The personal insurance landscape has changed immensely in Australia over the past few years to the point where you would be forgiven for becoming disillusioned with life insurers and the insurance underwriting process. Ludicrous premium increases, harmful policy changes, and numerous sales of insurance books are just some of the issues causing policy holders, including myself, much grief. Moreover, regulatory intervention was needed recently to force change within the industry and as a result, new Income Protection Product settings were introduced on the 1st of October 2021.

What’s your point I hear you ask? Well, given the above, establishing a tailored personal insurance plan is now more important than ever when creating your wealth accumulation and financial risk management strategies. When it comes to personal insurances, especially Income Protection, there are now numerous products in the market offering varying degrees of protection. Therefore, a personal insurance plan can no longer be a one-size fits all or a set-and-forget approach.

At Convergence Wealth, we can provide you with an overview of the various types of insurances and help you structure the right mix of insurances that meet your personal circumstances. We remove the complexity of assessing the plethora of product roaming the market and we also share with you our experience dealing with various insurers which may have an impact on your decision-making process.

If you want to know more, please follow us and/or contact us Convergence Wealth

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