Have You Heard About Our Insurance Health Check Service?

A good accountant is a key member of your team and does more than just prepare your income tax return. They prepare, forecast, advise and provide a range of services to help you feel confident about your financial future. At Locumsgroup, one of the services we offer outside of tax return preparation, is an Insurance Health Check, designed to provide a holistic view of your financial wellbeing when it comes to your insurance. Whether it’s life insurance, Total and Permanent Disability Insurance, trauma insurance or income protection, this service is designed to put your current arrangements under a microscope and identify areas where you might want to pivot to maximise your current situation.

Comprehensive and thorough, our Insurance Health Check is designed to highlight any financial risks you are subject to and outlines what your insurance covers in the instance that something does go wrong. By completing this straightforward and comprehensive audit, we can recommend the best insurance arrangements for your current situation and advise if there are ways to save while ensuring you have the right cover.

 

This risk management strategy includes the following activities and benefits: 

1) Pay for what you need

When that annual renewal notice comes around, you might be inclined to just hit renew on your current insurance policies. After all, it’s easy, simple and done in seconds… But, are you paying the right price for the insurance you need?

 

2) Ensure The Right Assets Are Insured

Understanding what assets you own is a great starting point to narrowing down the insurance you need. Through a comprehensive review, we ensure all high-value areas are insured including, perhaps your most valuable asset – your ability to generate income in your career until age 65. There might even be assets you didn’t think needed insurance that actually do require cover, or vice versa.

 

3) Compare Plans

Maybe you have the right cover, but have you considered comparing insurance offerings? Different insurance companies may offer the same cover at comparatively different price points. Sometimes putting the feelers out via a broker with access to the full range of offers in the market through other insurance companies via online comparison tools, or simply asking your current provider to price match can result in considerable savings in the long term.

Consider the example of healthcare insurance. Maybe you are still with the provider your parents set you up with as a child and you haven’t had the time or capacity to look at other options. This is an opportunity to review other options and the best fit for your current situation. This might be timely if you’re about to start a family of your own because you may need to upgrade your plan to ensure all needs are covered.

 

While these were just a few examples and aspects of our insurance audit, there’s an array of benefits that come from a comprehensive overview. If you have questions or would like to learn more about this service, call our team on 02 9255 8888.

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