Insurance Plan in Melbourne

1
Insurance 101
2
What is Life insurance ???

• This one is simple !!! Pays a set amount of money
  when the insured person dies. The money will go
  to the people you nominate as beneficiaries on
  your policy.

What is Total and permanent disability (TPD)
cover ??
Covers the costs of rehabilitation, debt
repayments and the future cost of living if you
are totally and permanently disabled. TPD cover
is often bundled together with life cover.
3
Did You Know

• Your Superannuation Fund Can Pay for Your Life
  and TPD Insurance Premiums
• You Dont Even Have To Move Superannuation
  Accounts.

4
What is Trauma cover Or Critical Illness
Insurance ???

• Provides cover if you are diagnosed with a
  specified illness or injury. The top 4 illnesses
  claimed under trauma policies are
• 1) Cancer
• 2) Heart attack
• 3) Stroke
• 4) Coronary artery bypass
• These 4 illnesses make up around 90 of all
  trauma claims in Australia.

This is the most expensive insurance out of the 4
but it is the most claimed upon one .
5
What does Income Protection cover??

• It Replaces the income lost through your
  inability to work due to injury or sickness.
• Normally it covers 75 of your income

Income protection gives you a steady source of
cash in case you get injured or sick and cannot
work. This means you can focus on getting better
and not on how you're going to pay the bills.
6
Waiting Period

• The 'waiting period' is the time between you
  becoming unable to work and receiving your first
  income protection payment. You can generally
  choose a waiting period between fourteen days and
  two years.

A shorter waiting period usually means a higher
premium.
7
Benefit periods

• The benefit period is the period during which you
  receive your income protection payments. You can
  generally choose between a two or five year
  benefit period or up to age 70 for some
  occupations.

8
Agreed value and indemnity contracts

• You can apply for an 'agreed value' contract or
  an 'indemnity' contract. An agreed value contract
  usually means that the monthly payment stipulated
  in your policy will be the amount you receive if
  you make a claim. An indemnity contract means the
  monthly payment will be assessed when you make a
  claim.
• Self Employed people seem to prefer to lock in
  their contact as Agreed as it provides a bit of
  security

9
Did You Know

• Your Superannuation Fund Can HELP Pay for Part of
  Your Income Protection Premiums

10
Angry Terry

• What happens when you get it wrong

11
Sold on Tv Insurance and Retail Insurance (What
We Use)

• How does the insurance within a direct insurance
  policy compare with cover offered by a financial
  adviser?

12
Sold on Tv Insurance/industry fund default
insurance and Retail Insurance (What We Use) A
tale of two policies

• The advantages and disadvantages of Direct
  Insurance vs. a Financial Advisers Retail
  Insurance
• Its Quick
• There is no doubt that Direct insurance is quick.
  There is a good reason for that!
• You Generally get sold one product provider with
  generally no underwriting
• We research a solutions for you and prepare a
  plan. We prepare ALL paperwork then work with a
  underwriter. To have your application assessed
• No Medicals
• No medicals No Problem right ?? the direct
  insurer has no option other than to price higher
  in anticipation of risks unknown. direct insurers
  have hidden behind a clause stating that claims
  due to pre-existing conditions
• We recommend fully underwritten at application
  stage this gives you and us the peace of mind
  knowing that you are covered in full when a claim
  is made.
• Features
• Retail products tend to have a wider range of
  features that can be tailored to your own
• individual situation and more importantly your
  budget.

13
Sold on Tv Insurance and Retail Insurance
(Summary)

• A more comprehensive offering
• Can be often cheaper in price
• Certain policies can even be paid for by your
  superannuation
• Advisers will assist in managing the claim
  process.

14
MOST IMPORTANTLY

• The definitions and features with a policy
  offered by advisers are of higher quality with
  less exclusions providing a greater security and
  opportunity to claim

15
The Disclaimer !!!

• This advice may not be suitable to you because it
  contains general advice that has not been
  tailored to your personal circumstances. Please
  seek personal financial and tax advice prior to
  acting on this information .Opinions constitute
  our judgement at the time of issue and are
  subject to change. Partners in planning Group
  does not give any warranty of accuracy, nor
  accept any responsibility for errors or omissions
  in this document.
• Copyrigh-2017 Partners in Planning Pty Ltd