A draft version of the latest guidelines for MySuper legislation was released this week. The guidelines detail recommendations for a number of aspects of insurance and intra-fund advice, including clarification of commissions and payments for advisors, particularly in the field of group insurance. In the area of insurance, according to the new guidelines, MySuper trustees now have to offer a minimum level of Life and Total & Permanent Disability cover. Insurance policies offered must still meet existing Superannuation Industry Supervision regulations and it is up to the trustees to decide an appropriate minimum level of insurance cover for their clients. The cost of financial advice to employers on group insurance policies will no longer be able to be recovered through a charge to employees through [...]

The number of Australians with life insurance coverage through superannuation has increased while there was a drop for the same number of people with stand-alone coverage, potentially worsening the insurance gap. In 2006, the Financial Services Council said a similar study showed an increase in the number of Australians with superannuation life insurance coverage from 27 percent to 48 percent. In the same period, the Macquarie Life survey of 1000 showed a decline from 28% to 18% for people with stand-alone life insurance coverage outside of superannuation.    Coverage through superannuation may provide some assurance within its provisions but its capability in completely meeting a policyholder’s needs may be a concern, said Justin Delaney, head of Macquarie Life.  Yet about 50% of men and women [...]

Most people wouldn’t consider going without car insurance. Although we don’t expect to have an accident every time we get behind the wheel, we are aware of the possibility and take precautions to protect our vehicle and our finances accordingly. Strangely enough, when it comes to our income, many of us don’t provide ourselves with the same level of protection. When you have dependents or debts, your regular pay cheque is essential for you to maintain your lifestyle, pay off your home loan and support your loved ones. It may seem unlikely that you will die prematurely, or become permanently disabled and unable to work, but it is sensible to plan for the possibility. Income protection insurance is designed to give you a regular payment [...]

CCA Financial planners has today launched a mobile version of it’s website. We have been working hard to provide users with the best expierience possible, With an easy to use interface and friendly forms. To view our mobile site, simply navigate to http://ccafp.com.au with your mobile device. Or click on This Direct Link

There are plenty of advantages to getting as fit and healthy as possible, including increased energy levels, a better functioning immune system and typically, a lower risk of developing a number of long term health problems such as diabetes and cardiovascular disease. Did you also know that improving your health and fitness could lead to financial benefits in the form of lower life insurance premiums? When you take out life insurance, your premiums are calculated based on a number of risk factors, including:  age,  gender,  blood pressure,  lifestyle and  weight. The higher your perceived risk of dying prematurely, the higher your life insurance premiums will be. This additional cost is known as ‘loading’ and it can be possible in certain circumstances to reduce your loading [...]

As a professional, you probably enjoy a good income and a comfortable standard of living. Many professionals have worked hard to attain the right qualifications and experience to allow them to earn a reasonable income and to work in an occupation that interests them. However, have you considered how your family would manage if you were unable to work for a set period of time or even indefinitely? Asking this simple question can highlight the importance of protecting your lifestyle and your family’s assets with life insurance. Contrary to popular belief, life insurance isn’t just there for premature death. Income protection, total and permanent disability and trauma insurance, are all potential add-ons designed to help provide you with an income in the event that an [...]

Income protection insurance is important no matter what profession you are in. Medical professionals have a few risks unique to their occupation which means that they need to find a policy which is geared to their specific circumstances. Income protection insurance is designed to provide a portion of your regular income in the event that you are unable to work due to illness or injury. As a medical professional you are at higher risk of contracting blood borne diseases such as Hepatitis B, Hepatitis C and HIV from needlestick injuries. Contracting one of the above illnesses could have a significant impact on your occupational duties as it is possible that you may lose patients and you could be unable to perform certain regular duties that [...]

Not all insurance companies are created equal as the recent announcement of TAL (formerly Tower) as the 2011 winner of the Plan for Life/AFA Life company of the year award demonstrates. This is the second year running that TAL has taken this prestigious award after a thorough evaluation process which also takes into consideration feedback from financial advisors. A number of different criteria are used to decide the award including: Features of the products Customer support and use of technology The quality of underwriting performance and the claims process Quality of customer service Sales performance As well as the above factors, direct feedback from financial services providers makes a significant impact on the final decision. The broad assessment process means that this particular award is [...]

An exciting new product range has just been released by Asteron Life. These new products cover income protection, trauma protection and life insurance products and offer increased flexibility and added benefits for new and existing customers. One of the main changes to Asteron Life’s income protection products is the introduction of a new, three tiered definition of disability. These new guidelines replace the previous 10 hour definition and are applicable for all occupation classes, providing a broader range of cover than previously. Asteron Life have also updated their trauma cover to include new definitions for heart attacks and breast cancer, a move which is designed to provide customers with greater benefits in the event that they have to make a claim. There is also a [...]

Asteron life has recently announced a number of upgrades to their income protection insurance product. Previously known as “Asteron Lifeguard,” the updated portfolio will be known as “Asteron Life Complete” and includes revisions to their disability definition and the implementation of a three tiered approach to disability claims. Under the new policy there will be three options for income protection; income protection standard, income protection plus, and income protection accident insurance only cover. These policies all come with varying levels of cover to suit different budgets and circumstances allowing for greater range for customers to choose from. A number of benefits will be included in all three options including rehabilitation benefit, return to business/work benefit and needlestick and medical hazards benefit.  The income protection plus [...]