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“We could sell you such a policy, but unlike many insurance brokers who are only licensed to provide advice on general insurance products, we are also financial advisers and therefore have a fiduciary duty to our clients to ensure we are acting in their best interests. Compared with a proper income protection policy, an accident and illness policy generally provides an inferior level of cover, and therefore it is against our principles to recommend or “sell” such cover.

To provide advice on income protection in Australia, one has to be a licensed financial adviser. Many insurance brokers are not licensed in this way, and therefore they cannot provide advice to you on income protection. Instead they simply sell you an accident and illness policy.