Getting insurance

Most super funds offer life insurance for their members. The three types of insurance offered are death cover, total and permanent disability (TPD) and income protection. The premiums for super fund policies are deducted from your super account balance.

There are many benefits to arranging life insurance through your super fund but there are also limitations. Limitations include limited cover that is not tailored to your circumstances, potential delays in payment to your beneficiaries and a reduction in your super balance. The ASIC Moneysmart website has more information about the benefits and limitations of arranging life insurance through your super fund.

With this advice offering, my intention is to provide an individually, personalized insurance portfolio that allows us to bring together the best of superannuation insurance combined with individually underwritten insurance policies from the retail space. For example:

With income protection, we can enhance the super-only offered indemnity contract to include agreed value plus we can extend coverage to age 65. These are often significant enhancements from the current product offering inside super only;

With TPD, we are able to enhance the claim definition from “any occupation” to include “own occupation”.

Trauma insurance is not available through superannuation and my insurance offering can fill this gap in your personalised insurance portfolio.

These enhancements substantially change the comprehensive nature of the insurance offering and the premiums can often largely be paid for from your employer-funded superannuation fund.

On 27 March 2018, the Parliamentary Joint Committee on Corporations and Financial Services released recommendations resulting from its inquiry into the life insurance industry. It recommended a transition from traditional high upfront commissions to a fee for service model. For more information about the Parliamentary Inquiry and its recommendations click here.

My insurance offering is consistent with the Committee’s recommendations. I do not receive any commissions or other financial incentives from insurance companies. This ensures that the insurance product I recommend will be the best for your needs.

Insurance pre-assessment process

For situations where underwriting may be difficult to secure, I offer a pre-assessment service. This service involves contacting appropriate providers to explore the likelihood of getting cover.

Pre-assessment fee $660 (inc GST)
This fee will be credited towards the full insurance advice fee if you proceed
This service is to avoid advising on a full insurance portfolio where cover may not be able to be secured

Personal insurance

Including death cover, total and permanent disability (TPD), income protection and trauma.

Insurance advice fee $3300 (inc GST)
Optional implementation fee $660 (inc GST)
A portion of the advice fees may be able to be paid from your super fund
The fee I charge is in place of the commission paid by insurance providers to planners
Charging a flat fee gives you the peace of mind that the product selected will be the best for your circumstances.
Paying an upfront fee gives you a lower premium for the life of the policy