Personal Insurance

Personal insurance covers insurances such as:

• Term Life;
• Total and Permanent Disablement (TPD);
• Income Protection;
• Business Expenses; and
• Trauma.

What should personal insurance advice entail?

Personal insurance advice should be integrated with estate planning and be tax focused.  Estate planning, tax and insurance are interrelated because:

• Superannuation death taxes and capital gain tax consequences can reduce the value of an estate and superannuation interests.
• Tax on income from estate assets and superannuation interests can be minimised.
• Life and TPD insurance premiums can be structured so that they are tax deductible (not suitable in all situations).
• If your TPD or Life or Income Protection is housed in a SMSF if there is a payout, future service period deductibility benefits should be considered.

• If your employer is willing to pay into more than one superannuation fund you should consider establishing a dedicated insurance superannuation fund. This approach will reduce tax on a lump sum TPD payout and could reduce superannuation death taxes.

Other insurance considerations that can save you money

• Level versus stepped premiums.  Depending on your age and wealth levels having a portion of your premiums level may save you considerable money in the long run.
• Insuring for your future situation and not your current situation.
• If you have a corporate superannuation plan and you don’t intend to stay with your employer forever, consider what happens to your insurance policy at this time.
• Locking in insurance policies with adequate sums insured whilst you are young and healthy. 
• Linking insurance policies to reduce premiums.

Existing insurance policies

If you are happy with your current insurance polices but not with your adviser we are happy to become the adviser of any policies and handle all administrative processes.  Please note transferring advisers brings no additional costs to policy holders.