Paying premiums just got easier

We understand the pressure of having to pay insurance premiums. Thankfully, the insurers have gotten creative and made it easier to have the insurance you would want whilst making it easier to pay for it.

Compare payment options with ease

At Find Insurance, we have made it easy for you to compare and decide on the best way to pay for your insurance premiums with some of the largest and most established companies in Australia.

Because we all have different needs, some insurers offer different insurance premium payment options to help ensure your cover is affordable and suits your financial situation. No one type is better than the other, however one will almost certainly be a better fit for your circumstances. So which one should you choose?

Which premium payment option is most suitable for you?

Paying premiums from cash flow?

If you can afford to pay all of your insurance premiums from cash flow then this would be a good way to go. It means you hold the insurance in your own name and when it comes to claim time, the insurer will pay the claim amount directly to you or your nominated beneficiary.

Paying from Super?

If you cannot afford to pay your premiums because of budget constraints, then you can hold the insurance in a super environment and have the premiums paid via rollover. No longer do you have to have the insurance held directly in your own super fund. You can still have the super fund of choice but simply request that super fund to rollover a yearly premium amount once a year to cover your insurance premiums.

Paying up to 95% from Super and the rest from Cash flow?

In the past you either had to hold a policy either in super or outside of super. Now there are insurance companies who provide policies that are held both in and outside of super. This means you get a great policy but up to 95% of the premiums are paid from super. It provides the best of both worlds when you have cash flow constraints e.g,. mortgage repayments. You still get to take out the insurance but only a small amount is paid out of your cash flow.

There is also the consideration that some insurance premiums within super are tax deductible to super fund and this may reduce the premium payable to the policyholder.  So payment of premiums from cash flow may not always be appropriate and will depend on the client’s preferences.

What should you choose?

If you are not sure what do then we will explain the options and help you decide.

We tend to find most clients do the following:

Life Insurance:

Held and paid from your own super fund – we will just need to know details about your current super fund.Trauma Insurance:

The only one you have to pay from cash flow.

TPD & IP: A policy held in and outside of super with Own and Any Occupation definitions and premiums paid from both super (up to 95%) and the remainder paid from cash flow. This option is not available for all occupation types. If you select our default option for TPD and it is not possible to have this payment option we will inform you and ask you decide an alternative payment method.Other options to consider will be:

a) speed and ease of claim
b) intended beneficiaries
c) cashflow
d) features/benefits of each choice.

We recommend you discuss all of these options with your advisor when you go through your Needs Analysis meeting.