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 fund. Superannuation funds won’t be able to pay premiums on insurance policies which include embedded commissions for advisors. This is in a bid to help lower overall fees for investors in superannuation funds.

The new guidelines have also introduced restrictions on the payment for one-on-one financial advice across all members of a fund. When the nature of the advice is complex it will no longer be permissible for the fund to charge an admin fee to cover the costs. Under the new regulations, the individual member will be responsible for the payment of the cost of financial advice provided specifically to them.

Other requirements include the need for superannuation funds to publish a dashboard showing return on investment, average fees charged and risk levels for all their products. In essence, the new regulations are intended to reduce overall fees for customers and enhance the quality of the services provided.

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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 with life insurance through superannuation believe the coverage is enough. Macquarie Life said there were about 72% who believe the coverage is reasonable and a surprising majority who said it was a sufficient coverage.

According to Delaney, the study respondents who felt the coverage was not enough have several reasons for sticking with the coverage type: some are not willing to spend time with their advisers to study their insurance while some find the cost too stiff. Seemingly, the major influential factor is simply what the client can afford. 

Delaney commented on the positive result of the advice industry about ensuring client’s ample coverage because a higher rate of 30% for stand-alone insurance coverage was noted among respondents with financial advisers.

For respondents who did not have life insurance, 62% expressed uncertainty about taking on coverage while some said they are unlikely to get one. Seventeen percent of them thought having an insurance is beneficial but 45% of them would rather opt for private health coverage. A small percentage of 25 thought that no coverage is needed for people who own considerable assets.

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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 in the event that you suffer an accident or illness which prevents you from working for a significant period of time.

If you are earning an income, you can apply for income insurance and you may be able to get cover for up to 85% of your regular salary after a specified waiting period. Make sure you consider separately insuring any non-income earning partners in the household, particularly if they are involved in home duties or raising young children as the incapacity of a non-income earning partner can also have a financial impact on the family.

The cost of income protection insurance varies according to a number of factors including age, gender, how high risk your occupation is considered to be and what level of cover you are looking for. Generally the lower risk your occupation and the less your perceived chances of dying early, the lower your premium cost will be. You protect your vehicle; why not protect your family’s future? For more information about income protection insurance, speak to a financial planner today.

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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 and therefore the cost of your premiums. With measurable health improvements, some insurance companies will reassess your risk category, which may potentially result in a drop in the cost of your premiums.

This means that simple lifestyle changes such as giving up smoking, taking up more exercise and losing weight could all contribute to financial as well as health benefits for you. More importantly, you would be setting yourself up for a longer and healthier life, which is likely to benefit not only you but your family and other loved ones, perhaps giving you more time to enjoy grandchildren or to play an active role in your community. For more information on life insurance and the different factors that could affect your risk level, why not speak to one of our financial planners?

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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 illness or injury prevents you from working for a significant period of time. Neglecting to purchase enough insurance means that you and your family could be left struggling financially, particularly if you have debts such as a mortgage which you need to repay.

Obtaining an insurance plan that offers excellent financial protection may not be as expensive as you might think, as some types of insurance – for example, income protection insurance – are typically tax deductible. Having enough coverage to help maintain your family’s lifestyle and avoid financial hardship is essential for any professional and it’s worth looking into your options as soon as possible. Hopefully you will never need to claim on your insurance, but in the event that you do, it could help you minimize or even avoid financial stress while you are dealing with illness or injury.

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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 might put your patients at increased risk of exposure.

An Accelerated protection policy from TAL can give you cover for these situations through their income protection disability benefits if you can demonstrate a reduction in number of patients as a result of your diagnosis or if your regularly perform procedures which could potentially put your patients at high risk of exposure.

As an addition to your regular income protection policy, you can also obtain needlestick benefit which can pay you a lump sum payment in addition to any regular income protection payments you might receive. For certain eligible medical professionals, this is available for no additional cost with TAL and Asteron on their Critical Illness Premier or Income Protection with critical illness option.

As a medical professional it is important to safeguard your lifestyle and the financial future of your family by taking out income protection insurance. A policy specifically tailored to your occupation can give you the benefits you need so you are confident that you are protected.

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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 extremely highly regarded in the industry and competition is fierce. TAL’s success over the previous two years is demonstrable proof of their high quality of service and products as well as their consistent performance across the nominated criteria.

As well as the life company award, there were a number of other insurance companies nominated for different awards including Zurich as the winner of the Service Quality award and a number of category specific awards for different products including income protection, trauma and term life insurance or tpd. Other strong performers across the different categories included Comminsure and AXA.

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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 new range of optional benefits for add on protection, including child cover and increased monthly benefits to cover super contributions.

Another introduction is the ability to pay your life insurance premiums directly from your super fund, making it easier to keep on track with your premiums even when you are on a budget. It is hoped that this will help to make insurance more accessible to those who previously may not have been able to afford it. In addition to this, there is a new flexible linking option which gives customers the ability to bundle their covers and potentially save costs and maximise the tax effectiveness of their insurance policies.

To find out more about these changes and the full range of Asteron Life Complete products, contact one of our advisors who will be happy to discuss your needs and situation.

Asteron Life Complete launched on 5 March.

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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 option will include business rehabilitation benefits to help disabled business owners restructure their businesses to help them continue working. The definition of day 1 when it comes to disability claims has also been updated to reflect a real ‘day 1’ meaning that if your disability lasts longer than 3 days your benefits can be backdated to the first day of your disability.

As well as enhancing their individual policies, Asteron has also introduced flexible linking to help customers take advantage of bundled offers on life insurance, TPD and trauma insurance. Customers are also able to split the ownership between super and self owned allowing for more flexibility.

Asteron Life Complete launched on 5 March.

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