How an Insurance Adviser Works for You: Advice, Comparisons and Commissions

Start with what you already hold

That can mean looking at cover you already hold, including insurance through super, before discussing anything new. It can also mean checking how a change in work, income, health, family or debt may affect the role of cover.

A review does not need to end in a new policy. Depending on the circumstances and the agreed scope, it may support retaining existing cover, considering an adjustment or taking more time to compare options.

What an EvolvU comparison includes

Where a comparison is part of the agreed advice process, EvolvU compares products from 11+ insurers on its approved product list. This is a defined panel, not every insurer or product in the market. Available insurers and products can change, and not every product on the list will be relevant to every person.

The helpful question is which options were considered for your circumstances and why. A comparison should look beyond the premium. Depending on the type of cover, it may consider policy definitions, exclusions, waiting and benefit periods, premium structure, ownership and the terms of cover already in place.

If you apply for cover

An application can lead to standard terms, altered terms, an exclusion or no offer. It is not confirmation that cover has started. Before changing or cancelling existing cover, understand the new terms and when any replacement is confirmed to be in place.

Clear information about commissions

The insurance premium, any advice fee and commission are separate parts of the overall cost. Advisers may receive commissions on some insurance policies they recommend. If a commission applies to your policy, EvolvU will explain the actual applicable commission before you decide whether to proceed, including the rate and dollar amount where it can be calculated.

ASIC requires informed consent for certain insurance commissions connected with personal advice to retail clients. Exceptions can apply, including some renewal arrangements. The Financial Services Guide is also designed to help you understand the services offered, remuneration and how a complaint can be made.

Questions worth asking

Ask what you will pay upfront and each year, whether anyone will receive a commission, who receives it and how it is calculated. Ask what service is included, which insurers and products were considered, and what limits apply because the comparison uses an approved product list. These questions can help you understand the advice process before you make a decision.

This article is general information only. It does not take account of your objectives, financial situation or needs. Policy terms, eligibility, exclusions and premiums vary. Read the relevant Product Disclosure Statement and consider personal advice before making a decision.