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Blog | Start the new decade by saving BIG on insurance

Marcus English
Private Client Adviser - Risk & Insurance
14 Jan 2020

As we begin to emerge from the holiday period and as we wrap up another decade and embark on another; it feels like it’s gone by in the blink of an eye. What were your goals for the last ten years? Did you achieve them?

What does the next ten look like? Goal setting in the short and long term is important, and especially putting in place the steps required to achieve them! Saving is always a popular one…whether it be for a first home or an upgrade, your children’s education, the next holiday, or just saving in general. It’s not always easy, but perhaps there’s a way I can help with this without you having to do much at all!

As many of the wider Hewison family would know, we offer insurance on a fee for service basis, which means we rebate commissions on insurance back to our clients. Often this can lead to some substantial savings! I love exceptional client outcomes, and over the break, I decided I really wanted to share one that we recently achieved for a lovely couple that delivered them instant savings.

This couple was paying $43,000 per annum on personal insurances. I realise this isn’t always the norm, and its more than many people pay. But often insurance needs are high and dependent on circumstances, premiums can be expensive.

But, when benchmarking the policies, it became apparent that the insurance was overpriced and had not been reviewed in quite some time. Both were very healthy, which allowed us to recommend new policies of greater quality, but at the same time achieve reduced premiums of $28,000!

In addition to the premium reduction, the commission rebate on the policies was over $7,500 each year. This has delivered our happy new clients over $22,000 in value, in just one year!! And it was a lot easier to achieve than any savings plan.  

Of course, circumstances change, as do insurance needs, so who knows how long the insurance will be kept at those levels. But if they do remain the same over the next decade, that’s at least $220,000 (prior to fees) in their pocket. Not a bad outcome!

So, heading into the ’20s, is it time for the Hewison team to review your insurance? Happy for you to make contact to have a no-obligation, confidential discussion. My personal email address is marcus.english@hewison.com.au

Hewison Private Wealth is a Melbourne based independent financial planning firm. Our financial advisers are highly qualified wealth managers and specialise in self managed super funds (SMSF), financial planning, retirement planning advice and investment portfolio management. If you would like to speak to a financial adviser on how you can secure your financial future please contact us 03 8548 4800, email info@hewison.com.au or visit www.hewison.com.auPlease note: The advice provided above is general information only and individuals should seek specialised advice from a qualified financial advisor. The views in this blog are those of the individual and may not represent the general opinion of the firm. Please contact Hewison Private Wealth for more information.