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Archive for insurance protection Perth

Superannuation Statements – What to Check

Last financial year’s superannuation statements are hitting your mail boxes over the last week.

It is important that you check your details are correct. The type of information you should be checking:

  • What is your balance.
  • Is the balance trending upwards over time – remember the Centrelink aged pension will probably not provide enough for the niceties in life. Chances are you will be relying on your superannuation for a better quality of life in your retirement.
  • Are all this year’s superannuation payments showing on your statement?
    Only recently we had a client whose superannuation guarantee payments from his employer were going into a different fund to the one he thought. And in rare cases, unscrupulous employers have been known not to make their payments at all even though they have a legal requirement to do so.
  • Do you have insurance within your superannuation (life, income protection or total permenant disability)?  Is it still sufficient for your needs?
    Remember that insurance premiums within your super fund are paid from your superannuation returns rather than billed to your directly. This makes them a convenient form of extra financial security, but one which it is easy to overlook.
superannuation statements in Australia

It is important to understand your superannuation – and superannuation statements – at every stage of life not just as your retirement

If you have multiple small balances in superannuation it is a good idea to consolidate them. Before you do so check you are not going to lose important insurance cover.

Lastly, check that you have received all your statements because it is easy to forget the small balance accounts.
If you move addresses and a couple of your superannuation statements are returned to the superannuation company, you might not notice.  Small balance lost super can end up in lost super.

If you need more in depth help understanding your superannuation statement, determining the right insurances, finding and consolidating superannuation please contact our friendly staff at Approved Financial Planners in Perth and we will help you get your superannuation in order.

Does Your Business Have Business Overheads Insurance?

If you are an owner or a partner in a business, you may already know about business overheads insurance. We feel that business overheads insurance is an important piece in helping any business protect its assets if the owner becomes disabled and unable to work for up to a year due to sickness or injury. In a competitive business environment such as that in Perth, it can mean the difference between your business surviving or folding if you become temporarily unable to work.

Business Overhead Insurance in Perth

Business overheads insurance is usually used to pay overheads such as payroll, rent, utility bills, office expenses and other fixed costs. The premiums are usually able to be deducted from your taxes and the policy covers up to 100% of business expenses that are deemed eligible.

AMP Business Overheads Insurance

We are associated with AMP and they offer a business overheads insurance policy. Here are some highlights.

Indexation: When the consumer price index (CPI) rises, AMP automatically increases your cover to reflect those rises.

Peaks and Troughs: In a month where business expenses are lower, any unpaid benefits for that month can be accrued to the next. If there are consecutive “trough” months, the benefit can be extended for as long as six extra months until the total amount paid equals twelve times the monthly benefit called for in your policy.

Covered Expenses: AMP business overheads cover pays for a variety of expenses. These include property rates, office rents, business loan installments, business mortgage payments, leasing costs for vehicles or equipment, payments for water, gas, electricity or telephone and salaries for eligible staff members.

Call Approved Financial Planners Today

To learn more about business overheads insurance or to talk to a wealth protection specialist, call our Perth office today. We will be happy to help you maintain a comprehensive package of wealth protection products to protect your business. Call 08 6462 0888.

Understanding Trauma Insurance

Trauma insurance can take care of you and your family if you have a traumatic illness or procedure that makes you unable to work for an extended period of time. We have helped many Perth residents protect themselves from the financial consequences of conditions or procedures such as a stroke, a heart attack, cancer or even a major organ transplant.

Unlike income protection insurance or total and permanent disability (TPD) cover, trauma insurance pays you upon being diagnosed. The time that you are unable to work is irrelevant. Many of our clients in the Perth area have found trauma insurance to be the missing piece that completes their wealth protection program.

Understanding Trauma Insurance

How Trauma Insurance Works

Trauma insurance pays you a lump sum if you are diagnosed with any medical condition specifically covered or have a medical procedure that is specifically covered. It is a standalone policy that pays you regardless of your ability to work. It is often used for medical and living expenses that are over and above those covered by TPD or income protection.

Each policy is different, but our parent company, AMP, has a list of 48 different conditions and procedures that are covered under trauma insurance. The main reason for having trauma insurance is to provide some extra protection for the unforeseen expenses that often occur when you suffer a traumatic condition or procedure.

Your Wealth Protection Plan

We know that everyone’s financial situation is different. Consequently, we can’t make specific recommendations without an individual consult. However, we can tell you that trauma insurance works best in combination with a comprehensive wealth protection plan. A comprehensive wealth protection plan usually includes trauma insurance, TPD cover, income protection and life insurance, also known as “death cover.”

We don’t want to plan on the unthinkable happening to us, but even in Perth it can be helpful to know that you and your families are protected in case of traumatic illnesses, accidents, disability and death.

To learn more, call us today: 08 6462 0888.