Income Protection (IP) is a policy most medical professionals are aware of but if you are self-employed, do you have the right policy to cover ongoing fixed expenses of the practice? IP covers up to 75% of your gross income but it doesn’t provide additional cover for things like rent, administration wages, equipment leases, net
The majority of medical professionals are aware of the importance of Income Protection (IP) and have the relevant policy in force, however; there is only a small portion that have their fixed business costs covered. Business Expense Insurance (BEX) is a policy designed to replace up to 100% of eligible fixed business expenses such as
The Australian Securities & Investments Commission (ASIC) has recently released Report 498 which highlights the benefits of using an adviser for personal retail insurance (Term Life, TPD, Trauma and Income Protection) as opposed to other channels like direct insurance and insurance held via group superannuation accounts. The report shows that you are 71% more likely
On the 1st July 2015 the Federal Government changed the definition of terminal illness for the purpose of superannuation and tax law changed whereby the period to be able to make a claim was extended from 12 to 24 months. This significant change provides those suffering from a terminal medical condition earlier access to their
When it comes to the needs of women, it seems we should be aware of the differences when comparing what is covered in trauma insurance policies. http://www.riskadviser.com.au/viewpoint/13531-considerations-for-trauma-insurance-advice-to-women
The Australian stock market took a nosedive (falling 7%) at the beginning of the 2016 calendar year, with speculation from ‘financial’ media that the rest of 2016 will bring low returns and high volatility. Is this all really just scaremongering? Should investors base decisions on just a handful of days trading?
Trauma and Income Protection insurance are normally taken out by clients once they go into debt or have a family. However, it is vitally important even at a young age to ensure costs can be covered for specialist medical treatment especially when it is not covered by the PBS (Pharmaceutical Benefits Scheme) system. This article
The number of bankruptcies in Australia fell 11.2% in the March quarter 2015 (4,379), compared to the March quarter 2014 (4,932) and increased 4.8% compared to the December quarter 2014 (4,179)1. So what is the treatment of life insurance proceeds, both outside and inside super, in the event of bankruptcy? Bankruptcy & Life Insurance
The terms “overweight” and “obese” are used to denote situations where excessive fat accumulation represents an increased health risk. It is important to know the impacts and true costs of obesity. Here’s an article written by Dr Pramodh Nathaniel, Chief Medical Officer for TAL. Size Does Matter
With thanks to riskinfo eMagazine, here’s an article that takes a look at blood pressure & hypertension – hypertension being a condition with which many of your clients and perhaps a few of you, may be familiar!
You’re starting to think its time to purchase some investments and would like to know more around shares versus managed funds. They are the two most popular ways of holding investments in Australia, but now do you decide which is the better option?
I was informed by one of the Poole Group accountants that their client suffered a water skiing accident and was unable to work. Naturally I suggested that the client should be entitled to an income protection benefit for the time off work. I contacted the client and explained the potential benefits he was entitled to
I was recently referred a client who has a range of personal insurance policies including Term Life, Total & Permanent Disability (TPD), Trauma and Income Protection. The policies were set up via another adviser over 5 years ago and the client’s main concern was that he had not heard from the adviser since the initial
Companies such as Real Insurance, Choosi, and most recently, Coles Insurance, all claim to be the cheapest and easiest to apply. Coles even has a “Price Beat Guarantee” stamp on their Life insurance so it must be the cheapest right? Wrong.
I received a call from a new client who was referred to me by a mutual friend. The client had recently suffered a disability to his hand/wrist and was unable to work being a painter. He was severely stressed as he had submitted the claim him self and was informed by the insurance company that
Superannuation rules limit who can receive death benefits. Therefore it is important to understand who can be a superannuation dependent as well as a tax dependent. The rules apply to accumulate savings/account balance as well as insurance inside superannuation. Death benefits from superannuation (including insurance payments) can only be paid to: A dependent as defined
Every medical practice with two or more owners needs to have the right strategies in place if one of the owners leaves due to premature death, total and permanent disability or a traumatic illness. As the practice provides its owners with regular income, capital, security, superannuation and retirement flexibility, protecting the exiting owner’s needs, in
I was referred a new client by one of the Poole Group accountants to review the clients existing policies. As part of the review process I discussed the clients pre-existing health issues and was informed that he was diagnosed with a malignant melanoma in 2001. On review of the clients existing policies I noticed that