Partners Papers
Issue Seven
June 2015
In this edition:
l
Why
quick and easy
is not always best
l
The
importance of Advice
l
Commissions
l
Safeguarding
l
Q&A
your policy
- why I do what I do
l
Update
Here at Partners Life we have chosen to distribute our products
to consumers through Independent Financial Advisers who are
not tied or aligned to any one product provider (including us).
competitive prices and then to reward our clients’ loyalty
over time. So we know that it would be very difficult for any
client to get better value for money than they can get from
Partners Life.
We truly believe independent advice is of significant value
to consumers both in terms of robust advice on what to buy
and from whom, but also in terms of providing independent
advocacy for the client at claim time.
This is our strategy for not only attracting new clients but also
encouraging our existing clients to remain with us over the
lifetime of their insurance needs.
The challenge with advisers who have a range of choices
to offer their clients, is that to be the product provider of
choice, our offerings must be competitive today and remain
so into the future. For us this is a challenge we are more than
up for. Our primary focus is to provide the best products at
This edition of Partners Papers is designed to help
you understand the truth behind some of the
misconceptions that you might have about
advisers. We hope you will agree with us
that they are true heroes to their clients.
Why quick & easy is not always best
Is it necessary to have a financial adviser? In short, no. There are several differences,
however, in the potential outcomes when using an adviser compared to purchasing
insurance directly from an insurer.
Obtaining insurance direct from an insurer
Identifying your individual insurance needs
You are responsible for producing quotes for an indication of insurance
costs, identifying which types of insurance are relevant to you, and
identifying what ought to be purchased.
When your life changes, meaning your insurances
should be reviewed
Even if a direct product includes automated changes to
your cover based on an estimate of the ‘average’ life cycle
of their customers, it is extremely unlikely that these changes
can accurately reflect the actual changes in your unique life,
meaning your cover can become increasingly irrelevant to
your personal circumstances over time. No-one should pay for
something they don’t need nor should they find themselves
under-insured at claim time.
New Sponsors of
The Parenting
Place
At Partners Life we believe
in family values and that
parenting really does matter, so
in accordance with this we are
pleased to announce that we have
now become sponsors of another
family orientated organisation
‘The Parenting Place’.
The Parenting Place organisation
passionately believe that Family is
Everything. They help families through
a wide range of programmes Toolbox parenting groups, Hot Tips for
communities, Hot Tips for businesses,
Fathers’ Breakfast, The Parenting Show
with Pio, Pasifika Families, Parenting
magazine, Family Coaches, their centre
in Auckland, Attitude programmes for
schools, and the National Young Leaders
Days. The Parenting Place is here for
families - parents, grandparents, carers,
and children - whatever stage they are at
in their journey.
Their mission statement is simple: an
organisation that seeks to serve parents
and children, and it does so with flair,
humour and quality. For more information
on our involvement with this inspiring
organisation please go to:
www.partnerslife.co.nz/sponsorship
Choice of insurer
Tailored recommendations, comparisons according to your own needs,
explanations about the differences between insurers and their policies,
and value for money are all factors that are considered by an adviser in
making a recommendation to you.
When your life changes, meaning your insurances
should be reviewed
When you need to claim against your policy
Processing a claim will be up to you entirely to manage directly with
the insurer. When you consider the distress that claim events are likely
to cause, having to deal with the claims process yourself (or your family
having to deal with if you are incapacitated), could significantly increase
that distress.
0800 14 54 33
Identifying your individual insurance needs
There is a unique and individualised approach to assessing your
personal circumstances – it is by understanding you and your
lifestyle that an adviser can ascertain which types of insurance are
needed, how much you need, and which company offers the best
product fit for you.
Choice of insurer
There is scant information available to allow you to understand how
the different product types work alone, and in combination with
each other, let alone how to compare the differences between
competing products. This makes it very difficult for you to be able
to reach the same decisions that an adviser could, based on their
market research, industry knowledge and experience.
Obtaining insurance
through an independent
financial adviser
on Partners Life
The Dual 2015 and the
High Five-0 Challenge in
aid of the Mental Health
Foundation
Advisers regularly review how to customise clients’ cover as needs
change; the right kinds of questions are asked, and this information is
then translated into advice that has direct bearing on your policy –
all done by someone you know and someone who knows you.
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When you need to claim against your policy
This is arguably the most crucial moment in time when
you can use help. Assistance with the paperwork, obtaining
supporting documentation, and liaising with the insurer on
your behalf, means an adviser can minimise your
stress at a difficult time.
See inside for more details