contact CFL Financial

send us a message

CFL Financial client login Client Login
CFL Financial on Facebook Facebook/cfl.fp
CFL Financial location Level 9, 360 Queen Street Brisbane, QLD 4000
fax CFL Financial 07 3328 8999
phone CFL Financial 07 3328 8988
Email CFL Financial mail@cflfinancial.com.au

Don't forget your
free guides!

Retirement-in style

Retire in style checklist™

There are a few reasons why Business Owners need a Retire In Style Checklist

If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.

Retirement-prosperity-thumbnail

The Retirement Prosperity Guide™

Make sure you don’t miss out on the Retirement Prosperity Guide

If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

Ever Clicked Submit and Wished You Hadn’t?

Posted on Oct 14, 2016 by CFL

Online insurance options often look like they ‘do the job’ and they appear cheaper… but are they really?  And could they end up costing you a lot more than you expect in the long run?

We’ve all hit submit at sometime or other and wished we hadn’t (usually in a hot-headed response to an email)… but what we’re seeing more and more in business is people doing it with their insurances and paying a big price…

A number of our clients have told us that they have recently been tempted by the online lure of:

It sounded so easy to them… they could do it by themselves without talking to anyone and they could choose their own cover and set up. But when we’ve looked at the facts with them we’ve discovered that these policies are not always what they’re ‘cracked up’ to be…

So it’s important to think before you click… Instead, why not read on or click here to download our free guide ‘The Bulletproof Your Insurance Blueprint’ which will help you identify the traps to look out for, and what to do instead?

So what is the difference between having a Financial Advisor sort out your insurance and doing it yourself online or direct? What do you get? Is it any better? Does it cover the same things? Is it cheaper?

All valid questions that we’ve all no doubt thought as we’ve been bombarded with the ads on TV and online. Insurance companies promise big discounts, easy quotes and anything they can to get us to check them out. In fact, there are so many options and promises out there, it’s hard to know what to do.

And of course… we’re all so used to searching and comparing options online, it’s a natural response to ask Mr Google “CHEAP INSURANCE BRISBANE or wherever”!

The problem is most people don’t stop and ask themselves – “am I really getting the best deal by going online, or should I be speaking to a Financial Advisor to get some actual advice about this…?”

As Certified Financial Planners and Insurance Advisors with over 37 years experience between us, we’ve seen the good, the bad and the downright ugly when it comes to the way some of these online or direct insurance policies have been set up…. And we’ve also had to clean up our fair share of ‘insurance disasters’ that we can only put down to poor quality (or no) advice at inception…

So what should you be looking out for when you’re either looking at NEW insurance cover or REVIEWING what you have already?

Buying direct online insurance
On the surface, online quotes may look like the easiest route. You do it in your own time. You don’t have to speak with anyone. You get to choose your own cover and how it’s set up… It appears convenient, you get what you need, without any hassle and sometimes at, what looks like, great rates.

Unfortunately though, unless you’re an expert in insurance, how do you know if you ARE getting exactly what you need?

It’s great that technology has taken us to the point where we can explore prices and plans online, but what we’re finding over and over again is that, usually, this method either leaves people under insured or… the product doesn’t pay out like they said it would, or worse still, you have to go to WAR with the insurance company to get a payout.

The policies are often set up incorrectly (wrong name, wrong beneficiary…)
All just to save a few bucks…!

Look, we 100% understand why you’d want the best quotes for your insurance and can see the attraction of doing it in a convenient way… but have you ever bought a new computer or a stereo or some other piece of technology and had to call their call centre with a problem? Every time it’s a new person or they have no idea who you are, what you need, why you even purchased the products and it’s always a long irritating conversation. Try ringing the Telstra or Apple call centre and you’ll see what we mean… Do you really want the same with your insurance every time you need policy information or file a claim?

Oh, and by the way… The reason you don’t need to fill in any forms or answer any medical questions is because they’ll take ‘anyone’ on-board… They take your premiums… And then, when it’s time to make a claim… That’s when they do their assessments and start to think about whether you qualify for a claim OR NOT… Imagine you’re injured or sick in hospital and you have to start trying to prove there was no pre-existing condition, that you were healthy enough at inception and therefore qualify for a claim…

Using a Financial Advisor
On the flip side, Financial Advisors have a more structured and methodical process…! They take the time to ask you the right questions, collect important information, create recommendations that are specific and designed with you and your family in mind…

They’ll have many and varied options with many different companies and they do the research and compare the options for you…

One of the biggest things they’ll show you is the importance of structuring your insurances effectively – so that the dollars you pay for premiums work harder for you!

A key consideration here is who should own and hold your policies… usually there is NOT a ‘one size fits all’ answer. Most insurance policies can be owned or held personally, by your super fund, by your company or by someone else… but the trick is in working out which option best suits YOU.

You’ll also need to decide who the beneficiary/ies of your policies should be to ensure that the right people receive the money in the event of a claim… Once again there are lots of choices here and all with different tax consequences… No one wants to leave a loved one with a hefty tax bill because of poorly structured insurances.

Of course, as your circumstances and government regulations change, the structure of your cover may need to change as well…. Did you know the rules have changed regarding TPD Insurance so that only some TPD policies can set up inside your super fund?… and some existing policies may no longer be tax deductible.

So a valuable question to ask your Financial Advisor is “Are all my policies set up correctly for my current situation?”

This is just one example of where good insurance advice can improve your situation! Knowing about policy structuring options allows clients to plan and therefore maintain policies and be in a position to claim – when they need it most.

Working with a Financial Advisor to organise your insurances may not always be the most convenient option but it will, more than likely, lead you to having the right advice and getting the best insurance for your family.

Isn’t that what your insurance is supposed to do…?

Your Financial Advisor knows your needs, they know the rules, and they generally know all the different products, policies – and importantly – the wording and all the ‘grey areas’ inside and out. They also know your situation intimately so they are best placed to make appropriate suggestions which benefit you best.

So let’s summarise.

A Financial Advisor will assess your situation to make sure you:

  1. Get the cover you need;
  2. Don’t pay more than you have to; and
  3. You consider all the options – not just the price.

These are big decisions and you need someone in your corner to guide you and help you make the best decisions.

So, what’s the best option?
Look, if you’re just shopping around and getting some info – doing some research online is fine…. It doesn’t hurt to get a few online quotes – just to see if you’re in the ballpark… But be warned – the quote you generate online, is almost certainly NOT going to match what you already have – so be careful not to fall for the trap of comparing an apple to an orange.

If your online quote comes out cheaper, you can bet your bottom dollar that there is a reason for that and you should talk to your Advisor to figure out the differences BEFORE you go cancelling policies without advice.

There’s so much more that goes into getting the right cover than just the price.

If you feel like you’re torn between looking for a cheaper quote or getting some proper advice, why not start by downloading our Free Guide ‘The Bulletproof Your Insurance Blueprint’?

It’s a guide for family and financial protection that will help you identify the traps to look out for, and what to do instead; and in just 6-8 minutes, you’ll be clear on what you need in your insurance cover to help you make the right decisions….

If you’d like a copy, just click here and you can download one straightaway.

We really hope this helps you in moving forward with your insurance decisions; and if you want to talk through your options Click here to book a complimentary, 45 minute “Insurance” strategy meeting with Steve or Craig or contact us on (07) 3328 8988.

We look forward to hearing from you.

Also the Insurance Blueprint shows you a little known way to access more comprehensive cover, and be eligible for discounts at the same time…! It’s a great little tip if you want superior cover than your super fund provides for a lower or similar cost. Check it out here.

Download Your Free Guides Here
(Mouse over the image to find out more!)

Retirement-in style

Retire in style checklist™

There are a few reasons why Business Owners need a Retire In Style Checklist

If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.

Retirement-prosperity-thumbnail

The Retirement Prosperity Guide™

Make sure you don’t miss out on the Retirement Prosperity Guide

If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

Schedule An Appointment With Us

contact us

Email:
Phone: 07 3328 8988
Fax: 07 3328 8999

Office Location:
Level 9, 360 Queen Street
Brisbane
QLD 4000

Postal Address:
GPO Box 2468,
Brisbane,
QLD, 4001

send us a message

  • This field is for validation purposes and should be left unchanged.

Pin It on Pinterest

Share This

Share this post with your friends!