Cover $ Policy Type Premium /mo
$400,000 Death or TPD $89.84
$62,340 pa Loss of Income' $59.81''
Private Hospital $151.45'''
Car CTP $27.58
$340,000 House & Contents $82.93
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TOTAL COST /month $411.61
Notes:
' 2 year waiting period applies, paid until age 65
'' Premium is tax deductible
''' After government premium discount has been applied
The recent tree fall that could easily have destroyed our rental property shows the value of insurance, but I wish it was possible to buy insurance "direct" from the insurer and get the commisions rebated - most insurance policy premiums pay a large chunk of the first years premium and a considerable trailing commision to the insurance broker who "sold" you the policy.
Copyright Enough Wealth 2007
1 comment:
If you do a bit of google searching you might find some online insurance brokers which rebate a portion of the commission they receive on insurance policies.
Ive even found some that provide you with 100% of the year 1 premium back.
I agree with you on this one though. Sometimes advisers receive over 100% of the year 1 premium in commission. THis means that the cost of the insurance has this loss of income factored in to it. Consumer loses, adviser wins.
Hopefully one day things will change.
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