelines and ensure that you, our clients, receive appropriate advice tailored to your specific needs in Australia. Here are the steps you would typically need to follow to receive personal life Insurance advice in Australia:

Initial Inquiry:

You initiate the process by expressing your interest in obtaining or reviewing your Life Insurance advice. This can be done by contacting us, or your insurance broker.

Introductory Meeting:

We schedule an introductory meeting with you. This meeting is designed to understand your financial situation, goals, and insurance needs.

Financial Needs Analysis:

Your advisor conducts a comprehensive financial needs analysis for you. This involves assessing your:

·         Current financial situation (income, expenses, assets, liabilities)

·         Short-term and long-term financial goals

·         Existing insurance coverage, and providers, if any

·         Your risk tolerance and appetite for insurance products

Statement of Advice (SOA):

Based on the information gathered during the financial needs analysis, Your advisor prepares a Statement of Advice (SOA) tailored to your unique circumstances. The SOA is a personalized document that outlines:

·         Your financial objectives and needs

·         Recommendations for suitable insurance products

·         The rationale behind these recommendations

·         Costs associated with the recommended insurance policies

·         Any potential risks and benefits

Client Review and Questions:

Your advisor presents the SOA to you and thoroughly explains the recommendations and any associated terms and conditions. You have the opportunity to ask questions and seek clarification.

Your Consent:

If you are satisfied with the recommendations, you provide us with written consent to proceed with the recommended insurance products. This consent can be in the form of a signed agreement, an email, or the Authority to Proceed form within the SOA.

Application and Underwriting:

Your advisor assists you in completing the insurance application forms. The insurance company may require additional information or medical examinations depending on the type of coverage and your health and lifestyle.

Underwriting Review:

The insurance company reviews your application, including medical records and other relevant information, to determine your eligibility and premium rates.

Policy Issuance:

Once the underwriting process is complete and approved, the insurance company issues the policy. You receive the policy documents, including the policy schedule and terms and conditions.

Ongoing Review:

We periodically review your insurance needs with you to ensure that the coverage remains suitable for your changing circumstances. Adjustments or updates may be recommended as necessary.

Remember that seeking Life Insurance advice in Australia is subject to regulatory guidelines set by the Australian Securities and Investments Commission (ASIC) to ensure that you receive suitable and ethical financial guidance. Always consult with licensed and qualified financial professionals to make well-informed decisions regarding your Life Insurance needs.