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  • GENERAL INSURANCE
  • PERSONAL INSURANCE
    STEP 1: LEARN

    Learn more about Personal Insurances and the different types available.

    Life Insurance

    Total & Permanent Disability

    Trauma Cover

    Income Protection

    Stepped Vs Level

    Super vs Non-Super

    How To Pay Premiums

    STEP 2: BOOK AN APPOINTMENT
    Book Appointment
    STEP 3: Understand your needs

    A. Needs Analysis – We fill it in with you

Advisor Needs Analysis – Personal Insurance

Advisor Needs Analysis – Personal InsuranceArian Christian Villanueva2024-08-16T03:20:21+00:00

Needs Analysis - Personal Insurances (010724)

Step 1 of 9 - Before you begin

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  • DISCLAIMER

  • This Needs Analysis is intended to provide Find Insurance with information about you for the purpose of giving you personal advice. You should complete this with your Find Insurance Adviser. Calculations are not intended to be a recommendation. They are based on certain assumptions and may not be appropriate for your objectives, personal or financial circumstances. To the maximum extent permitted by law, no person including Find Insurance or Alliance Wealth Pty Ltd nor its related entities, employees or representatives accepts responsibility for any loss suffered by any person arising from reliance on this information.

  • Advisor Details

  • Which advisor is submitting this form?
  • DD slash MM slash YYYY
  • Sorry, we can provide you a quote given you are over the age of 65.

  • Great News.
    As you are under the age of 65 we may be able to help you with your insurance needs. Move on to the NEXT Step.
  • Age entered is not valid. We are unable to help you obtain personal insurance.

  • Personal Information

  • Income

  • Use ATO simply tax calculator.
  • Use ATO simply tax calculator.

  • Occupation

  • Relationships

  • Money Owing?

  • Compliance question as well as if we can help you save some money e.g.loan repayments, this might help with insurance premiums.

  • Children and Education

  • Cost of Education

  • If you are sending them to a state school then you might not want to include the cost of education here. However, if you are going to send them to a Private School you would enter in the average yearly cost for a child to attend that private school.

  • Current Insurances

  • CALCULATE YOUR INSURANCE: FURTHER QUESTIONS

    ASIC requires us to gather information about 'how much insurance' you should have in place. Regardless of whether or not you decide to take up this amount of insurance is a different matter all together. ASIC simply wants to see that you have considered your insurance needs appropriately. Please take a few minutes to complete this section.

  • A Life Insurance question:

  • This is where we may have your premiums paid from when electing to hold insurances in a super environment.

  • A TPD question:

  • A Trauma question:

  • Trauma Cover (Child)

    It is now common for most parents to simply attach Child Trauma Cover to either a Life, TPD or Trauma policy but premiums must be paid from cash flow. The maximum amount you can apply for is $200,000 for each child. The minimum age to apply is 2 and maximum age to apply is 18.

  • Business Expenses Cover questions


  • We require the monthly benefit amount before you can proceed.
    Open up a new browser screen - do not close this screen.
    Please go to https://findinsurance.com.au/calculate-business-expense/ and calculate how much the monthly benefit amount of your Business Expense Cover will be.
    Once you have the monthly benefit amount please enter it in.

  • Income Protection Questions

  • NEEDS ANALYSIS SUMMARY - VIEW ONLY


    Based on your responses, you should have the following amounts of personal insurances in place.

  • Life Insurance

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  • TPD Insurance

  • We have researched what it would cost to cover the worst trauma event which is leukaemia. The out of pocket expenses would be approximately $150k.
  • We calculate this by minus the age of each child from 18 and then multiplying this number by the average annual school fee amount per child and adding all the fees of each child together.
  • We estimate it will cost approximately $100k to modify the car, entry to home and bathroom.
  • We calculate this by working out how many years are left before you reach age 67 (average retiring age) and multiply this number by your annual salary. We then assume you will only need approximately 2/3 of this amount to be invested to replace lost income.
  • We calculate this by working out how many years are left before you reach age 67 (average retiring age) and multiply this number by your annual salary. We then take assume you will only need to replace the 16.67% of this amount to be invested to replace lost income given you are already receiving IP.
  • If you hold TPD in Super it will be taxed before you receive the lump sum amount. The tax payable is approximately 22.5%. Assuming you take out a Super-linked TPD policy, then approximately 90% of TPD will be held in super for which tax maybe payable.

  • Trauma Insurance

  • We have researched what it would cost to cover the worst trauma event which is leukaemia. The out of pocket expenses would be approximately $150k.
  • We calculate this by minus the age of each child from 18 and then multiplying this number by the average annual school fee amount per child and adding all the fees of each child together.

  • Trauma Cover (Child)

  • The maximum amount of child trauma cover you can take out is $200k. We assume you will elect this amount if you have a child otherwise you will either reduce the amount or decide not to take up Child Trauma Cover.

  • Income Protection Insurance

  • Calculated as 70% of monthly earnings.

  • Business Insurance Cover

  • SUMMARY TOTAL - How much you should consider having in place.

  • We believe all parents should consider Child Trauma Cover for all children aged 2 and above. The default amount displayed would be applicable to all your children. An estimate of pricing is $200 per year for $200,000 of cover for each child.

  • Insurances

  • Reminder : How much insurance you should have in place based on your current Needs Analysis.

  • You now need to decide how much personal Insurance you wish to receive a quote for:

  • The monthly benefit amount is calculated as 70% of the annual salary and then dividing by 12.
  • Please enter a number from 10000 to 200000.
    It will be assumed that the amount you specify here will be applicable to every child you have over the age of 2 and under the age of 18.

  • You do not own a business therefor you cannot apply for Business Expenses Cover.

  • Whilst you run your own business you have stated you do not wish to apply for Business Expense Cover. If you now wish to apply for Business Insurance please click on the PREVIOUS button and change your selections relating to Business Expense Cover

  • REQUEST A QUOTE - PERSONAL INSURANCES

  • Life Cover

  • Most common choice is Level to Age 65.
  • Most clients choose to have Life Insurance paid from your current Super fund via a Rollover.

    Most advanced options will incur additional fees.
    You can find out more about each option by either going to the Glossary section (https://findinsurance.com.au/glossary/) or reading the insurers Product Disclosure Statements (PDS) (https://findinsurance.com.au/learn/).

  • TPD Cover

  • Most common choice is Level to Age 65.
  • Most common choice is Own & Any (In and out of super)
  • Most clients choose to have majority of theirTPD Insurance premiums paid from their current Super fund via a Rollover and the remainder paid from Cash Flow. This enables them to have 'Own' & 'Any' Occupation TPD. If your occupation only allows 'Any' occupation definition then you should consider a Rollover.
    Most advanced options will incur additional fees. Please go to the Glossary section (https://findinsurance.com.au/glossary/) or each of the insures Product Disclosure Statements (PDS) which provide detailed information about each option they can provide (https://findinsurance.com.au/learn/).

  • Trauma Cover

  • Most common choice is Level to Age 65.
  • Trauma cover can only be paid from Cash Flow

    Most advanced options will incur additional fees.
    You can find out more about each option by either going to the Glossary section (https://findinsurance.com.au/glossary/) or reading the insurers Product Disclosure Statements (PDS) (https://findinsurance.com.au/learn/).

  • Child Trauma Cover

  • Only Stepped is an available option.
  • Child Trauma cover can only be paid from Cash Flow

    Most advanced options will incur additional fees.
    You can find out more about each option by either going to the Glossary section (https://findinsurance.com.au/glossary/) or reading the insurers Product Disclosure Statements (PDS) (https://findinsurance.com.au/learn/).

  • Income Protection Cover

  • Self-employed: average over last 2 years PAYG: Last 12 months
  • Most common choice is Level to Age 65.
  • As you are over the Age of 60 you can only apply for Stepped Premiums.
  • If you choose more than a 5 year benefit period you lose the 'Own' occupation definition after 2 years and IP becomes and 'Any' occupation definition.
  • If you choose more than a 5 year benefit period you lose the 'Own' occupation definition after 2 years and IP becomes and 'Any' occupation definition.
  • There is now Short Term Cover and Long Term Cover. Short Term cover is 1, 2, 5 years based on Own Occupation definition. Up to age 65, the occupation rating will change to 'any' occupation that is reasonable in your industry.
  • The benefit payment type which you select at the time of application will determine the monthly benefit amount.
    Indemnity 60
    The monthly benefit amount is the lesser of: • 60% of your pre-disability earnings, and • the insured monthly benefit amount.

    Indemnity 70
    The monthly benefit amount is the lesser of: • 70% of your pre-disability earnings, and • the insured monthly benefit amount.

    The Indemnity 60 benefit payment type is offered at a lower premium rate than Indemnity 70.

    Limitations
    If your cover is held inside superannuation, your monthly benefit amount may be reduced to ensure that when combined with all other income sources you may have, you do not exceed your highest average monthly earnings for any consecutive 12 month period in the three years immediately preceding the date of your disability.
    Company (T) Up to 5 years, the benefit amount will be 70%. Up to age 65, if you choose 60%, you can elect Early Support to increase to 75% for first 6 months then reverts to 60%. After 2 years it remains on 60%. For up to age 65, if you choose 70%, you will receive 70% for up to 2 years and then it will reduce down to 2/3 unless you are permanently incapacitated, then it goes back up to 70%. Most companies will offer up to age 65 but after 2 years the benefit will decrease from 70% down to 60% and be capped earnings. New offset clauses for business owners e.g. sick leave over 20 days, workers compensation, and any other income that is earned.
  • Our default will be to have the majority of your IP Insurance premiums paid from your current Super fund via a Rollover and the remainder paid from Cash Flow. This enables you to have 'Own' & 'Any' Occupation IP.

  • Our default for sole traders is to have the policy owned in your own name with premiums paid from cash flow being fully tax deductible.
    If cash flow is an issue than choose one of the other options.

    Most advanced options will incur additional fees.
    You can find out more about each option by either going to the Glossary section (https://findinsurance.com.au/glossary/) or reading the insurers Product Disclosure Statements (PDS) (https://findinsurance.com.au/learn/).

  • Business Expense Cover

  • Business Expense Cover can only be paid from Cash Flow and your accountant would advice you to pay this from your business account as the premiums are tax deductible.

    Most advanced options will incur additional fees.
    You can find out more about each option by either going to the Glossary section (https://findinsurance.com.au/glossary/) or reading the insurers Product Disclosure Statements (PDS) (https://findinsurance.com.au/learn/).

  • Upload Documents - Now or Later


  • If you have any current policies in place ASIC requires us to provide you with a comparison between your current insurances and any new insurances you wish to obtain.
    In order for us to be able to do this we require a copy of your latest insurance policies. If your insurances are held with in super then we will require a copy of your latest super fund statement.
  • Drop files here or
    Max. file size: 32 MB.
      If you have insurances held with in super then please upload your latest super statements as well.
    • Please provide us with the following (where relevant): 1. Your Super fund name 2. Super Fund account number 3. Insurance company names 4. Insurance policy numbers

    • Disclosures

    • Hazardous Activities

    • SCOPE OF ADVICE

    • Only tick those areas for which you have nominated a review and where a full review has not been selected.

    • NEXT STEP


    • 1. Press the SUBMIT button.

      2. Once we receive your submission we will email you the indicative quote from our approved insurers.

      3. We will provide you with our Calendar Link so that you can request a call back to discuss your quote (OPTIONAL).

      4. When happy to proceed, simply let us know what you have decided to do.

      5. When we receive acceptance of the quote we will then email you the following: a) Application and b) Statement of Advice (SoA).

      6. Sign the Application and SoA and return this to us.

      7. Application will be forwarded on to the insurer who will assess your application to determine if you are able to be covered.

      8. When Unconditional Approval is provided and the first years premium has been paid, you will then receive your new Policy Schedule from the insurer.

      9. Each year Find Insurance will send you an email notification regarding Insurance Policies, a Catch Up Report comparing your current insurances to see if they are still relevant to your needs and to provide you with an opportunity to review your insurance needs.

      At claim time, Find Insurance will be there to help you with your claim submission and help you if an issue arises.
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      Section Break

    • DISCLAIMER:

      This tool is intended to provide broad guidance on the level of insurance cover required to meet debt obligations and replace a portion of income in the event of death, TPD (total and permanent disablement), trauma or temporary disablement. The calculated cover is not a recommendation and is not intended to be an exact figure. It does not take all of your needs into account and does not constitute financial advice. Separate advice should be sought regarding the need for any other insurance such as Private Health Insurance and/or General Insurance. All figures are gross of tax. No allowance is made for your particular tax circumstances or for the taxation of insurance benefits, either inside or outside superannuation. Generally, Death, TPD and trauma insurance benefits will be taxed at a lower rate than the income they are replacing. Please seek separate tax advice in relation to insurance benefits. No allowance has been made for any social security benefits to which you may be or become entitled. No assessment is carried out as to the availability of cover. Cover may not be available to some customers either for health reasons or due to their occupation. You should consider obtaining advice from a licensed financial adviser before making any decision. You should reassess your insurance needs regularly as your circumstances may change. Also, while the assumptions underlying this calculator are considered reasonable at the present time, these assumptions may be reviewed in future.

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    Disclosures
    Personal Insurance is provided by Find Wealth Pty Ltd t/as Find Insurance ABN 20 140 585 075 a Corporate Authorised Representative 468097 of Alliance Wealth Pty Ltd ABN 93 161 647 007 AFSL 449221

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