Direct Insurance has been put under the spotlight, with ASIC finding that many consumers have been on the wrong end of bad sales practices and unsuitable products at the hands of the insurer's sales staff.
One of the most rewarding things about being a financial adviser is seeing the positive impact an insurance policy can have on a family’s life.
That’s why I was particularly interested in the findings from a recent study that explored the impact the death of a parent has on children and the surviving parent, comparing the results between insured and uninsured households.
Recently a client of ours, Anand, came to us seeking an opinion on his existing insurance cover.
We detailed his cover to him and explained the strengths and weaknesses of it and to Anand’s surprise there were many variables we identified that were not in his favour.
A lot of people think that they are well protected because they have insurance through their super but not many people stop and think to understand whether their cover is sufficient, or let alone know how much they have!
Stroke is the second biggest cause of death in Australia and a leading cause of disability. 1 in 6 Australians will suffer a stroke in their lifetime, with a stroke occurring every 10 minutes around the country. Stroke has both health and financial implications that many people fail to recognise, yet with education, your risk can be significantly reduced. Protect yourself and your family by knowing the warning signs to ensure a quick response should stroke occur.
The following case study is a look at how we helped clients of ours that had not reviewed how their business had changed since last they addressed their business partnership insurance needs. It demonstrates the process we took to determining appropriate changes to their insurance setup and the outcomes of that process.
Australia’s underinsurance gap stands at $1.8 trillion, according to the latest figures from Rice Warner.
The report concludes:
- Australians are covered for just 38% of their income replacement needs; and
- The typical middle-income Australian family with two children is underinsured by $422,000 (median level of life insurance).