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Insurance Plan in Melbourne

If you’re about to walk down the aisle or give birth, chances are insurance isn’t top of mind. But big life changes can provide the right time to talk about protecting your future lifestyle.

Simon2012
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Insurance Plan in Melbourne

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  1. Insurance 101

  2. What is Life insurance ??? What is Total and permanent disability (TPD) cover ?? 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. 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 Don’t 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. Benefitperiods 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 Adviser’s 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

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