The ages care system in Australia is about to experience major change. From 1st July 2014, residents entering aged care facilities will be faced with a new fee structure making it even more important to plan early and seek advice. While a new set of rules will apply to those entering care from 1 July 2014, all existing residents as at 30 June 2014 will continue to have their fees and charges … [Read more...]
Federal Budget should kick-start insurance tax debate
May 14, 2014 by ·
The Abbott Government's decision to cut billions from health and education is set to trigger a review of the GST rate, providing an opportunity for a national debate about insurance taxes. Last night's Federal Budget abandoned billions in future hospital and schools funding to the states, with the measures set to save the Federal Government $80b by 2025. The cut-backs are almost certain to … [Read more...]
It won’t happen to me!
May 9, 2014 by ·
Here are a few statistics to prove otherwise... Stroke – 1 in 6 people will suffer a stroke! (leading cause of long term disability in AUS adults). Heart Attack – A 40 year old has a 1 in 2 (males) or 1 in 3 (females) chance of suffering a heart attack before age 70. On average, an Australian suffers from a heart attack every 11 minutes. Diabetes T1– 1 in 25 people whose parents suffered … [Read more...]
Insurer hit with fines for misleading advertising
April 30, 2014 by ·
ASIC is continuing its crackdown on misleading advertising, fining an insurer $36,000 for breaches in its online and television advertising. Virgin Money was hit with three fines, relating to advertising that appeared on television up until May 2013, and online up until March 2014. The advertisements centred around Virgin Money's Quick and Easy life insurance product, with ASIC finding they … [Read more...]
Total & Permanent Disability (TPD) – Protection when you are not able to work again
April 29, 2014 by ·
Being unable to ever work again due to total and permanent disability would have a serious emotional and financial impact on you and your family. Having adequate cover in place for such an event can help secure your financial future and give you peace of mind. Consider this... You have recently started work as a General Practitioner in a local doctor’s surgery after many years of study. You have … [Read more...]
Life Insurance – Protect the ones you love
April 29, 2014 by ·
Most Australians will insure their car but neglect to insure their most valuable asset – themselves. In fact, many people do not even have sufficient life insurance to ensure their home loan is paid out in the event of their death, let alone provide a lump sum to their families to provide for their future. Consider this... You are married with two children in high school and a $250,000 … [Read more...]
Income Protection – keep your income going, even when you’re not!
April 29, 2014 by ·
Income Protection can provide you with that regular income you need to meet your day to day expenses. Generally, you can cover up to 75% of your salary, paid as a monthly benefit, if you are unable to work due to illness or injury. In most cases, income protection premiums are fully tax deductible, making it even more affordable to protect what is probably your biggest asset – your … [Read more...]
What you need to know about life insurance online!!
April 16, 2014 by ·
Applying on line is simple…… no blood tests or medical exams, only a few questions about past medical conditions and the policy can be issued then and there… SIMPLE…. BUT DID YOU KNOW that in the majority of cases you are paying more than you need to be compared to a fully underwritten life insurance policy tailored to suit you. Life insurance policies attached to Health Funds tend to be the … [Read more...]
The technology positioned to transform insurance?
April 9, 2014 by ·
Advances in mapping technology are allowing insurance companies to know in real-time how badly natural disasters are hitting their individual policyholders, an insurance technology convention has heard. Late last month, scores of industry professionals attended the FST Future of Insurance Conference in Sydney, where Esri Australia Principal Consultant Gary Johnson detailed how Geographic … [Read more...]
Insurer steps up efforts on strata premium relief
April 9, 2014 by ·
A major insurer has announced an ambitious plan to undertake full structural assessments of every apartment complex it insures in North Queensland in an attempt to reduce premiums. CGU last week announced that later this month it would begin inspections of all residential strata properties insured by CGU and its subsidiary Strata Unit Underwriters (SUU), a figure understood to be in the … [Read more...]