An inability to earn income could risk many priorities in life and in as short as three months, even homes, a major investment, may be threatened. A 2012 Life Risk Survey by CommInsure revealed that.. – 39% would resort to mortgage or remortgage – 32% would choose downsize their homes – 28% would…
Income protection is important but where is the policy best held – inside or outside superannuation? The answer depends on several factors such as the needs of each individual. Note that in an income protection… Cover structures inside or outside super are with tax deductibility benefits. Inside or outside super, taxes are applied on…
After changes made in March and May, MLC Insurance of the National Australia Bank has made more changes in its offerings and has introduced RiskFirst Rapid. The product aims to… – Address needs for further income protection premium savings – Allow quick coverage On top of this, an additional 20% savings on…
The last quarter of 2012 financial year saw a great number of life insurance complaints filed at the Superannuation Complaints Tribunal. Telephone complaints coming from fund members totaled 2809 while the number of written complaints reached 627. Summary of complaints with decisions by both fund trustees and insurers upheld by the SCT: In…
During Sydney’s AIA Australian Group Insurance Summit, result of polled 32 executives from 26 retail and industry funds and related consultancies was disclosed. It showed that over 50% of Australian superannuation funds will offer default income protection for MySuper. Representatives from BT Financial Group, REST Industry Super, Rice Warner Actuaries and Chant West responded differently…
Have you ever wondered what would happen if you suffered a serious injury or illness which meant you were unable to work? For many people, the reality of being without the means of earning an income could mean significant financial hardship for them and their families. As an employee your employer will (or should) have…
Changes are about to happen to many fund members whose cost benefits have been overlooked by SMSFs. Over 20,000 clients under the self-managed superannuation fund (SMSF) who have been under-insured will be offered automatic life coverage of up to $750,000. According to AIA Australia, this is the aim of insurance groups and financial advisers to…
Have you ever thought about insuring your income? If no, you are not alone since many income earners tend to overlook this important type of Insurance. Your income covers your needs and some luxuries in life. If you are the sole breadwinner in the family, your income is not solely for your needs but also for the entire…
Life Insurance – Should You Go for the Lowest Premiums? When you shop for Life Insurance it can be quite tempting to buy the policy with the lowest premium. However, this may not be the best move as lowest premium does not always mean the best deal. Yes, you may enjoy savings now, but later…
Some people have second thoughts about protecting themselves with Life Insurance and Income Protection as they find them unnecessary, only to realise later on that it can provide them and their families with the financial assistance that they need. Life Insurance and Income Protection are two of the most common types of insurance. Sickness, accident,…