Insurance

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Why your insurance within super could be at risk from July 1

Anyone holding insurance inside of super must be aware of the upcoming changes to inactive accounts, and to take prompt action if they wish to avoid having insurance they need cancelled. What is changing? From 1 July this year, super funds will be required to cancel insurance cover within accounts if the account is deemed inactive. An inactive account is defined as any super account that: has not received a contribution or rollover for 16 continuous months, and the member has [...]

2019-06-05T01:23:20+00:00May 31st, 2019|Federal Budget, FinSec Post, Insurance, Superannuation|

Protecting your super reforms

In December 2018 the productivity commission ruffled a few feathers with its report into the Superannuation Industry, suggesting employers and unions cede control of the $600 bn default superannuation system. The report identified that more than 30% of the 25 million accounts in the superannuation system are deemed inactive, resulting in investors paying $2.6 billion of unnecessary fees each year. In response and as part of their 2018/19 Federal Budget the Coalition introduced a number of reforms designed to "protect Australians' superannuation savings [...]

2019-05-31T05:27:12+00:00May 29th, 2019|FinSec Post, Insurance, Superannuation|

New Year’s Resolutions

New year’s resolutions usually have more to do with our body shape, weight loss, our relationship or our jobs. This message is not directed to any of those aspects but rather to our family’s security and wellbeing. Unexpected events, such as death, illness or accident do happen, they devastate families and change their lives - You can’t control the event but you may be able to control its financial impact. Make protecting your family a priority in 2017 by following these [...]

2017-01-19T00:09:37+00:00January 19th, 2017|FinSec Post, Insurance|

The Trowbridge Report

Life Insurance is a large and very important part of Australia’s financial sector. According to assistant Treasurer Josh Frydenberg “there are 28 life insurance companies writing more than $44 billion worth of business, and more than 13,500 life insurance advisers employed in Australia.” The policies they provide – be it through a superannuation fund, direct from an insurer or via a financial adviser – provide essential financial security in the event of death, serious illness or injury. Without it, even the [...]

2019-07-31T00:54:03+00:00April 13th, 2015|Insurance, The Story, The View|

’10 x Income’ is Not Enough

Rice Warner December 3, 2013 The widely-used life insurance equation of ‘10 x annual earnings’ is not enough to secure a family’s long-term lifestyle, the latest underinsurance research from Rice Warner has revealed. The consulting firm has released its annual ‘Underinsurance in Australia’ report, which found that in order for a family’s standard of living to be maintained in full, life insurance cover of an amount equal to 15 years’ income is required. Similarly, TPD cover equivalent to 15 years’ annual [...]

2014-05-01T04:28:35+00:00December 17th, 2013|FinSec Post, Insurance, Pre-Retirement Planning|