FAQs

Frequently Asked Questions

If you require more information please don’t hesitate to contact us.

• How much insurance cover do I need?
  • Everyone’s situation is different, that is why we get to know our clients to ensure any protection you have is appropriate to your needs.We generally recommend your Life and TPD insurance provides enough to cover your existing debt and provide an amount, which can be invested to provide an ongoing income for your family to maintain their current standard of living.For Income protection insurance you can cover up to 75% of your current regular income.
• When should my policies be reviewed?
  • You should contact us to review your insurance requirements when
    • You discharge your mortgage or other significant debts
    • You increase your liabilities
    • You add a child to the family, or you need to manage another dependant such as an aged parent
    • You separate or divorce; plan to settle property
    • Your income increases substantially
    • You are bequeathed a sum of money
• What are the advantages of Stepped vs Level Premiums?
  • Stepped Premiums are recalculated at each policy anniversary and is based on your age and/or any increase in the sum insured as a result of indexation increases. The advantage of a Stepped Premium is that it is cheaper when someone is younger, often when they have substantially more debt and require a greater level of insurance. As you get older, your premiums become more expensive, however you tend to need less insurance later in life which will offset the increase in premiums.Level Premium are calculated at the commencement of the policy and remain the same for the life of your policy. The premium may change if there is an alteration to your sum insured (e.g. indexation increases) and/or if your insurer increases its rates generally. The advantage of a level premium is that you always know how much your insurance will cost on an ongoing basis.
• Is my policy tax deductable?
  • Your Income Protection Policy is a full tax deduction for the person who owns the policy. Likewise, all forms of Business Insurance (Buy/Sell, Key Person and Business Expenses) are a tax deduction for the business that owns them. We will work closely with your accountant to ensure you have the right advice and policy structures.When owned within a Superannuation Fund your Life and TPD Insurance can be paid by the fund and may be deductible. When personally owned however, these policies are not a tax deduction but this also means that any payment made upon a claim is tax-free.
• Please speak to one of our friendly advisers should you require any clarification on the questions above or any other questions you may have regarding your insurance.

Last Updated on - Friday, 18 March 2016