Inefficiencies of Income Protection. Petrie Marx Product Actuary - Sanlam

Size: px
Start display at page:

Download "Inefficiencies of Income Protection. Petrie Marx Product Actuary - Sanlam"

Transcription

1 Inefficiencies of Income Protection Petrie Marx Product Actuary - Sanlam

2 Efficiencies of Income Protection Petrie Marx Product Actuary - Sanlam

3 Myths around Income Protection Petrie Marx Product Actuary - Sanlam

4 Agenda Why consider Income Protection? Myth no.1: The IP market is Inefficient Myth no.2: Income Protection is complex Myth no.3: Income Protection is expensive Myth no.4: Under-insurance is penalised Myth no.5: Showing loss of income is onerous Myth no.6: (Sadly) IP-contributions will remain tax-deductible an update Conclusion

5 Why consider Income Protection? Cover temporary losses of income Make sure cover is enough: Expressed as income Remove interest rate risk Make sure income won t run out

6 Conversely, the risks if you don t? Gap for temporary income loss Cover that s not enough Protection that runs out Income Protection an essential part of the financial plan

7 But is the IP market inefficient?

8

9 Agree with most observations: Disability (and IP in particular) under-sold vs. Death cover Dread disease over-sold relative to Disability and IP Within disability: Permanent disability protection over-sold vs. temporary disability protection But disagree that the reason is an INEFFICIENT MARKET

10 Definition of inefficient market The market prices of stocks/securities are not always accurately priced and tend to deviate from true value E.g. low-volume OTC stocks comprise inefficient market compared to blue chips Not all information reflected An inefficient market can create opportunity!

11 Inefficient market for consumer goods Consumers pay high prices For poor quality products Concentration of suppliers Concentration of buyers Asymmetry of information Onerous tax / regulation Unequal incentives Ineffective distribution / advice I doubt it, but that s why we are here!

12 Myth no.2 Income Protection is complex Not if we go back to basics: Cover expressed as monthly income (vs. lump sum) Payable if you are unable to work and loses income Payable after a waiting period (irrespective of permanence) For a certain period: E.g. 24 months Until retirement No complex medical definitions Perhaps industry has made it unnecessarily complex? Impairment criteria, underpins, even guaranteed durations

13 Myth no.3 Income Protection is expensive Consider male, non-smoker age 35 next birthday, R25000 income, with CPI growth: 1-month waiting period: around R525 6-month waiting period: around R420 For R420 he can also buy around R2.4m lump sum disability, but how valuable is that? (4% real interest) Over 30 years: around R p.m. Over 20 years: around R p.m. Over 10 years: around R p.m. For disability at young age: IP more cost-effective

14 Myth no.4 Under-insurance is penalised Typically was the case on older products Principle of Average (like short-term insurance) No longer the case on modern products Excellent advice: Create foundation of cover with IP Even 25% - 50% of income Make sure CPI growth is added Value the added protection of temporary income loss (shorter waiting periods) Combine with lump sum disability cover

15 Myth no.5 Showing loss of income is onerous The dreaded phrase: I have to prove loss of income to qualify for a claim. Creates entirely wrong perception That paradigm of insurer is not to pay claims, unless forced to do so.

16 Myth no.5 Correct paradigm Insurer wants to pay the claim The amount of the claim needs to take into account income loss Claimant can t be better off (this gives current tax benefit) So I have to disclose Income before disability Remaining income What income is aggregated? Active vs. Passive ; Occupational vs. Investment Insurer will be practical for short-term temporary disabilities For longer-term disabilities not a problem Alternative Sickness-benefits & longer term impairment products are available (but different tax treatment)

17 6. Update on current taxation debate The industry has been playing with fire Created excellent products But wrongfully positioned it as as tax-efficient as Income Protection Budget announcement Industry in a frenzy submitted response to Treasury Treasury seems adamant Can no longer distinguish between capital and income protection products Not their responsibility to give tax-advantages to capital/enrichment products Sadly everyone will be penalised Including employee scheme / group risk products Transition arrangements uncertain Products may change even more in future More innovation, but how will affordability be impacted?

18 Conclusion Do not be intimidated by Income Protection Make it part of your client s risk cover portfolio Carefully consider its value Value temporary protection Value long-term inflation protection Rather propose smaller cover amount than no protection at all Utilise Income Protection to close the Disability Gap

19 Thank you

Income protection & lump sum disability cover the right combination!

Income protection & lump sum disability cover the right combination! For intermediaries June 2015 Solutions for Graduates protection & lump sum disability cover the right combination! This flash fact is aimed at positioning the value of an income protection benefit (i.e.

More information

Considerations for Disability Insurance

Considerations for Disability Insurance Considerations for Disability Insurance 1. Purpose and Scope The following document is written by ASISA s Risk and Disability Committee and is intended to give an overview of the key issues that should

More information

Disability benefits Pension Lawyers Annual Conference. 27 February 2012

Disability benefits Pension Lawyers Annual Conference. 27 February 2012 Disability benefits Pension Lawyers Annual Conference 1 27 February 2012 Introduction 2 Disability benefits can arise in the context of various products and is not limited to occupational pension or provident

More information

why? this is how GREENLIGHT sees it

why? this is how GREENLIGHT sees it EARNING ABILITY LUMP SUM EARNING ABILITY COVER OCCUPATIONAL DISABILITY (OWN) BENEFIT OCCUPATIONAL DISABILITY BENEFIT DAILY TASKS BENEFIT why? When clients become disabled and can no longer work, they need:

More information

CODE OF GOOD PRACTICE FOR DISABILITY

CODE OF GOOD PRACTICE FOR DISABILITY CHAPTER 3: INSURANCE CODE OF GOOD PRACTICE FOR DISABILITY Application of this code: The code is intended as guidelines for best practice. If members follow these guidelines disability business will be

More information

Information Guide Booklet. Life Insurance

Information Guide Booklet. Life Insurance Information Guide Booklet Life Insurance This Information Guide booklet provides you with general information only. It will also help you to better understand any recommendations we have made for you.

More information

Do You Have the Right Life Insurance?

Do You Have the Right Life Insurance? Do You Have the Right Life Insurance? Having adequate life insurance should be an important part of your financial planning. The type(s) you choose will depend on your needs and goals. Life insurance was

More information

MLC Insurance. How to make your insurance more affordable

MLC Insurance. How to make your insurance more affordable MLC Insurance How to make your insurance more affordable Insurance could be more affordable than you think Research has shown Australians are worryingly underinsured. 1 One reason is many people under-estimate

More information

A Corporate Insured Stock Redemption Disability Buy-Sell Plan

A Corporate Insured Stock Redemption Disability Buy-Sell Plan A Corporate Insured Stock Redemption Disability Buy-Sell Plan A business owner s disability can have some very real practical consequences leading to problems for the owner, the owner's family, and for

More information

Discovery Life versus Old Mutual Greenlight

Discovery Life versus Old Mutual Greenlight Discovery Life versus Old Mutual Greenlight The Discovery LIFE PLAN is designed to offer you flexible personal and business financial protection against death, disability and severe illness at a cost effective

More information

A Guide to Income Protection Creating your success through Financial Planning

A Guide to Income Protection Creating your success through Financial Planning & Guidance A Guide to Income Protection A Guide to Income Protection Financial Broker Contents What would happen if I was out of work with illness for a long period? 02 What is income protection? 03 What

More information

A Guide to Income Protection Creating your success through Financial Planning

A Guide to Income Protection Creating your success through Financial Planning & Guidance A Guide to Income Protection Contents What would happen if I was out of work with illness for a long period? 02 What is income protection? 03 What is a Financial Broker? 06 Why would I need

More information

KEY GUIDE. Financial protection for you and your family

KEY GUIDE. Financial protection for you and your family KEY GUIDE Financial protection for you and your family Protecting what matters most Life and health insurance protection underpins most good financial planning. These types of insurance can ensure that

More information

The value of the financial adviser in life insurance

The value of the financial adviser in life insurance The value of the financial adviser in life insurance Exploring the myths and realities of direct life insurance and the value of the financial adviser About this document This document gives the reader

More information

DISCOVERY LIFE FOR PROFESSIONALS

DISCOVERY LIFE FOR PROFESSIONALS This brochure explains the products designed to meet professionals unique needs DISCOVERY LIFE FOR PROFESSIONALS Have you considered how to remain financially secure when you retire or if you become severely

More information

Competitor Comparison

Competitor Comparison Competitor Comparison Does your Client have the Best Income Protection Solution? Ask Yourself the Following Questions FMI Liberty Altrisk Momentum Discovery Old Mutual Product Flexibility Can my client

More information

cumulus echo retirement annuity

cumulus echo retirement annuity cumulus echo retirement annuity More than half of South Africa s pensioners are unable to cover their monthly living expenses. Sanlam BENCHMARK survey 2013 Cumulus Echo Retirement Annuity A retirement

More information

Assessing the efficiency of the South African insurance market in its provision of disability cover. An update to the 2013-study

Assessing the efficiency of the South African insurance market in its provision of disability cover. An update to the 2013-study Assessing the efficiency of the South African insurance market in its provision of disability cover An update to the 2013-study 20 February 2015 TABLE OF CONTENTS 1 TERMS OF REFERENCE...3 2 APPROACH &

More information

B1.03: TERM ASSURANCE

B1.03: TERM ASSURANCE B1.03: TERM ASSURANCE SYLLABUS Term assurance Increasing term assurance Decreasing term assurance Mortgage protection Renewable and convertible term assurance Pension term assurance Tax treatment Family

More information

New generation income protection

New generation income protection New generation income protection Reinventing disability and savings solutions life insurance There are major threats to our income. Becoming disabled during our working life. Becoming impaired during retirement

More information

Your policy conditions

Your policy conditions For customers Your policy conditions IP15 Personal Protection Welcome to Aegon Thank you for choosing our Personal Protection policy. We have been part of the Aegon group since 1994, linking Scottish Equitable

More information

The Absa Umbrella Retirement Fund Solutions

The Absa Umbrella Retirement Fund Solutions The Absa Umbrella Retirement Fund Solutions The Absa Umbrella Retirement Fund Solutions Absa Consultants and Actuaries take pride in introducing a range of individualised retirement funding solutions.

More information

Group Personal Accident + : Underwritten by Compass Insurance

Group Personal Accident + : Underwritten by Compass Insurance Group Life : Underwritten by Guardrisk Life Ltd Life Cover Life cover ensures that a member s family is financially able to maintain their standard of living after an unexpected death. Dread Disease Dread

More information

Insurance facts you should know

Insurance facts you should know Insurance facts you should know contents 1 Even 2 Inside 3 Your 4 tpd, non-income earners need to be insured or Outside super? insurance needs change on an annual basis Income Protection, Life Insurance

More information

secure your future the lump sum scheme Everything you need to know about your super DIVISION 2 - MEMBERS BOOKLET DIVISION 2 - MEMBERS BOOKLET

secure your future the lump sum scheme Everything you need to know about your super DIVISION 2 - MEMBERS BOOKLET DIVISION 2 - MEMBERS BOOKLET the lump sum scheme secure your future Everything you need to know about your super DIVISION 2 - MEMBERS BOOKLET 1 Adding power to your financial future 3 THE LUMP sum scheme MADE EASY 4 CONTRIBUTIONS

More information

Annuities. A Quick Guide. CIB Retirement Solutions

Annuities. A Quick Guide. CIB Retirement Solutions CIB Retirement Solutions Annuities A Quick Guide CIB Retirement Solutions Beta House, Laser Quay, Culpeper Close, Rochester, Kent. ME2 4HU Tel: 01634 729990 Fax: 0845 528 1116 Email: pensions@cibretirement.com

More information

A Guide to Retirement Options. Contents

A Guide to Retirement Options. Contents A Guide to Retirement Options Contents 2. Quick Guide 5. Lifetime Annuities (Secured Pension) 6. Single Life and Joint Life Annuities 6. Level and Escalating Lifetime Annuities 6. Impaired Life and Enhanced

More information

Peace. Mind. VivoLife. Why is it good for me? Flexible payment terms. A lifetime of protection. 4 enhanced protection 1 (up to 350% of sum assured)

Peace. Mind. VivoLife. Why is it good for me? Flexible payment terms. A lifetime of protection. 4 enhanced protection 1 (up to 350% of sum assured) Peace of Mind VivoLife Flexible payment terms. A lifetime of protection. VivoLife gives you the flexibility to choose from 3 levels of enhanced protection 1 for you and your loved ones. What s more, enjoy

More information

MAKE FINANCIAL FITNESS HAPPEN

MAKE FINANCIAL FITNESS HAPPEN MAKE FINANCIAL FITNESS HAPPEN 3 UNIT 6 INTRODUCTION TO NEDBANK INSURANCE AND ASSURANCE PRODUCTS At the end of this unit, you will: understand the difference between insurance and assurance; and understand

More information

Have you ensured the security of your family s future?

Have you ensured the security of your family s future? PROTECTION AIA SECURE TERM PLUS Have you ensured the security of your family s future? Protect them confidently with a plan that offers high protection at a low premium AIA.COM.SG While 6 in 10 Singaporeans

More information

We understand you want to provide lifelong protection for you and your family

We understand you want to provide lifelong protection for you and your family PROTECT We understand you want to provide lifelong protection for you and your family PRUlife Be prepared for the unexpected You have plans and you work hard to shape your future, be it getting married,

More information

GROUP INCOME PROTECTION DISABILITY COVER

GROUP INCOME PROTECTION DISABILITY COVER INCOME PROTECTION INCOME PROTECTION Income Protection products provide a monthly income for employees who are occupationally disabled for a short or long period due to illness or injury. Hospital and maternity

More information

Understanding Insurance

Understanding Insurance Version 4.0 Preparation Date: 2 November 2009 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to insurance. Important

More information

Annuities Guide. Simply Retirement make it easy for you to find the best deal in retirement. Simply Retirement Ltd who are we? Who is this guide for?

Annuities Guide. Simply Retirement make it easy for you to find the best deal in retirement. Simply Retirement Ltd who are we? Who is this guide for? Simply Retirement make it easy for you to find the best deal in retirement Jan Leeming Annuities Guide Simply Retirement Ltd who are we? Thank you for requesting this annuity guide. I would just like to

More information

Insurance facts you should know

Insurance facts you should know Insurance facts you should know 2 Insurance facts you should know Contents 1 Even non-income earners need to be insured 2 Inside or Outside super? 3 Your insurance needs change on an annual basis 4 Different

More information

We understand you want financial flexibility while saving for your future

We understand you want financial flexibility while saving for your future SAVE We understand you want financial flexibility while saving for your future PRUflexicash Life has a habit of springing surprises on you. So it s good to know you re prepared in the event you need to

More information

LGPS 2014 - FREQUENTLY ASKED QUESTIONS

LGPS 2014 - FREQUENTLY ASKED QUESTIONS LGPS 2014 - FREQUENTLY ASKED QUESTIONS THE BACKGROUND TO LGPS 2014 Why is another new scheme being introduced? The Coalition government came to power with a clear agenda to change public sector pensions,

More information

Must-haves for disability income protection

Must-haves for disability income protection Must-haves for disability income protection CHOOSING AN INCOME PROTECTION PRODUCT FOR DISABILITY? Ask yourself: 01 02 03 Will my claim get paid and how much will I receive? Can I get cover that matches

More information

Telstra Super Personal Plus

Telstra Super Personal Plus 01/ 17 NOVEMBER 2015 PRODUCT DISCLOSURE STATEMENT Telstra Super Personal Plus Making the most of your future Contents 01 About Telstra Super and Telstra Super Personal Plus 02 02 How super works 02 03

More information

GUIDE TO ANNUITIES. This guide is designed to provide you with the basic information you need to start thinking about your retirement opportunities.

GUIDE TO ANNUITIES. This guide is designed to provide you with the basic information you need to start thinking about your retirement opportunities. GUIDE TO ANNUITIES It takes many years of planning, saving and sacrifice to build up a significant pension and, after all those years, you want to be sure you are making the most of it. This guide is designed

More information

Sanlam employee benefits umbrella fund

Sanlam employee benefits umbrella fund Sanlam employee benefits umbrella fund why an employer would consider a retirement fund To take advantage of the generous tax concessions available To attend to their moral and social obligations towards

More information

We understand you want the assurance to receive income in your retirement years

We understand you want the assurance to receive income in your retirement years SAVE We understand you want the assurance to receive income in your retirement years PRUgolden income Lifestyle Multiplier Benefit RETIREMENT Family Income Benefit & Disability Income Benefit Ease Inflation

More information

Comparing Discovery Life to key competitors

Comparing Discovery Life to key competitors Comparing Discovery Life to key competitors D ISCOVERY LIFE AND MOME NTUM CONTENTS CHOICE OF LIFE PLAN... 3 FUNDING PATTERNS... 4 PREMIUM GUARANTEES... 6 POLICY STRUCTURE... 7 ACCESSCOVER AND ACCESSCOVER

More information

Flexible Lifetime Super

Flexible Lifetime Super Issued ₁ July ₂₀₁₅ Flexible Lifetime Super Insurance fact sheet Registered trademark of AMP Life Limited ABN 84 079 300 379. This document is a fact sheet for the product disclosure statement (PDS) dated

More information

Standard Life announced a review of its UK with-profits bonus rates on 28 January 2016.

Standard Life announced a review of its UK with-profits bonus rates on 28 January 2016. Standard Life Assurance Limited With-profits bonus declaration 28 January 2016 Standard Life announced a review of its UK with-profits bonus rates on 28 January 2016. Most customers will have a seen a

More information

Insurance facts you should know

Insurance facts you should know Insurance facts you should know 2 Insurance facts you should know Contents 1 Even non-income earners need to be insured 2 Inside or Outside super? 3 Your insurance needs change on an annual basis 4 Different

More information

Exploring Home Equity Release Options for Retirees Opportunities for optimising Retirement Income.

Exploring Home Equity Release Options for Retirees Opportunities for optimising Retirement Income. Exploring Home Equity Release Options for Retirees Opportunities for optimising Retirement Income. Dr Ashton de Silva, Dr Stuart Thomas, Dr Farzad Alavi Fard and Dr Sarah Sinclair. The Challenge: An aging

More information

This section briefly describes the various externally administered benefit schemes which are available and in most cases compulsory for staff members.

This section briefly describes the various externally administered benefit schemes which are available and in most cases compulsory for staff members. 1 BENEFITS AND ALLOWANCES ( CURRENT) 1. EMPLOYEE ADMINISTRATION AND BENEFITS A. BENEFIT SCHEMES This section briefly describes the various externally administered benefit schemes which are available and

More information

MLC Insurance. Level premium Making your insurance more affordable long-term

MLC Insurance. Level premium Making your insurance more affordable long-term MLC Insurance Level premium Making your insurance more affordable long-term There are generally two ways to pay your premium. Which is best? When you take out insurance, there are generally two ways you

More information

Understanding insurance Version 5.0

Understanding insurance Version 5.0 Understanding insurance Version 5.0 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to insurance. This document

More information

Income Protection and Total and Permanent Disability

Income Protection and Total and Permanent Disability Income Protection and Total and Permanent Disability Important information George s story and Leona s story are hypothetical stories and are included for illustrative purposes only. The names and identifying

More information

Deciphering Life Insurance Options: How Choosing the Right Policy Can Help Safeguard Your Earning Potential and Savings

Deciphering Life Insurance Options: How Choosing the Right Policy Can Help Safeguard Your Earning Potential and Savings How Choosing the Right Policy Can Help Safeguard Your Earning Potential and Savings 1 Many people think of life insurance as something they ll need when they get a bit older and want to ensure their loved

More information

Loss of License Income Protection

Loss of License Income Protection I N s u r a n c e P i l o t I N d i v i d u a l o r G r o u p Loss of License Income Protection Atlas Underwriters, LLC Lloyds Correspondant What would you do if you are prohibited from FLYING? Pilot Insurance

More information

A guide to annuities and your options at retirement

A guide to annuities and your options at retirement Providing Financial Education A guide to annuities and your options at retirement This guide is designed to provide the basic information you need to start investigating your retirement opportunities.

More information

Introduction...4 How to contact West Yorkshire Pension Fund...4

Introduction...4 How to contact West Yorkshire Pension Fund...4 1 The Index Page Introduction...4 How to contact West Yorkshire Pension Fund...4 The Choice Your Pensions Choice... 5 State Second Pension Scheme (S2P)... 5 Personal Pension Plans and Stakeholder Pension

More information

Member Booklet: RBF Tasmanian. Accumulation Scheme. Table of contents. About the RBF Tasmanian 2. Accumulation Scheme

Member Booklet: RBF Tasmanian. Accumulation Scheme. Table of contents. About the RBF Tasmanian 2. Accumulation Scheme Member Booklet: RBF Tasmanian Accumulation Scheme Information in this booklet is current as at 1 July 2015 Table of contents About the RBF Tasmanian 2 Accumulation Scheme How super works Benefits of investing

More information

We understand you want multiplied assurance for your family with a shorter premium term.

We understand you want multiplied assurance for your family with a shorter premium term. PROTECT We understand you want multiplied assurance for your family with a shorter premium term. PRUlife multiplier We understand you have goals and dreams that you are striving to achieve for your young

More information

Australia s $3.1 trillion underinsurance crisis

Australia s $3.1 trillion underinsurance crisis Australia s $3.1 trillion underinsurance crisis February 2012 CommInsure Life Insurance Survey Source: CommInsure Life Insurance Survey 2011 The underinsurance issue Australians are currently underinsured

More information

INCOME WHEN YOU ARE ILL

INCOME WHEN YOU ARE ILL INCOME WHEN YOU ARE ILL Income protection insurance (IPI) or permanent health insurance (PHI) is an insurance that virtually everyone who works needs, but very few people have. One of the reasons for this

More information

Your guide to Great-West Life Participating life insurance

Your guide to Great-West Life Participating life insurance Your guide to Great-West Life Participating life insurance This guide provides a high-level overview of key features of Great-West Life participating life insurance. After you review this guide, talk with

More information

UCTRF and Staff Death and Disability Benefits Explained. March 2015

UCTRF and Staff Death and Disability Benefits Explained. March 2015 UCTRF and Staff Death and Disability Benefits Explained March 2015 Table of Contents 1. Summary of Benefits:... 3 1.1 What gets paid by the Fund when I die?... 3 1.1.1 From the UCTRF... 3 1.1.2 From UCT:...

More information

Let s talk pension flexibility The current position

Let s talk pension flexibility The current position Let s talk pension flexibility The current position 1 Let s talk pension flexibility the current position Change is coming. Budget 2014 heralded a shake-up of the pension system that will change how we

More information

Sanlam Office Staff Occupational Disability Insurance. February 2015

Sanlam Office Staff Occupational Disability Insurance. February 2015 Sanlam Office Staff Occupational Disability Insurance February 2015 content sick leave 1 5 years before retirement 3 income care benefit insurance 1 annual leave 3 cease of income 2 unemployment insurance

More information

Critical Illness Fit for the Elderly?

Critical Illness Fit for the Elderly? No. 31, October 2014 Critical Illness Fit for the Elderly? by Tim Eppert + Critical illness (CI) insurance provides a financial lifeline to people facing the consequences of being diagnosed with a severe

More information

Discovery Life Group Risk Benefit Summary ABC January 2013

Discovery Life Group Risk Benefit Summary ABC January 2013 Life Cover Benefit The Life Cover Benefit will pay a lump sum in the event of your employee s death, giving their families the financial support they need. The lump sum benefit can be set as a multiple

More information

SCHEME GUIDE NHS Pension Scheme. Pensions

SCHEME GUIDE NHS Pension Scheme. Pensions SCHEME GUIDE NHS Pension Scheme Pensions Introduction Welcome to the member guide to the NHS Pension Scheme (the Scheme), the pension scheme for NHS workers. The term NHS worker includes people directly

More information

Business insurance and succession planning

Business insurance and succession planning Business insurance and succession planning BUSINESS INSURANCE AND SUCCESSION PLANNING Owning a business can be a very rewarding experience. But what happens if a business owner dies or falls seriously

More information

For expert advice call 01494 451441

For expert advice call 01494 451441 Protection Planning Life and Protection Insurance The cost of insurance, particularly life insurance has fallen over recent years, whilst the quality of cover has in many cases increased. With this in

More information

Product Comparison Discovery Life and Momentum Myriad

Product Comparison Discovery Life and Momentum Myriad Product Comparison Discovery Life and Momentum Myriad 1 Description Page Choice of LIFE PLAN 3 Funding patterns 4 Premium guarantees 7 Policy structure 8 Benefits for remaining healthy 9 Minimum Protected

More information

Personal. Personal insurance. Protection for all life stages. Financial solutions. For life.

Personal. Personal insurance. Protection for all life stages. Financial solutions. For life. Personal Personal insurance Protection for all life stages Financial solutions. For life. Contents Protecting your well-being and your family s 3 Why leave anything to chance? 4 Making it easier for you

More information

Understanding Insurance

Understanding Insurance Understanding Insurance Preparation Date: 26 November 2007 How to read this document Managing your finances to meet your day to day requirements as well as your long-term goals can be a complex task. There

More information

Financial planning guide For teachers who are approaching retirement

Financial planning guide For teachers who are approaching retirement Financial planning guide For teachers who are approaching retirement Financial planning guide 1 2 Contents Think ahead 4 When did you join? 5 Different rules, at different times 6 What kind of member are

More information

WHAT IF? INCOME PROTECTION ADVISER GUIDE

WHAT IF? INCOME PROTECTION ADVISER GUIDE INCOME PROTECTION ADVISER GUIDE WHAT IF? 92% of advisers think that income protection is undersold. Your clients may not realise how vulnerable they are, so it s a worthwhile opportunity to talk to them

More information

Conventional Lifetime Annuity Options Your Questions Answered

Conventional Lifetime Annuity Options Your Questions Answered Conventional Lifetime Annuity Options Your Questions Answered 0800 014 7470 0333 014 6267 am-5.30pm weekdays. Calls may be recorded for training and monitoring purposes. www.425fs.co.uk Contents 1. Introduction

More information

Your guide to Canada Life s participating life insurance. Estate Achiever Wealth Achiever

Your guide to Canada Life s participating life insurance. Estate Achiever Wealth Achiever Your guide to Canada Life s participating life insurance Estate Achiever Wealth Achiever This guide provides an overview of key features of participating life insurance products offered by Canada Life.

More information

Basic Guide to Retirement Income Options

Basic Guide to Retirement Income Options Basic Guide to Retirement Income Options Can I afford to retire? Which retirement income solution is best for me? Should I take all my tax-free cash entitlement? Will my family benefit from my pension

More information

Ensuring a healthy, financially secure future for you and your family

Ensuring a healthy, financially secure future for you and your family The Life Plan A Ensuring a healthy, financially secure future for you and your family Discovery Life offers more than just life insurance Discovery Life offers a collection of customisable benefits covering

More information

Understanding Superannuation

Understanding Superannuation Understanding Superannuation Client Fact Sheet July 2012 Superannuation is an investment vehicle designed to assist Australians save for retirement. The Federal Government encourages saving through superannuation

More information

Guide to Annuity Purchase

Guide to Annuity Purchase Fiducia Wealth Management Limited Guide to Annuity Purchase September 2012 For Professional Advisers Only Fiducia Wealth Management Ltd. Dedham Hall Business Centre, Brook Street, Colchester, Essex, CO7

More information

Insurance through your super

Insurance through your super Insurance through your super Review my cover Save on insurance through Super $ TPD insurance income protection Death We insure many aspects of our lives: house, car, health, life, even pets. Of all of

More information

Ch. 73 LIFE, ACCIDENT AND HEALTH 31 CHAPTER 73. CREDIT LIFE INSURANCE AND CREDIT ACCIDENT AND HEALTH INSURANCE

Ch. 73 LIFE, ACCIDENT AND HEALTH 31 CHAPTER 73. CREDIT LIFE INSURANCE AND CREDIT ACCIDENT AND HEALTH INSURANCE Ch. 73 LIFE, ACCIDENT AND HEALTH 31 CHAPTER 73. CREDIT LIFE INSURANCE AND CREDIT ACCIDENT AND HEALTH INSURANCE Sec. 73.1 73.5. [Reserved]. 73.11 73.13. [Reserved]. 73.21 73.29. [Reserved]. 73.31 73.43.

More information

Protecting Your Loved Ones Every Step of the Way

Protecting Your Loved Ones Every Step of the Way Protecting Your Loved Ones Every Step of the Way Gerber Life Insurance Company Gerber Life Insurance Company, White Plains, NY 10605 5/10/2011 Gerber Life Insurance Company is a financially separate affiliate

More information

CSIR Pension Fund An overview 2. Investment Option Information 3. Insured Death Benefit Cover 4. CSIR Group Life 5

CSIR Pension Fund An overview 2. Investment Option Information 3. Insured Death Benefit Cover 4. CSIR Group Life 5 Contents Page CSIR Pension Fund An overview 2 Investment Option Information 3 Insured Death Benefit Cover 4 CSIR Group Life 5 Death Benefit Dependants/Beneficiaries Nomination 6-7 Disability Income Scheme

More information

LONG TERM DISABILITY. benefits for employees that benefit employers

LONG TERM DISABILITY. benefits for employees that benefit employers LONG TERM DISABILITY benefits for employees that benefit employers Long Term Disability VOLUNTARY Although Americans lose millions of workdays each year to disabilities, too many of us think, It won t

More information

Durational Effects in a Health Insurance Portfolio

Durational Effects in a Health Insurance Portfolio Durational Effects in a Health Insurance Portfolio By John Feyter 1. Introduction 1.1 This paper examines the relationship that exists between claims costs and duration in-force for a large health insurance

More information

Ask yourself these three very important questions

Ask yourself these three very important questions QoL Flex Term Ask yourself these three very important questions 1. How much life insurance do I need to protect my family? 2. How much life insurance can I afford? More than likely, your answer to the

More information

Who ll repay your credit card if you can t? Card repayment insurance. www.jetstar.com/cards

Who ll repay your credit card if you can t? Card repayment insurance. www.jetstar.com/cards www.jetstar.com/cards Who ll repay your credit card if you can t? Card repayment insurance Combined Financial Services Guide and Product Disclosure Statement Section 1 Introduction 1 Introduction 4 Product

More information

Who ll repay your credit card if you can t? Card repayment insurance. www.jetstar.com/cards

Who ll repay your credit card if you can t? Card repayment insurance. www.jetstar.com/cards Who ll repay your credit card if you can t? Card repayment insurance Issued by Macquarie Life Limited Combined Financial Services Guide and Product Disclosure Statement www.jetstar.com/cards 1 Introduction

More information

Conventional Lifetime Annuity Options Your Questions Answered

Conventional Lifetime Annuity Options Your Questions Answered Conventional Lifetime Annuity Options Your Questions Answered 0845 077 7077 (8.30am-6pm weekdays) Calls may be recorded for training and monitoring purposes. www.425fs.co.uk Contents 1. Introduction to

More information

Copyright 2014 National Council on Compensation Insurance, Inc. All Rights Reserved. Unit Statistical Pension Tables

Copyright 2014 National Council on Compensation Insurance, Inc. All Rights Reserved. Unit Statistical Pension Tables Unit Statistical Pension Tables Agenda Overview Uses Table Structure Statistical Plan Tables and Usage Guide Sample Claim Scenarios Florida Permanent Total Benefits Resources Test Your Pension Table Knowledge

More information

Nearing Retirement: How to Use Your 401k/457 to Prepare for Retirement 5/9/14

Nearing Retirement: How to Use Your 401k/457 to Prepare for Retirement 5/9/14 Nearing Retirement: How to Use Your 401k/457 to Prepare for Retirement 5/9/14 Disclaimers The content of this presentation is for informational purposes only. This information does not constitute investment

More information

London Life term life insurance

London Life term life insurance Your guide to London Life term life insurance C o v e r a g e t h a t c a n c h a n g e w i t h y o u Term life insurance from London Life London Life term life insurance enables you to buy the protection

More information

Superannuation and Life Assurance Scheme. Members booklet 2008

Superannuation and Life Assurance Scheme. Members booklet 2008 Superannuation and Life Assurance Scheme Members booklet 2008 Contents Member Booklet 2008 Contents Introduction 3 Definitions 4-5 Leaving pensionable service If you are a qualifying member 12 If you are

More information

getting you ready / retirement planning For members within five years of retiring

getting you ready / retirement planning For members within five years of retiring getting you ready / retirement planning For members within five years of retiring Contents 2 / Introduction 3 / HOOPP: More for your money 4 / The pension you ll receive 6 / When you can retire 12 / Survivor

More information

Term life insurance. from Great-West Life. Cost-effective, flexible and convertible coverage

Term life insurance. from Great-West Life. Cost-effective, flexible and convertible coverage Term life insurance from Great-West Life Cost-effective, flexible and convertible coverage It s about your needs Convert to a longer term If you elect a term 10 life insurance policy, you can convert to

More information

MORTGAGE FACTSHEET -1-

MORTGAGE FACTSHEET -1- MORTGAGE FACTSHEET Choosing and obtaining a mortgage is not a simple task these days - whether you are a first time buyer, moving home, or remortgaging as you reach the end of your current incentive. This

More information

Retirement Benefits in Hong Kong

Retirement Benefits in Hong Kong Retirement Benefits in Hong Kong Introduction In Hong Kong, there are several types of retirement benefits sponsored by different parties as shown below. Government-sponsor - Old Age Allowances from the

More information

Focus on Business Disability Insurance Products

Focus on Business Disability Insurance Products Focus on Business Disability Insurance Products A Continuing Education Course for Life & Health Insurance Producers For educational & training purposes only. Not for use with the general public. 8529-05-06

More information

NATIONAL TREASURY. No. R. 325 29 April 2014 REGULATIONS MADE UNDER SECTION 70 OF THE SHORT-TERM INSURANCE ACT,

NATIONAL TREASURY. No. R. 325 29 April 2014 REGULATIONS MADE UNDER SECTION 70 OF THE SHORT-TERM INSURANCE ACT, STAATSKOERANT, 29 APRIL 2014 No. 37598 3 GOVERNMENT NOTICES NATIONAL TREASURY No. R. 325 29 April 2014 PUBLICATION OF PROPOSED AMENDMENTS TO DRAFT DEMARCATION REGULATIONS MADE UNDER SECTION 70 OF THE SHORT-TERM

More information

Absa Small Business Provident Fund

Absa Small Business Provident Fund Absa Small Business Provident Fund Employer and Employee Guide Absa Consultants and Actuaries Employee Benefits Solution A unique Provident Fund for small, micro and medium businesses administered by Absa

More information