Wholesale Super in Brisbane, Queensland, Australia | Financial planner

Wholesale Super

Locality: Brisbane, Queensland, Australia

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23.01.2022 https://www.afr.com//hayne-royal-commission-nab-and-cba-si

14.01.2022 Continuity of cover refers to situations where the origins of an insured event can be traced back to the period of time during which a previous policy applied. It is critical that any new insurance policy be prepared to accept liability for any such events, rather than exclude such events. The reason for this is obvious: if there is no such continuity, the insured person may find themselves unable to make a claim. Murphy’s Law is the one to remember here: if something can go... wrong, eventually it will. This, of course, is a general principle that can often be overlooked: things with a low probability of happening, still happen. (Forrest Gump was more prosaic: &*#$ Happens!) All insurance advisers always remember this principle. This is because they know that, if they advise enough clients, then they can be sure that a claim will eventually be made. That is why a prudent adviser assumes that every policy that they recommend will be the one that results in a claim. So, when a quality adviser provides a service, they work backwards from the point of a claim and identify everything that needs to be done in order for a claim to be successful and then ensure that these things are in place. You can make use of this approach as well. When taking out insurance any form of insurance make sure that you disclose everything about your health and other relevant situations. Imagine that the insured event has already happened and you are making a claim. No insurer is going to pay out a large sum without investigating the policy and seeing if there are any grounds for not paying. Insurers look for loopholes: that is just a commercial reality. Any non-disclosure on your part may render the premiums you pay potentially useless. At best, non-disclosure means that you or your bereaved loved ones will have a fight on your hands. So, remember Forrest’s advise: &*#$ Happens. Assume it has and ask yourself: am I actually insured for that?

10.01.2022 http://www.abc.net.au//banking-royal-commission-d/10124024

09.01.2022 You may have come across this heart-breaking (and very frustrating) story recently. The story involves a father whose one year old daughter needs a liver transplant. Being so young, the liver does not need to be very big and, thanks to the wonder of our age, she is able to make use of a small piece of her father’s liver. Unsurprisingly, Dad is more than happy to oblige. But having part of your liver removed is not a small procedure, and he needs to take three months off work.... He has an income protection policy which should kick in after 30 days, and he was anticipating receiving a payment of 75% of his income for the second and third months that he is off work. But there is a hitch. His income protection is held through super, which means that any payment on the policy constitutes a withdrawal of benefits from the super fund. And the fine print on the policy says that he cannot access such funds in cases of ‘elective surgery.’ Which, in strict legal terms, this surgery is. The strict, narrow interpretation of elective surgery is surgery that will not save your life. In this case, there would be no harm to the Dad if he did not have the surgery. The transplant will save his daughter’s life, not his. This is, of course, poor form from the insurer. Few people would see anything elective about a parent undergoing surgery that saves their child’s life. But it also underscores the importance of having your risk insurances properly organised. Super can be a good source of finance for some forms of risk insurance, but not for all of them. It is for precisely this reason that it is important to speak to an adviser before proceeding with risk insurances.

04.01.2022 If you are getting married Marriage automatically revokes a will, unless the will specifically contemplates the marriage and names your intended spouse. First marriages are generally straight forward. Upon marriage, each partner executes a will in favour of the other partner. The wills are usually simple and short, and unless there are already children, or children are expected quickly, usually would not create a formal testamentary trust....Continue reading

01.01.2022 ou may have heard the term ‘contribution splitting.’ It is a term that is often used when a couple get divorced and they split all of their assets, including their super. But ‘super splitting’ is also available to couples who remain together. A member of certain super funds is permitted to split some of their contributions between themselves and their spouse. They do this by transferring the contributions they have made from their super account to their spouse’s account. Th...Continue reading