When deciding the type of insurance, you want to consider for yourself and your family, it is critical you get the right type of cover. AN IMPORTANT CLAUSE THAT NEEDS TO BE CONSIDERED IS WHETHER OR NOT THE TERMS AND CONDITIONS OF THE POLICY CAN CHANGE, EVEN AFTER YOU HAVE TAKEN OUT THE POLICY
Group Insurance
Group insurance is a pooled insurance product that is offered by a super fund or employer to a group of people. Often, people will hold a default level of group cover via their industry super fund.
Retail Insurance
Retail insurance is a fully underwritten policy that is distributed to customers through intermediaries such as financial insurance advisers. The application is typically a lot more thorough and individually specific.
As Group Insurance is a ‘pooled’ type of insurance, the definitions in the terms and conditions are not typically tailored for each individual. This allows the insurance company to change their terms for a product, which will affect anyone with that product.
They have the ability to do this anytime, meaning that your terms and conditions may be changed without you knowing.
Retail Insurance on the other hand, works differently. Once you have agreed to a policy, the terms are ‘locked’ and cannot change. The terms and conditions of retail insurance tend to be more comprehensive and allow for more flexibility.
Life Insurance: Why Do I Need It?
Life insurance…. It’s one of those things that may be uncomfortable to think about or discuss. After all, who really wants to think about their own demise – be it untimely or natural? The reality is that is you pass away, your loved ones could face a massive financial burden. As the old saying goes: “nothing in life is certain, but death and taxes”.
When should I buy life insurance?
The bottom line is that “you never know”. When you have dependents and loved ones, you need to take their needs into consideration. If you die, you who will cover the cost of your funeral? Who will pay the loan on your property? If you are the sole income source in your family, how is your partner going to support themselves after you pass away?
Life insurance is one of those necessary things in life that nobody likes to think or talk about. However, having a policy goes a long way for peace of mind. If anything happens to you, your loved ones will be taken care of.
With a Royal Commission into the finance industry just around the corner, it’s important now, more than ever, to obtain accurate financial advice.
We’ve created a list of go-to questions to ask before partnering with a financial planner.
Traditionally, the local Bank Manager was seen as the oracle of all things financial.
Our parents would look to the Bank Manager to obtain advice and guidance on all things money.
How do you decipher through all the financial jargon, and reach a point where you’re satisfied with the information you have, and the product that you have received?
Research by the Financial Services Council has shown that people who received financial advice were almost $100,000 better off in retirement.
Financial planning is about developing strategies to help you manage your financial affairs and meet your life goals – and the first step is to ensure you have access to the right advice.The right financial planner will spend time to understand your current and future prospects, so they can create a plan for you to live the life you want.GONE ARE THE DAYS WHERE YOU COULD PUT AWAY MONEY INTO YOUR BANK SAVINGS ACCOUNT AND WATCH YOUR WEALTH BUILD.Unfortunately, life is a little more complex – its hard to understand the intricacies of investments, insurance, estate, retirement planning and superannuation.
The rules and regulations are ever-changing, so professional help may be necessary to ensure you and your family’s financial health is safe.Many people make the mistake of thinking that financial advice is just for the wealthy.
However, financial advice can help people at all levels of financial health by providing strategies for improving and growing your wealth It can assist you with making plans for simple things such as your annual holiday to Queensland, or something more complex such as buying a property or retiring comfortably.1: FPA: New Research Shows Direct Link Between Happiness and Financial Planning
