You should review all of your insurance needs at least once a year.
This way you can consider all of the changes that have taken place over the course of that year and then make the changes as necessary. Some of the significant life events include:

  • Relationship changes (marriage, defacto, divorce)
  • Family additions (first child or additional children)
  • Additional debt commitments or repayment of debt
  • Salary increases
  • New employment/self employment
  • Changes to beneficiary on existing policies

There are two main reasons why your premiums may change each year:

  • Age - Generally, the chance of you making a claim increases as you get older, so your premium increases to reflect the increased risk.
  • Automatic CPI Increases - If you have a CPI increase feature on your policy, your sum insured will automatically increase every year in line with the CPI unless you notify the insurer otherwise. Your premiums will increase based on the increased sum insured.

There are 2 options to consider when managing future increases in premiums.

Stepped premiums

Your insurance premium will increase each year in line with your age. This option is generally cheaper in the beginning but more expensive as you get older. If you're thinking about this option, it is worth looking at what the premiums will be over the next 5 years, or however long you intend to hold the insurance for, to make sure you can afford the premiums as they increase over time.

Level premiums

Your insurance premium does not increase each year in line with your age. This option is generally more expensive than a stepped premium in the beginning, but there are usually considerable savings over the long term and the premium will remain affordable in your later years. It is important to note that level premiums are not guaranteed and may increase over time due to inflation adjustments or changes to the insurer's fees.

Claim time is when your insurance policy really proves itself. Our experienced advisers will obtain details of the condition, such as dates of illness/injury, details of any treatment & hospital visits, expected return to work date (if known), or date of death in the event of a life insurance claim. We will assist you with claim forms and the ongoing management of your claim to provide a satisfactory outcome.

Please contact your adviser directly or our office on 03 8544 1604 and an adviser will be able to assist you.

We will review your current levels of cover, assess any life changes that have taken place since it was issued and determine if your insurance still meets your financial goals.

Life cover

Also known as term life insurance or death cover, pays a set amount of money when the insured person dies or terminally ill. The money will go to the people you nominate as beneficiaries on your policy. It provides a lump sum to reduce or extinguish debt and/or provide an income to maintain the family’s lifestyle. What is the correct sum insured will depend on your personal circumstances.

Total and permanent disability (TPD) cover

Provides a lump sum amount in the event of your inability to work again due to illness or injury as defined by the policy. The sum insured provides options by allowing you to reduce debt, covers the costs of rehabilitation and the future cost of living if you are totally and permanently disabled. TPD cover is often bundled together with life cover.

Trauma/Critical Illness cover

Trauma provides a lump sum in the event of a diagnosis insurable condition, eg. cancer, stroke, and heart attack. Trauma is sometimes referred to as Critical Illness. There is a range of policies in the market that cover over 40 medical definitions including blindness, severe burns, loss of speech or deafness. The sum insured provides options in stressful situations by allowing you to reduce debt, pay for specialist medical requirements, house modifications or use to meet your personal requirements.

Income Protection

In the event of temporary loss of income due to sickness or injury Income Protection provides cover of up to 75% of your annual average income. Costs vary depending on waiting period and benefit periods selected. Income Protection allows you to cover your expenses and maintain your lifestyle if you are unable to work for several months, a year or longer. Premiums are generally tax deductible.

Business Insurance

In the event of disability or death you would want to ensure that your estate is not liable for your business guarantees or expenses. Having appropriate Business Buy Sell and Key person insurances can protect your business and your shareholdings. Speak to our advisers or visit our website for detailed articles on buy/sell insurance, keyperson insurance and key person income insurance.

  • You should make necessary changes to your life insurance plan as and when major changes take place in your life, as this would mean that your life insurance plan is always up to date and continues to be suited to your needs. We all lead busy lifestyles and most people would not think about amending their life insurance plan and coverage each and every time a change took place in their life. However, conducting a yearly review of your life insurance plan is a great way to provide yourself and your loved ones with a safety net, as it provides you with an opportunity to pick up on any changes that you should have made earlier but forgot to do so.
  • If you are unsure as to whether your life insurance plan is still suited to your needs or what sorts of changes you need to consider, it is always a good idea to speak to your financial adviser. You can discuss the major changes that have taken place in your life with an expert and this will enable you to get the advice that you need to make the necessary changes to your plan so that your loved ones still have the necessary level of financial security that they need.
  • It is not a big or difficult task to regularly review your life insurance policy. You can contact your adviser who will have details of your insurances and happy to discuss any changes that you wish to make. Alternatively, you can contact the insurance provider to access your policy information. Regular review also offers insured persons a piece of mind knowing the current policy meets coverage needs.

Binding beneficiary nomination

This allows you to nominate who will receive your insurance benefits in the event of your death and ensures the trustee is legally bound by your wishes. Two witnesses are required to sight your nomination before it is valid.

Non-binding beneficiary nomination

This allows you to nominate who will receive your super benefits in the event of your death, but the trustee is not legally bound by your wishes. The trustee of a fund must follow trust deed rules when deciding who to pay the benefits. In making a decision, the trustee will be guided by your non-binding nomination as well as other factors including your relationship with your dependants, their level of dependency or inter-dependency on you, and the intentions in your Will. You do not need to have this type of nomination witnessed.

Personal Insurance

Whether it’s income protection or life and total and permanent disability insurances, we will work closely with you and our insurance partnersto ensure you receive the best advice for your situation.

Business Insurance

We can facilitate extensive key person insurances and business succession planning processes to ensure your business assets and interests remain protected.