The last quarter of 2012 financial year saw a great number of life insurance complaints filed at the Superannuation Complaints Tribunal. Telephone complaints coming from fund members totaled 2809 while the number of written complaints reached 627. Summary of complaints with decisions by both fund trustees and insurers upheld by the SCT: In…
At the Association of Super Funds of Australia event, Deputy Chair Ross Jones acknowledged that APRA’s initial position that restricts benefits offered to coverage acquired through life insurance was stiff. When selecting an insurer, licensees were asked to check not only insurance level premiums but all insurance arrangements aspects prior to selecting an insurer. The…
During Sydney’s AIA Australian Group Insurance Summit, result of polled 32 executives from 26 retail and industry funds and related consultancies was disclosed. It showed that over 50% of Australian superannuation funds will offer default income protection for MySuper. Representatives from BT Financial Group, REST Industry Super, Rice Warner Actuaries and Chant West responded differently…
AIA Australia said a poll result showed slow adoption of life insurance within self-managed super fund. The survey of over 400 financial advisers that included accountants, brokers and advisers said SMSF trustees’ “knowledge gap on life insurance” was the reason. About 45% of respondents said less number of clients had life insurance within SMSF and…
The NAB and CBA have today announced a reduction in their variable mortgage rates of 0.2%. While this is not the full 0.25% cut by the Reserve Bank on Tuesday, it is certainly welcomed by all of us with a mortgage. NAB’s cut will come into effect on October 8, saving $50 per month on…
Have you ever wondered what would happen if you suffered a serious injury or illness which meant you were unable to work? For many people, the reality of being without the means of earning an income could mean significant financial hardship for them and their families. As an employee your employer will (or should) have…
Business partnerships are common but there is a concern about the business surviving the tide should one of the partners die or suffer a permanent disability. Typically, a successor is not the immediate solution to a surviving partner but it may be difficult not to have one if the business has to continue. The remaining…
As the sole earner or as a contributing earner in a family, life insurance is important. Family members may suffer financially in the event the earner meets an untimely death. The financial burdens to take care of can be tough. Ensuring that there is financial security in place will help keep the family from economic…
Changes are about to happen to many fund members whose cost benefits have been overlooked by SMSFs. Over 20,000 clients under the self-managed superannuation fund (SMSF) who have been under-insured will be offered automatic life coverage of up to $750,000. According to AIA Australia, this is the aim of insurance groups and financial advisers to…
Have you ever thought about insuring your income? If no, you are not alone since many income earners tend to overlook this important type of Insurance. Your income covers your needs and some luxuries in life. If you are the sole breadwinner in the family, your income is not solely for your needs but also for the entire…