The financial stability and future wellbeing of your family are of utmost importance to you.
The impact of a signifcant medical event or premature passing has the ability to place a family under serious financial and resulting emotional pressure. For this reason, families will look to insure against these events, particularly where there is debt and/or a reliance on continuity of income.
The choices you have to make around levels of cover, product, benefits/features, structuring for tax effectiveness, payment options and so on are important, but confusing. Getting it right is just so important.
Whilst it may seem like there are easy ways to get your life insurances sorted all by yourself, doing it right the first time (with the help of an expert) can save you from heartache in the future.
Every family is different. We will take the time to understand your unique situation including the past, present and future, your unique feelings towards insurance and provide you with information to help you make an informed decision on the way forward, that you feel comfortable with. This will include formal advice and assistance in managing an application to the insurance company, with a view to achieving the best outcome possible.
Don’t worry, we will do all of the digging for you and find out exactly what you’ve got. Once we’ve done this, we will provide you with a summary so it’s easy to understand.
This is one of the most common questions we get. We have designed our own comprehensive yet simple calculator that takes into account your exact situation and provides you with all of the considerations so that you can make an informed decision.
Fair enough. We manage all of the paperwork for you and if we need some information from you we make it easy. If you need any medical checks, most can be done at your house if that suits better and if you don’t want to fill out any forms, most information can be collected over the phone at a time convenient to you.
Most people, depending on the type of cover and your individual circumstances can pay for some of their insurance premiums from superannuation money. This means less impact on your day to day bank account.
If you are an employee and have the ability to salary sacrifice part of your salary in to super (to cover the cost of insurance), this can be an extremely cost and tax effective way of paying for your insurance premiums. By paying for your premiums with pre-tax dollars you are effectively reducing your assessable income and therefore tax payable.
There are over 15 life insurance companies in the marketplace and depending on your age, sex, occupation and health will dictate which one is right for you.
To give you an example, here is the range of monthly premiums for a male and female, aged 45, for $500k Life and TPD insurance across the cheapest and most expensive retail insurance company and also one of Australia’s largest industry funds:
You’ve probably noticed that every year your premium increases from the year before and even worse the increase amount keeps increasing!.
That is probably because you have what is called a ‘stepped premium’ structure which means your premium increases every year with your age (and tactical likelihood of needing to claim!).
Have you considered level premiums? Level premiums don’t increase with your age which means they stay more affordable for when you need the cover most. They will generally work out to be much more cost effective over the long term in terms of total premiums paid.
Sure, in an ideal world you would have the maximum amount of cover and all of the extra add ons but affordability is important and we will always seek to help you find and understand that balance.
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