Menampilkan postingan dari Oktober, 2018

Life Insurance Or Funeral Insurance

Both life insurance and funeral insurance provide a lump-sum benefit in the event of death or terminal illness but both products still offer different benefits that will impact your decision of what option to go for. Continue reading this guide for an idea of what each covers and what is right for you. Alternatively, you can get a quote for both from an expert. Aside from the above-mentioned similarities, funeral insurance is very different to life insurance. The basic purpose of funeral insurance is pre-payment for your funeral expenses. Aside from the funeral expenses, there is no lump sum benefit which can be used for other purposes. Life insurance can cover you for death, accidents and illnesses, depending on the type of life insurance policy you take out. The key difference between life insurance from funeral insurance is that you get a lump sum benefit that you can use for other purposes other than the funeral. The question remains in your mind just like many other Austra

Tax Treatment Of Trauma Insurance

Premium payments for individuals cannot be claimed as expenses in assessable income (as any benefit payment received from trauma policies are not recognised as income). For this reason trauma benefits are not tax-deductible. Trauma insurance benefit payments are exempt from capital gains tax. The reason for this is that in comparison to income protection insurance, the benefit does not replace the policy owner's income but provides them with lump sum capital should they suffer a specified event. Trauma insurance premiums are not tax-deductible to the funds trustee. Any concessional contributions made to pay for the trauma cover premiums are taxed within the fund. This can reduce the tax concession that the policy owner will receive on policy premiums to the difference between the super fund's income tax of 15% and the policy owner's marginal tax rate. Trauma insurance provides a lump sum benefit in the event of suffering a critical illness or medical condition such

Life Insurance And Critical Illness

Thinking about how our loved ones would manage if we were to die suddenly is something no-one likes to think about. However, despite the fact it’s an unpleasant thought, life is unexpected and tragedy can strike at any moment. If you were to pass away, not only would your family have an enormous emotional burden to cope with, but they’d also have to suffer a significant financial impact from your departure. This is why life insurance is such a sensible investment. It is designed to lessen the financial impact your death has on your family, offering them the peace of mind that comes with knowing your family’s financial position is protected should the worst happen. Critical illness insurance is designed to help manage your financial future should you suffer a serious illness or injury. Witnessing a family member suffer a serious medical event can be difficult, both emotionally and financially. If you suffered a stroke and were unable to return to work, how would your family cope w

How Does Trauma Insurance Work

Trauma insurance covers you for serious medical conditions. Learn how trauma policies work from application through to claims and payout. Trauma insurance (also known as critical illness insurance) provides a lump sum payment if you are diagnosed with a serious illness or injury. How do trauma insurance policies work? Trauma insurance covers for you serious illnesses, accidents or medical conditions. If you take out a policy and then develop an illness or condition that's covered under the policy you will receive a one-off payment that can be used to cover your medical costs, large debts such as a mortgage, and the cost of home modifications and professional care. When am I eligible for a trauma payment? To be eligible for a trauma insurance payout, your illness or injury must be one that is covered by your policy and while such conditions vary with insurers, the most common are cancer, heart attack, coronary bypass and stroke. The condition must also occur after what&#

Life And Trauma Insurance

What are the benefits of bundling life insurance and trauma insurance? The benefit of having life cover in place to offer financial support to your family may be obvious but have you thought about the financial costs of living with severe medical condition? Advances in medical technology over the years have meant that people are actually more likely to survive a traumatic event such as heart attack or stroke. In fact, statistics have shown that the chance of surviving one of these events is as high as 80%. The risk of being forced out of work for an extended period of time or indefinitely has seen more and more Australians consider trauma cover as part of their personal protection portfolio. Most Australian life insurance companies will allow policyholders to now bundle Trauma cover within their life insurance policy, providing a lump sum benefit if the insured suffers a specified condition in their policy. Bundling different types of insurance can be more cost effective and ea

Life Insurance Receive Life Cover Quotes

Life Insurance Receive Life Cover Quotes. Protection that life cover can provide at different life stages Young and single Young and single people are often beginning full-time employment and may begin to accumulate some small personal debt. Most of us, especially when we are young, tend to believe that "it won't happen to me". We think we are too young to get cancer or suffer from a heart attack. The reality is young people do suffer the same as anybody else and if something should go wrong it is a nice feeling to know that your passing will not leave financial burden for those you leave behind. It's important for people of this age group to consider what may happen if they were no longer able to work due to serious injury or illness. The ongoing benefit of an income protection policy could go a long way in helping ensure they are able to maintain their current standard of living and keep on top of rent, mortgage and any other personal debt if forced out of

Life Insurance Rollover

Life Insurance Rollover. Want to increase or change the existing life insurance cover you have inside your super? Find out which brands offer superannuation rollover. Many Australians are now looking towards life insurance offered through their superannuation funds as an affordable option to provide life, TPD or income cover. Super funds work through different insurance companies to give members cover at an affordable rate and allow members to pay for their insurance through their super. Is life insurance through super enough? While it may be an affordable option, this default cover will not always provide an adequate level of insurance for the individuals needs leading many to seek an additional level of cover. How do I still pay for cover through my super? This is where a life insurance superannuation rollover can be used. Life insurance continues to be paid for with the complying super fund, but towards the policy you have switched to. There are a number of insurers in

Term Life Insurance and Superannuation

Term Life Insurance and Superannuation. Nominating your beneficiaries for term life insurance inside super. When you own term life cover inside superannuation, it means that the policy is owned by a super fund trustee. So, sometimes your life insurance benefit payments may not be received by the people you intended. Upon a successful claim, your insurer will pay the term life benefits to your super fund trustee, which form as part of the balance on your superannuation in the event of your death. It is important to understand that when no nomination is in place, the trustee has full discretion to decide who will get the benefit payment, which may go to completely different people or entities. In order for your term life insurance proceeds to go to your intended beneficiaries, it is important to formally document who they are. Consider a binding nomination agreement under the Superannuation Industry (Supervision) Act 1993 (SIS). This can ensure that your nominated beneficiaries wil