Are there fees if I change insurance companies in the future?
Insurance Brokers are paid by the insurance company when your cover starts. If that cover is cancelled within 24 months, the broker is required to repay some or all of that commission.
We reserve the right to charge for our time if a clawback is incurred. The fee will be the estimated amount of hours the insurance application took at an hourly rate of $250 per hour. Unlike other fees, such as Break Fees from the bank, we have capped the amount we can charge clients at $2,500.
If you are wanting to change insurance companies, the best thing to do is immediately talk to your adviser and discuss if any clawback fees will be charged.
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