A 6-step process for Risk Insurance, including Life Insurance and Income Protection, would focus on identifying your needs, selecting the right policies, and ensuring proper implementation and ongoing support. Here’s an outline of a process tailored to risk insurance:
1. Complimentary Consultation
- Initial Discussion: The first meeting is free and without obligation. During this meeting, we will discuss your financial and life goals, any concerns you have regarding potential risks (e.g., death, disability, or illness), and your current insurance coverage or lack thereof.
- Establishing Needs: We’ll begin by understanding your family situation, financial obligations, and lifestyle goals.
2. Information Gathering
- Questionnaire: A confidential fact finding questionnaire will help us gather important information about your health, lifestyle, financial situation, and existing insurance coverage.
- Assessing Risks We will assess your current financial obligations (such as mortgages, debts, children’s education), income, and long-term financial goals to help us understand the appropriate level of coverage.
3. Discuss Insurance Opportunities
- Review Available Policies: We will discuss the range of risk insurance options available, including Life Insurance, Income Protection, Total and Permanent Disability (TPD) Insurance, and Trauma insurance.
- Tailored Strategies: Based on your needs, we’ll suggest policies that align with your risk exposure, taking into account factors like budget, lifestyle, and personal circumstances. We'll also discuss any gaps in your current coverage, if applicable.
4. Prepare Your Risk Insurance Plan
- Policy Selection and Design: After thoroughly reviewing your needs and objectives, we’ll recommend a comprehensive insurance plan that includes the appropriate mix of policies (Life, Income Protection, TPD, Trauma).
- Detailed Plan:The plan will outline the types of coverages recommended, coverage amounts, terms, premiums, exclusions, and benefits. We will also explain any potential tax implications, costs, and the impact of your policy on your overall financial situation.
- Statement of Advice (SOA): A detailed report will be provided, outlining our recommendations and justifications for the proposed coverage.
5. Implement the Plan
- Policy Application and Documentation: Once you agree to the recommendations, we’ll initiate the application process for the selected risk insurance policies.
- Submitting Applications: We’ll handle all the paperwork, including completing the necessary health and lifestyle questionnaires, providing supporting documentation, and liaising with the insurance provider.
- Activate Coverage: We will ensure your coverage is in place and fully activated, with all policies issued and premiums set up.
6. Ongoing Review and Adjustments
- Regular Check-ins: We place a strong emphasis on the importance of ongoing reviews to ensure your coverage remains aligned with your changing needs.
- Adjustments for Life Changes: Life events (e.g., marriage, the birth of children, buying a home, changing jobs) or changes in your health may require adjustments to your coverage. We will periodically review your policies to ensure they are still appropriate.
- Policy Maintenance: We’ll monitor the policies, and keep you informed about any updates or changes in insurance regulations or terms.