Life Insurance Broker vs Buying Direct

A life insurance broker can help you compare available policies and understand the application process. Buying directly from an insurer is another way to arrange cover. Compare the actual products, costs and service offered rather than assuming either route is always cheaper or provides broader protection.

What a broker can help with

Covermate Life explains products available through our insurer panel, helps request quotes and supports applications. Our panel does not include every insurer or policy in the market. Ask which providers are included, what help is available at claim time and whether any fees or commissions apply.

General advice and personal advice

Covermate Life provides general advice. It does not take account of your personal objectives, financial situation or needs, or assess whether a particular product is appropriate for you. If you want a recommendation based on your individual circumstances, seek personal financial advice from an appropriately authorised adviser.

Buying directly from an insurer

A direct application lets you deal with the provider's own products and processes. The amount of underwriting, available benefits, exclusions and support differ between products. Fast acceptance does not establish that a policy has the benefits you need. Read the policy documents and ask what is excluded.

Compare equivalent cover and the ongoing cost

Compare insured amounts, definitions, exclusions, premium structure and expiry ages. For income protection, check the waiting period, benefit period, income assessment and offsets. A similar product name does not mean identical cover. Premiums through a broker and directly from an insurer are not necessarily the same.

Questions to ask before applying

Which insurers and products are included? How is the broker or provider paid? What support is offered after the policy starts? What evidence is required for an application or claim? If replacing existing insurance, what benefits or conditions would change?

Keep existing cover until replacement insurance is accepted in writing and you understand the differences. Savings, acceptance and claim payments are not guaranteed.

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Request quotes through Covermate Life

General advice only. Read the relevant Product Disclosure Statement, policy schedule and Target Market Determination where applicable before deciding.