1300 974 066

Life Insurance Broker

Find out more about life insurance brokers and their role in the policy purchase process with Savvy.

Life Insurance Broker
Thomas Perrotta Written By: Thomas Perrotta
Last Updated: 07/04/2025
Fact Checked

A business insurance broker is a financial advisor who specialises in providing advice about insurance products. They’re experts in their chosen field and often specialise in one particular type of insurance, such as public liability or commercial vehicle insurance.

Brokers act on behalf of their clients, offering advice about the type and level of insurance they’d recommend. They can save a customer plenty of research, time and effort by presenting tailored insurance packages for consideration.

In Australia, insurance brokers and agents are licensed by The Australian Securities and Investments Commission. To become an insurance broker, you first have to complete a Certificate III in Insurance Broking and a Diploma to gain your Australian Financial Services Licence.

What do business insurance brokers do?

These are some of the services offered by insurance brokers:

Providing advice

Business insurance brokers offer impartial advice about different insurance products available in Australia. They usually have a broad knowledge of multiple insurance products, and can assist a client to choose an insurance policy that is a good fit for their needs.

Offering packages

In addition, some business insurance brokers have their own insurance packages, products, special offers or enhanced insurance coverage which isn’t usually available to the public direct. Insurance companies provide brokers with these special deals in the hope of attracting new business.

Conduct risk assessments

The broker will meet with their client and work out what type of insurance the client is after. They may even assist the small business owner to carry out a risk assessment of their business, which may highlight where the business’ vulnerabilities lie.

Help clients through the purchase process

Once a client has decided what sort of insurance they need, the broker will go away and research what type of insurance package would best suit them. They will compare different policies and then make a recommendation to their client.

What are the alternatives to buying business insurance through a broker?

The clearest alternative to buying insurance through a broker is to compare offers yourself online. Savvy can provide you with a range of insurance quotes for comparison from some of Australia’s leading insurers. We offer an instant insurance quote service, which involves answering just a few questions about your business and the type of insurance you’re after. From there, you’ll receive a variety of offers online for you to compare side-by-side.

Getting quotes through Savvy is a convenient and simple way of comparing insurance policies offered by a wide variety of insurers. There’s no need to book an appointment or wonder if you’re getting the best deal. You can consider quotes from a variety of insurers just minutes from now and get your business the coverage it needs as soon as today.

Crucially, by comparing offers yourself, you can have more power to decide which is the best policy for your needs, rather than have it decided for you.

There are also a few other alternatives to using an insurance broker, including:

  • Do all the background research yourself, find out which companies offer the type of insurance you’re after and apply directly to several insurance companies to get a quote
  • Approach one company you may be familiar with or already have a policy with and ask for a quote
  • Ask family or friends which insurance company they use, and get recommendations from people you know

Pros & cons of using a business insurance broker

Pros

  • Save you time and effort

    A broker will save you time and effort carrying out research into the Australian insurers who offer policies that may be of interest to you.

  • May offer cheaper deals

    Some insurers sell their policies exclusively through brokers of one type or another, so some can offer cheaper deals to the public.

  • Can assist you to make a claim

    If you do need to make a claim on your insurance policy, your broker can assist with filling in the claim form and advise on what you can claim.

Cons

  • May not represent the entire market

    An insurance brokerage business usually earns its income through the commission paid by insurers, so they may have an arrangement with one specific group and may not represent the entire market.

  • May have to pay for their services

    Some insurance brokers charge a fee for their service, so you may have to pay to get the benefit of their advice. In contrast, it won’t cost you a cent to compare policies yourself online.

  • More insurance than you need?

    It’s in a broker’s interest to sell you as much insurance as possible, so you could end up being over-insured or having policies that you don’t need.

Frequently asked questions about life insurance brokers

What details do I need to provide my life insurance broker?

If you’re wondering what you need to take out life insurance with a broker, the good news is you won’t need much. A broker will usually request a few details from you, including:

  • Your name, gender and age
  • How much coverage you need
  • Whether you’re a smoker
  • Your occupation
  • Where you live (for example, your premium may be higher if you live in Perth rather than Melbourne or Sydney)
  • Whether you have any pre-existing medical conditions
Do I have to pay my broker if I decide not to buy?

No – when you get a life insurance quote through Savvy, there’s no obligation for you to purchase a policy or pay a fee if you decide not to buy at that time. This is also typically the case with traditional brokers who may otherwise charge a fee.

Can I go through a life insurance broker if I am a senior?

Yes – you can go through a broker if you’re chasing a life insurance product and you’re over 60 or 65. It can pay to work with a broker if you’re a senior, as they’ll have a greater understanding of which insurers among their panel may suit your profile.

Can a broker help me when making a claim?

In most cases, your online broker won’t be at hand to help you complete a claim form, as this is handled by the insurer. They can, however, provide you with some tips when you purchase your policy about how to speed up the processing of your claim. Some traditional brokers may be able to assist you in making a claim, though this won’t always be the case.

What age limits apply to life insurance?

Life insurance policies come with different types of age restrictions (all of which are at your insurer’s discretion and may vary depending on your health and other factors), such as:

  • Life insurance: the age limit for buying your first life insurance policy can be up to 75, depending on who you purchase with. After you’ve bought, you can be covered up to and beyond the age of 100 in some cases.
  • Income protection insurance: you can generally buy this policy up to the age of 60 and be covered until you’re 65.
  • Trauma insurance: you may get one of these insurance policies if you’re under 65 years old. You may be able to maintain your cover until you turn 70.
  • TPD insurance: depending on the provider, you may be able to buy an insurance policy up to the age of 75 and maintain it up to the maximum age of 100 in some cases.

Disclaimer:

Savvy is partnered with Compare Club Australia Pty Ltd (AFS representative number 001279036) of Alternative Media Pty Ltd (AFS License number 486326) to provide readers with a variety of life insurance policies to compare. Savvy earns a commission from Compare Club each time a customer buys a life insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via Compare Club. Savvy does not compare all life insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy. For any further information on the variety of insurers compared by Compare Club or how their business works, you can read their Financial Services Guide.

back-to-top
Savvy logo
1300 974 066
Sign up to our newsletter
Socials
Disclaimer and important things you should know

Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.

We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.

For more information about us and how we conduct our business, you can read our privacy policy and terms of use. 

© Copyright 2025 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.

We'd love to chat, how can we help?
By clicking "Submit", you agree to be contacted by a Savvy Agency Owner and to receive communications from Savvy which you can unsubscribe from at any time. Read our Privacy Policy.