What is this document?
This information only statement informs you of the process used to choose your insurance and put your cover in place. It also explains how LifeDirect gets paid and other important information.
Important Information
- You have not been provided financial advice in this instance. You visited our website and via the tools provided have chosen your insurer and cover amounts.
- The advice process (level) you have chosen is called our No Advice model or DIY, which one of our team have supported you through this process
- You have the right to seek advice at any time
- All cover amounts you have chosen are subject to underwriting and acceptance by the insurer
- Premiums are indicative and may change upon acceptance
How we get paid?
LifeDirect are paid a commission from the insurer (a percentage of the yearly premium that you pay to your insurance company). The commission we receive is between 30% and 230% of the first year’s policy premiums. This depends on which insurer you have chosen.
LifeDirect is also paid an ongoing commission each year from the insurer, for helping you review your cover, to answer any questions, implement any other changes that you require, or assist with any claims. This is between 3% and 10% of the yearly policy premium
Commission Rates
| Insurer | Upfront % max | Ongoing % max |
|---|---|---|
| Accuro | 30% | 15% |
| AIA | 220% | 7.5% |
| Asteron Life | 200% | 5% |
| Chubb Life | 230% | 15% |
| NIB Health | 170% | 20% |
| NIB Life & Living | 230% | 7.5% |
| Partners Life | 220% | 10% |
| Fidelity Life | 240% | 17% |
| Southern Cross | 20% | $180 |
