2012 has arrived!! To celebrate, we are giving you a 20% discount on any SMSF Insurance policy taken out before the end of the February 2012!

Call us on 1300 528 121

One question – “Is your life insurance paid for by your SMSF?” This is one area that is often missed when running a SMSF. Having your SMSF pay for your life insurance gives you another tax deduction as well as minimizing your personal cash flow.

If you have cover in place already, all that needs to happen is a change of ownership over to the SMSF. This is something we are very familiar with and can do on your behalf. For new life insurance we can help reduce the time needed to apply for life insurance by doing the application over the phone directly into the insurer’s electronic underwriting system.

Call us today on 1300 52 81 21 to get your SMSF life insurance in place.

CLICK HERE FOR A SMSF LIFE INSURANCE QUOTE

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1. Benefit period
2. Waiting period
3. Agreed Value v’s Indemnity
4. Extended v’s Basic

Let’s look at how the Waiting Period works

The Waiting Period refers to how long you have to wait before being paid a claim. The standard waiting periods offered are:  

1. 14 days
2. 30 days
3. 60 days
4. 90 days
5. 1 or 2 years

1. Employees usually have sick leave accrued, so long term employees can take a longer waiting period, as they know they can rely on being paid their sick leave first.
2. Self employed people on the other hand who have no sick leave, need to make sure that they are covered with the shortest waiting period they can afford, so that their cash flow continues.
3. A 2 year waiting period is very common where a person has a ‘total but temporary benefit’ under their superannuation plan – so they tailor their personal income protection policy to start at the time that the total but temporary benefit stops.

The other main reason is to give people choice and flexibility with price, as the shorter waiting periods are generally more expensive.  

Which waiting period is the best?

Generally, the shorter the better. The standard is 30 days.   The other thing to remember is that all insurance companies pay in arrears – so even with a 30 day waiting period, your household will not see any cash until the end of the next month.

CLICK HERE FOR AN INCOME PROTECTION QUOTE

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1. Benefit period
2. Waiting period
3. Agreed Value v’s Indemnity
4. Extended v’s Basic

Let’s look at how the Benefit Period works

1. 1 year
2. 2 years
3. 5 years
4. to age 55, 60, 65 or age 70

1. Your occupation is a major factor. High risk occupations where this is a greater chance of claiming such as heavy manual work are usually restricted to shorter benefit periods.
2. Retirement age. This is why there are plans which cease at age 55, 60, 65 and 70 – so that you can mirror your intended retirement age.
3. The other main reason is to give people choice and flexibility with price, as the shorter policies are generally cheaper.

Which benefit period is the best?

Generally, the longer the better. The longest you can afford and the longest you able to get based on your occupation. If you were to have a long term illness, a guaranteed income until you were 65 and had reached retirement age would provide you and your family with financial protection.

CLICK HERE FOR AN INCOME PROTECTION QUOTE

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While there are standard personal details needed and also medical questions which you will need to answer, the good news is that the insurance companies are working hard to make it easier and easier every day for you to apply.

While you can still sit down with a financial adviser and complete the application face to face, there are now other ways to apply which can save you time.

Completing the application over the phone is a quicker method, as you just provide the answers and your responses are recorded directly into the electronic application. Time wise this is usually completed in 20 – 30 minutes and you have not had any travel time.

All of the major insurance companies have software that provides an underwriting decision on the spot. This allows for approximately 30% of all applications to be completed instantly. In this situation, you can have your life insurance cover in place the day you apply for it!

Another advantage of applying over the phone is that some insurers provide a tele underwriting service. This means that the personal medical questions are asked in a second interview by a qualified underwriter employed by the insurance company. So if there are any medical conditions where further information is required, it will all be addressed at the one time.

The other great advantage of completing the application over the phone is that it doesn’t matter where you are in Australia you can apply!  All people in all communities have access to this service.

So, when you apply for life insurance, you will probably be impressed by the service improvements and how quickly you can get your cover in place!

Go on, give us a call and get your life insurance in place today!

If you need any assistance, please contact us on 1300 52 81 21.

LIFE INSURANCE QUOTES

What is at risk?

Retirement plans! Pre-retirees need income to meet ongoing lifestyle commitments and to actively save for retirement. So if you are unable to work, the income stops.

What might happen?

You could suffer a heart attack, die from aggressive cancer, suffer a stroke and be permanently paralysed or do damage to your back while gardening. You could also become a financial carer for your grandchildren if your adult children are uninsured and suffer a loss because they are uninsured.

What are the consequences?

If an unexpected health event happens you might have to consider commencing retirement prematurely and drawing on funds too soon. So you start with a reduced retirement nest egg – which is also expected to last longer. Your spouse may have to work longer than planned.

Consider your ongoing insurance program carefully

Call us on 1300 528 121 for instant life insurance quotes

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The underwriter stated that while they could see from the medical evidence that Tony was a very sick man, under this policy, at this point with the current medical evidence, no claim was payable. Unfortunately, Tony only had trauma insurance. He was not comprehensively covered for death, total and permanent disablement and income protection. He was off work due to illness with no income and no ability to keep paying the premium on this policy.

Don’t get caught without comprehensive cover like Tony.

If you need any assistance, please contact us for a life insurance quote on 1300 52 81 21.

Get an Instant Quote	Call 1300 528 121	insure@iqrus.com.au

Have any of the following events occurred since you last upgraded your life insurance?

If you answer YES to any of the above questions, you need to review your life insurance program.

If you need any assistance, please contact us on 1300 528 121 to get a life insurance quote.

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Rather than ‘how many?’…. the question should be ‘where from?’ On the internet, there are a lot of companies offering life insurance quotes.

What should you look out for?

1. Firstly – who is providing the quotes? Is it a direct company site?
2. If they are offering quotes from a range of companies – are you able to find out who they are?
3. Do they hold an Australian Financial Services Licence?
4. Are they Authorised Representatives of a Licencee?
5. Can you view their Financial Services Guide (FSG)?
6. Can you view the Product Disclosure Statements (PDS) for each of the insurance companies online?
7. Do they deal with just life insurance? Or are they just a lead generator who pass on your name/details for a fee?
8. Are you able to get the quotes directly online or do you enter your details only to be told that someone will contact you?

At Insurance Quotes R Us - we are true to label – we offer an online life insurance quotation system providing comparison quotes in realtime. Come and try it yourself!! It only takes 3 steps.

If you need any assistance, please contact us on 1300 52 81 21.

Get an Instant Quote	Call 1300 528 121	insure@iqrus.com.au