Business insurance how much cover is needed? Fact Sheet - October 2014

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Business insurance how much cover is needed? Fact Sheet - October 2014"

Transcription

1 Business insurance how much cover is needed? Fact Sheet - October 2014 This fact sheet examines various methods of estimating the level of business insurance. The calculation methods do not take account of any tax that may apply to the receipt of insurance proceeds, earnings or income. Business insurance The adviser is usually required to assist the business or business owner/s to establish both the type and amount of insurance cover required. A business owner or employee may need to be insured for: death critical illness (trauma) permanent incapacity (total and permanent disability). The needs of business may include: key person insurance (revenue purpose) required through absence of a key person/s who generates revenue for the business loan protection (guarantor cover - capital purpose) required for funding loan payment buy/sell insurance for funding the departure of a business owner. A business may require insurance cover for one or all of these events or purposes. Scenario Ernie and Bert are co-owners of a toy business. They are paid $100,000 each by their jointly owned company, Ernie as marketing manager and Bert as product manager. Their contribution is critical to business success and each brings in revenue of $500,000 per annum. The business has been expanding and taken on $1,000,000 in debt for the purchase of a warehouse. Ernie and Bert are guarantors for $500,000 of the debt each. Their accountant calculates the gross value of the business to be worth $4,000,000. Each co-owner estimates that if the other left the business, revenue would be affected for 2 years. The costs of replacing either is a one-off cost of $50,000 and the business expense, including salary for each of them is $150,000 per annum. Asteron Life 1

2 Key person insurance (revenue purpose) The absence of Ernie or Bert would significantly affect the revenue of the business. For complete coverage, each key person needs to be insured by the business according to their contribution to the business. The following factors must be determined before making the calculation: the gross annual salary package of the key person the gross annual revenue attributable to the key person the business expenses attributable to the key person (this will be the salary package and on-costs, such as workers compensation insurance and payroll tax). These factors could be supplied by the business owners and/or their accountant. The estimate is calculated as follows: Term life insurance Example Label Gross annual salary package of life insured $100,000 A Gross annual business revenue attributable to life insured $500,000 B Less: business expense attributable to life insured ($150,000) C Net business revenue attributable to life insured $350,000 B - C = D Maximum loss of revenue over 2 years $700,000 2 x D = E Add: cost of replacement and recruitment of key staff $50,000 A x 50% = F Suggested term life insurance $750,000 E + F = G Less: existing term life insurance for purpose of key person insurance Nil H Term insurance shortfall $750,000 G - H Suggested trauma insurance $750,000 G Less: existing trauma insurance for purpose of key person insurance Nil J shortfall $750,000 G - J Suggested TPD insurance $750,000 G Less: existing TPD insurance for purpose of key person insurance Nil L TPD insurance shortfall $750,000 G - L Limitations This example assumes that loss of revenue is limited to 2 years and that replacement costs are 50% of the key person s salary package. A different period and percentage may be appropriate. It is often difficult to quantify the loss a business would suffer from the incapacity of a key employee. In the case of a small company the loss of a key employee is often critical to a business s continuance, not just its net profit. As the purpose of key person is to insure the business for loss of the individual s contribution, which would happen on any one event being death, disablement or trauma, standalone benefits are not usually required. Therefore life insurance linked with trauma and TPD insurance is usually sufficient. Loan protection (guarantor cover - capital purpose) This method calculates the cover required to extinguish either Ernie or Bert s share of business debt should they depart the business. For complete coverage each owner needs to be insured for their share of the business. The following factors must be determined before making the calculation: The total debt of the business The life insured s percentage of business ownership. The estimate is calculated as follows: Asteron Life 2

3 Term life insurance Example Label Total business debt $1,000,000 A % life insured is responsible (% of business ownership) 50% B Suggested term life insurance $500,000 A x B = C Less: existing term life insurance for purpose of debt insurance Nil D Term life insurance shortfall $500,000 C - D Suggested trauma insurance $500,000 C Less: existing trauma insurance for purpose of debt insurance Nil F shortfall $500,000 C - F Suggested TPD insurance $500,000 C Less: existing TPD insurance for purpose of debt insurance Nil G TPD insurance shortfall $500,000 C - G Limitations Usually only the total debt of an entity can be insured with apportionment to each owner based on their business share. This is assumed in our example. Owners may be able to insure for the full amount of the business debt each, if they have joint and severable liability for the debt. This is not assumed in our example. Buy/sell insurance This method calculates the cover required to fund a buy-out of a departing owner. For complete coverage each owner needs to be insured for their share of the business. Two factors must be determined before making the calculation: The value of the business The life insured s percentage of business ownership. The estimate is calculated as follows: Term life insurance Example Label Gross business value $4,000,000 A Less : business debt ($1,000,000) B Net business value $3,000,000 A - B = C % of business ownership of life insured 50% D Suggested term life insurance $1,500,000 C x D = E Less: existing term life insurance for purpose of buy/sell insurance Nil F Term life insurance shortfall $1,500,000 E - F Suggested trauma insurance * $750,000* E Less: existing trauma insurance for purpose of buy/sell insurance Nil G shortfall $750,000 E - G Suggested TPD insurance $1,500,000 E Less: existing TPD insurance for purpose of buy/sell insurance Nil H TPD insurance shortfall $1,500,000 E - H *If a business owner is expected to return to work after a trauma event and the business may increase in value during their absence it may be advisable to have standalone trauma cover of a lesser value to life cover. In this case the Suggested Trauma Insurance figure should use the key person guideline. This compensates the active owners for the increase in the value of the business during the inactive owner s absence. TPD can be linked to life cover as either event would lead to permanent departure from the business. Asteron Life 3

4 Limitations A proper and current valuation of the business is critical. As the purpose of buy/sell insurance is to ensure remaining owners can buy out the departing owner s share, standalone benefits are not usually required. Therefore life insurance linked with trauma and TPD insurance is usually sufficient. Contact Details Technical Services Suncorp Portfolio Services Limited ABN AFS Licence No For more information on Asteron product solutions, please contact the Sales Manager in your State. NSW/ACT Level Kent Street Sydney NSW 2000 T NSW callers outside Sydney: VIC/TAS Level Collins Street Melbourne VIC 3000 T VIC callers outside Melbourne: QLD Level Wickham Terrace Brisbane QLD 4000 T QLD callers outside Brisbane: SA/NT Level Grenfell Street Adelaide SA 5000 T SA callers outside Adelaide: WA Level William Street Perth WA 6000 T WA callers outside Perth: Important note The information contained in this publication is of a general nature only and is intended for use by financial advisers or other licensed professionals only. it must not be handed to clients for their keeping nor can any copies of sections of this publication be given to clients. The information has been compiled based on regulatory policy at the time of writing. We recommend that your client refer to their professional tax or legal adviser prior to implementing any recommendations you may make based on the information contained in the publication. 10/2014

5 Templates Key person insurance (revenue purpose) Term life insurance Client data Label Gross annual salary package of life insured $ A Gross annual business revenue attributable to life insured $ B Less: business expense attributable to life insured $ C Net business revenue attributable to life insured $ B - C = D Maximum loss of revenue over 2 years $ 2* x D = E Add: cost of replacement and recruitment of key staff $ A x 50%* = F Suggested term life insurance $ E + F = G Less: existing term life insurance for purpose of key person insurance $ H Term life insurance shortfall $ G - H Suggested trauma insurance $ G Less: existing trauma insurance for purpose of key person insurance $ J shortfall $ G - J Suggested TPD insurance $ G Less: existing TPD insurance for purpose of key person insurance $ L TPD insurance shortfall $ G - L * A different period and percentage may be appropriate. Asteron Life 5

6 Key person insurance (guarantor cover - capital purpose) Term life insurance Client data Label Client data Label Total business debt $ A % life insured is responsible (% of business ownership) % B Suggested term life insurance $ A x B = C Less: existing term life insurance for purpose of debt insurance $ D Term life insurance shortfall $ C - D Suggested trauma insurance $ C Less: existing trauma insurance for purpose of debt insurance $ F shortfall $ C - F Suggested TPD insurance $ C Less: existing TPD insurance for purpose of debt insurance $ G TPD insurance shortfall $ C - G Asteron Life 6

7 Buy/sell insurance Term life insurance Client data Label Gross business value $ A Less : business debt $ B Net business value $ A - B = C % of business ownership of life insured % D Suggested term life insurance $ C x D = E Less: existing term life insurance for purpose of buy/sell insurance $ F Term life insurance shortfall $ E - F Suggested trauma insurance * $ E Less: existing trauma insurance for purpose of buy/sell insurance $ G shortfall $ E - G Suggested TPD insurance $ E Less: existing TPD insurance for purpose of buy/sell insurance $ H TPD insurance shortfall $ E - H * If a business owner is expected to return to work after a trauma event and the business may increase in value during their absence it may be advisable to have standalone trauma cover of a lesser value to life cover. In this case the Suggested Trauma Insurance figure should use the key person guideline. Asteron Life 7

Life insurance how much cover is needed? Fact Sheet - October 2014

Life insurance how much cover is needed? Fact Sheet - October 2014 Life insurance how much cover is needed? Fact Sheet - October 2014 This fact sheet examines various methods of estimating the level of personal life insurance to be taken by an individual. The calculation

More information

Taxation of insurance payments through super Fact Sheet - October 2014

Taxation of insurance payments through super Fact Sheet - October 2014 Taxation of insurance payments through super Fact Sheet - October 2014 Insurances such as life, total and permanent disability (TPD) and income protection (IP) can be taken through super. The trustee of

More information

Comparison of insurance - inside and outside super Fact Sheet - October 2014

Comparison of insurance - inside and outside super Fact Sheet - October 2014 Comparison of insurance - inside and outside super Fact Sheet - October 2014 Insurance is quite often held within super because the premiums can be paid from accumulated super balances or employer contributions.

More information

Business succession insurance ownership Fact Sheet - October 2014

Business succession insurance ownership Fact Sheet - October 2014 Business succession insurance ownership Fact Sheet - October 2014 When creating a life insurance solution for clients there needs to be a recommendation of the correct amount and type of insurance cover.

More information

Asteron Lifeguard Enhancements Life Cover Super

Asteron Lifeguard Enhancements Life Cover Super Enhancements Life Cover Super Contents 1.0 Summary of changes 2 2.0 Improved Included Benefits 3 2.1 Improved Special Events Increase Benefit New Trigger Events 3 2.2 Improved Removal of $2,000,000 cap

More information

Superannuation and Residency Fact Sheet - October 2014

Superannuation and Residency Fact Sheet - October 2014 Superannuation and Residency Fact Sheet - October 2014 A change in residence has significant implications for superannuation. A number of issues arise when an individual relocates overseas whether temporarily

More information

Insurance through super strategies

Insurance through super strategies Insurance through super strategies For advisers Inside super or outside super? Insurance is quite often held within super because the premiums can be paid from accumulated super balances or employer contributions.

More information

Asteron Lifeguard Enhancements Income Shield Super

Asteron Lifeguard Enhancements Income Shield Super Enhancements Income Shield Super CONTENTS 1.0 Summary of changes 2 2.0 Enhancements to Included Income Shield Super Benefits 3 2.1 New 5 Year Benefit Period for S Class Occupations 3 2.2 Improved Sick

More information

Asteron Lifeguard Enhancements Life Cover

Asteron Lifeguard Enhancements Life Cover Enhancements Life Cover Contents 1.0 Summary of changes 2 2.0 Improved Included Benefits 4 2.1 Improved Special Events Increase Benefit New Trigger Events 4 2.2 Improved Funeral Advancement Benefit Increase

More information

Asteron Lifeguard Enhancements Total and Permanent Disablement (TPD) Stand Alone

Asteron Lifeguard Enhancements Total and Permanent Disablement (TPD) Stand Alone Enhancements Total and Permanent Disablement (TPD) Stand Alone Contents 1.0 Summary of changes 2 2.0 Improved Included Benefits 4 2.1 New Permanent Disability Increase Benefit New Trigger Events 4 2.2

More information

covers the cost of losing an important person from the business

covers the cost of losing an important person from the business October 2006 Tech update This month... We discuss the purposes of key person and buy/sell arrangements. We also explain when a business may use insurance for these arrangements. The risk of not planning

More information

Adviser AT YOUR FINANCIAL SERVICE. Equate TM 6.0 User Guide. Information Guide

Adviser AT YOUR FINANCIAL SERVICE. Equate TM 6.0 User Guide. Information Guide Adviser AT YOUR FINANCIAL SERVICE Life Solutions Wealth Solutions Equate TM 6.0 User Guide Information Guide Contents Getting started 1 Adviser maintenance 1 Equate roadmap 2 Case study 7 A few tips 7

More information

HUDSON SALARY GUIDES 2015

HUDSON SALARY GUIDES 2015 Australia HUDSON SALARY GUIDES 2015 Supply Chain & Procurement about this publication This Salary Guide is a compilation of salary and market information provided by Hudson consultants, clients, candidates

More information

HUDSON SALARY GUIDES 2015

HUDSON SALARY GUIDES 2015 Australia HUDSON SALARY GUIDES 2015 Office Support about this publication This Salary Guide is a compilation of salary and market information provided by Hudson consultants, clients, candidates and other

More information

HUDSON SALARY GUIDES 2015

HUDSON SALARY GUIDES 2015 Australia HUDSON SALARY GUIDES 2015 Accounting & Finance about this publication This Salary Guide is a compilation of salary and market information provided by Hudson consultants, clients, candidates and

More information

HUDSON SALARY GUIDES 2015

HUDSON SALARY GUIDES 2015 Australia HUDSON SALARY GUIDES 2015 Human Resources about this publication This Salary Guide is a compilation of salary and market information provided by Hudson consultants, clients, candidates and other

More information

Recommended for review. Understanding Business Insurance. Understanding Investment Concepts

Recommended for review. Understanding Business Insurance. Understanding Investment Concepts Recommended for review o Understanding Business Insurance Understanding Investment Concepts Page 1 Understanding Business Insurance Version 1.0 Preparation Date: 1 st July 2009 This document has been published

More information

POLICY OWNERSHIP CALCULATOR

POLICY OWNERSHIP CALCULATOR POLICY OWNERSHIP CALCULATOR COMPLETE SUCCESSION POLICY OWNERSHIP CALCULATOR Name of A. DEATH TPD TRAUMA NOTES Funds 100% of Preagreed ASSETS LIABILITIES PERSONAL Accounting Fees Bank Debt Loan Account

More information

Asteron Lifeguard Enhancements Income Advantage

Asteron Lifeguard Enhancements Income Advantage Enhancements Income Advantage Contents 1.0 Summary of changes 2 2.0 Enhancements to Included Income Advantage Benefits 4 2.1 Improved Income Update Benefit (Agreed Value) 4 2.2 Improved Capability clause

More information

Asteron Lifeguard Enhancements Income Protector

Asteron Lifeguard Enhancements Income Protector Enhancements Income Protector Contents 1.0 Summary of changes 2 2.0 Enhancements to Included Income Protector Benefits 4 2.1 Improved Partially disabled benefits to 100% of Pre-Disability Income 4 2.2

More information

HUDSON SALARY GUIDES 2015

HUDSON SALARY GUIDES 2015 Australia HUDSON SALARY GUIDES 2015 Legal about this publication This Salary Guide is a compilation of salary and market information provided by Hudson consultants, clients, candidates and other sources

More information

Tech Update September 2005

Tech Update September 2005 A Tech Update September 2005 Understanding insurance and Including insurance within can be of benefit to many clients, however there are also complex issues which need to be considered. This Tech Update,

More information

"The Choice is Elementary"

The Choice is Elementary "The Choice is Elementary" ROTECTING YOUR BUSINESS Business Insurance Why you can t wait No one wants to think about the what if s but if you are a partner in a successful business, the what if s can t

More information

Financial Services Guide

Financial Services Guide Financial Services Guide 1 November 2015 This Financial Services Guide is issued by: JBWere Limited (JBWere) ABN 68 137 978 360, AFSL 341162 jbwere.com Unless otherwise disclosed in the product disclosure

More information

Credit Guide. Anne Street Partners Home Loans Pty Ltd

Credit Guide. Anne Street Partners Home Loans Pty Ltd Credit Guide Anne Street Partners Home Loans Pty Ltd A guide to our relationship with you and other parties This Credit Guide contains important infomation about: Who we are and the services we provide

More information

Understanding Business Insurance

Understanding Business 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 business insurance.

More information

RECRUITMENT SERVICES ADDENDUM PROFESSIONAL INDEMNITY, PUBLIC & PRODUCTS LIABILITY & DIRECTORS & OFFICERS /EMPLOYMENT PRACTICES LIABILITY INSURANCE

RECRUITMENT SERVICES ADDENDUM PROFESSIONAL INDEMNITY, PUBLIC & PRODUCTS LIABILITY & DIRECTORS & OFFICERS /EMPLOYMENT PRACTICES LIABILITY INSURANCE RECRUITMENT SERVICES ADDENDUM PROFESSIONAL INDEMNITY, PUBLIC & PRODUCTS LIABILITY & DIRECTORS & OFFICERS /EMPLOYMENT PRACTICES LIABILITY INSURANCE IMPORTANT NOTICE: This Addendum and any further details

More information

Understanding business insurance

Understanding business insurance Version 4.2 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to. Important information This document has been published

More information

Client reports without the wait

Client reports without the wait Adviser AT YOUR FINANCIAL SERVICE Life Solutions Wealth Solutions Client reports without the wait Your guide to downloading updated client reports and client listings from WealthSolutions. Meeting with

More information

Credit Services Guide. Anne Street Partners Home Loans Pty Ltd

Credit Services Guide. Anne Street Partners Home Loans Pty Ltd Credit Services Guide Anne Street Partners Home Loans Pty Ltd A guide to our relationship with you and others Our Commitment to You: This Guide contains important information about: The services and types

More information

Office. insurance information

Office. insurance information Office insurance information CGU Office Package provides all-in-one protection for people who operate their business from an office, including medical and health, financial services, professionals, consultants

More information

Building and protecting your wealth the tax effective way

Building and protecting your wealth the tax effective way Building and protecting your wealth the tax effective way Strategies guide 2014/2015 The lead up to End of Financial Year (EOFY) provides a good opportunity to review your wealth creation plans. At this

More information

Investment Strategy Workbook

Investment Strategy Workbook Self Managed Super Fund Investment Strategy Workbook Prepared for Securitor Financial Group Ltd ABN 48 009 189 495 (Securitor) Licensed Dealer in Securities Securitor Financial Group Ltd ABN 48 009 189

More information

Business Plan template

Business Plan template template If you re considering establishing or purchasing a small business, it s important that you have a Business Plan. This plan will help provide you with an essential road map for your new business.

More information

APPLICATION FORM BUSINESS SUCCESSION AGREEMENT SELF FUNDED

APPLICATION FORM BUSINESS SUCCESSION AGREEMENT SELF FUNDED APPLICATION FORM BUSINESS SUCCESSION AGREEMENT SELF FUNDED Please read the following before completing the application form. Business owners should integrate the success of their business with the plans

More information

Business Succession Planning

Business Succession Planning Business Succession Planning Khanh-Vy Ho Regional Sales Manager Business People...are just people 2 When does a business partnership end? Death Disablement Illness Boredom Retirement Performance Loss of

More information

What is insurance?... 3. What types of insurance are there?... 4. Life insurance... 5. Total and Permanent Disability insurance...

What is insurance?... 3. What types of insurance are there?... 4. Life insurance... 5. Total and Permanent Disability insurance... Contents What is insurance?... 3 What types of insurance are there?... 4 Life insurance... 5 Total and Permanent Disability insurance... 6 Trauma insurance... 7 Income Protection insurance... 8 Insurance

More information

Reference Number Policy Number Sex M F Age

Reference Number Policy Number Sex M F Age Reference Number Policy Number Sex M F Age The insured is responsible for completion of this form without expense to the company Patient s name and address What is disabling patient? Please give a complete

More information

Financial services guide

Financial services guide Macquarie Equities Limited About this document This Financial Services Guide (Guide) is an important document that outlines the types of products and services that Macquarie Equities Limited ( MEL, we,

More information

Understanding Business Insurance

Understanding Business Insurance Level 7,34 Charles St Parramatta Parramatt NSW 2150 PO Box 103 Parramatta NSW 2124 Phone: 02 9687 1966 Fax: 02 9635 3564 Web: www.carnegie.com.au Guide Build Protect Manage Wealth Understanding Business

More information

ESSENTIAL COVER INSURANCE INFORMATION

ESSENTIAL COVER INSURANCE INFORMATION ESSENTIAL COVER INSURANCE INFORMATION This insurance product is issued by CGU Insurance Limited ABN 27 004 478 371 AFSL No. 238291 (CGU). The insurer of the Life and Trauma cover is National Mutual Life

More information

Contact us. Hoa Bui T: + 61 (02) 9335 8938 E: hbui@kpmg.com.au. Briallen Cummings T: + 61 (02) 9335 7940 E: bcummings01@kpmg.com.au. www.kpmg.com.

Contact us. Hoa Bui T: + 61 (02) 9335 8938 E: hbui@kpmg.com.au. Briallen Cummings T: + 61 (02) 9335 7940 E: bcummings01@kpmg.com.au. www.kpmg.com. Contact us Hoa Bui T: + 61 (02) 9335 8938 E: hbui@kpmg.com.au Briallen Cummings T: + 61 (02) 9335 7940 E: bcummings01@kpmg.com.au www.kpmg.com.au No reliance This report should not be regarded as suitable

More information

Masterpiece Signature Personal Insurance

Masterpiece Signature Personal Insurance Masterpiece Signature Personal Insurance Supplementary Product Disclosure Statement Issued 11 May 2015 This is a Supplementary Product Disclosure Statement (SPDS) which provides information about important

More information

The Strata Benchmarking Trends and tips

The Strata Benchmarking Trends and tips The Strata Benchmarking Trends and tips What is your role in the business? Owner 45% Principal 35% Average # lots managed 2012 3,916 2015 3,275 How long has your business been operating? 11+ years 51%

More information

BUSINESS CASE STUDIES

BUSINESS CASE STUDIES BUSINESS CASE STUDIES Below you will find 2 Case Studies of 2 very different organisations. An small Advertising Firm; & a well established Construction Equipment Hire Business. Most business owners have

More information

Business. insurance information

Business. insurance information Business insurance information A The CGU Business Package is designed to meet the needs of Australian small-to-medium sized businesses. Whether you are a manufacturer, importing or storage, retailer, service

More information

Super Saver Induction Booklet

Super Saver Induction Booklet VISION SUPER YOUR INDUSTRY SUPER FUND Super Saver Induction Booklet December 2013 99 Low fees and great value for money 99 Automatic Income Protection and Death & Disability cover 99 No commissions or

More information

Financial Services Guide

Financial Services Guide version 1 issued 17 february 2016 Financial Services Guide Morgan Stanley Wealth Management Australia Pty Ltd ABN 19 009 145 555 AFSL 240813 Level 26 Chifley Tower, 2 Chifley Square, Sydney NSW 2000 This

More information

Private Wealth and Investment Management

Private Wealth and Investment Management Private Wealth and Investment Management PhillipCapital has a winning combination of experience, insight and value to offer investors. To become a client and access a full range of services, call us on

More information

Run-Off Cover Scheme (ROCS) Important Information Effective from 1 October 2014

Run-Off Cover Scheme (ROCS) Important Information Effective from 1 October 2014 Run-Off Cover Scheme (ROCS) Important Information Effective from 1 October 2014 MDA National Insurance Pty Ltd ABN 56 058 271 417 AFS Licence No.238073 Introduction Section 1: Terms and Conditions of

More information

Redundancy A guide to the right choices

Redundancy A guide to the right choices 1 July 2007 Redundancy A guide to the right choices Inside this guide Introduction What benefits will you receive? How are these benefits taxed? What to consider when receiving an employment termination

More information

ownership possible The benefi ts of Lenders Mortgage Insurance for Borrowers July 2009

ownership possible The benefi ts of Lenders Mortgage Insurance for Borrowers July 2009 making home ownership possible The benefi ts of Lenders Mortgage Insurance for Borrowers July 2009 making home ownership possible Achieving the dream of home ownership is one of the most exciting accomplishments

More information

Salary Guide Feb 2016 ACT

Salary Guide Feb 2016 ACT ACT Program Director $220,000 $370,000 CONTRACTING RATES (PER HOUR) $145 $210 $220,000 $140 $210,000 $180 $75 $140 Senior $125 $75 Technical Writer / Trainer,000,000 $45 $50 $25 $55 $120 $80 $95 1 NSW

More information

ACE VOLUNTARY WORKERS INSURANCE

ACE VOLUNTARY WORKERS INSURANCE ACE VOLUNTARY WORKERS INSURANCE SUMMARY OF KEY CHANGES Please note: This document provides a brief summary of the key changes made to the ACE Voluntary Workers Insurance Wording and Product Disclosure

More information

#ReachingMyGoals #StartsToday

#ReachingMyGoals #StartsToday About this report The purpose of this report is to provide you a framework for assessing your financial health and, where relevant, trigger further action on your part. We also include insights and practical

More information

TRUST BOND FUND CTF18

TRUST BOND FUND CTF18 TRUST BOND FUND CTF18 Facts & Update March 2012 TRUST BOND FUND CTF18 Fund objective The Trust Bond Fund CTF18 ( the Fund ) aims to provide investors with exposure to Australian fixed interest assets in

More information

Insurance and estate planning. A Financial Planning Technical Guide

Insurance and estate planning. A Financial Planning Technical Guide Insurance and estate planning A Financial Planning Technical Guide 2 Insurance and estate planning Introduction 4 General insurance 4 Private health insurance 4 Personal insurance 5 Business insurance

More information

Don t just stand there!

Don t just stand there! Protect your business and insure your key people Chick St Clair & Partners Pty Ltd, ABN (29 110 058 618), is a Corporate Authorised Representative (CAR No. : 313611) of The Advice Exchange Pty Ltd (ABN

More information

A Financial Planning Technical Guide

A Financial Planning Technical Guide Insurance and Estate Planning A Financial Planning Technical Guide Securitor Financial Group Limited ABN 48 009 189 495 AFSL 240687 Contents Introduction 1 General insurance 1 Private health insurance

More information

Liability Package for Associations and Non-profit Organisations

Liability Package for Associations and Non-profit Organisations Liability Package for Associations and n-profit Organisations Answer all questions. Blanks or dashes, or answers known to underwriters or brokers or N/A are unacceptable & will delay consideration of this

More information

NOVEMBER 2014. Superannuation guide for employers

NOVEMBER 2014. Superannuation guide for employers NOVEMBER 2014 Superannuation guide for employers Overview A constant stream of legislation has been introduced over the past decade to enhance the choice, efficiency and governance of the Australian superannuation

More information

Business owners reference guide

Business owners reference guide Business owners reference guide Issued October 2012 Contents Introduction 1 Key person insurance 3 Who is a key person? 3 What is key person insurance? 3 Why is key person insurance needed? 4 Replacing

More information

Initial Claim Form Income Protection

Initial Claim Form Income Protection Initial Claim Form Income Protection March 2014 OnePath Custodians Pty Limited (OnePath Custodians) ABN 12 008 508 496 AFSL 238346 RSE L0000673 OnePath Life Limited (OnePath Life) ABN 33 009 657 176 AFSL

More information

FEES & COSTS. Fact Sheet > Triple S. To find out more visit www.supersa.sa.gov.au IN THIS FACT SHEET

FEES & COSTS. Fact Sheet > Triple S. To find out more visit www.supersa.sa.gov.au IN THIS FACT SHEET > 1 Consumer Advisory Warning Did you know? Small differences in both investment performance and fees and costs can have a substantial impact on your long-term returns. For example, total annual fees and

More information

Business insurance taxation in less than 35

Business insurance taxation in less than 35 Business insurance taxation in less than 35 minutes Andrew Lowe OnePath Technical Services May 2012 Taxation of business insurance applications of life insurance Ownership of life insurance Keyperson Business

More information

Adviser Tax Guide ONECARE 1 JULY 2014 ANZ WEALTH

Adviser Tax Guide ONECARE 1 JULY 2014 ANZ WEALTH Adviser Tax Guide ONECARE 1 JULY 2014 ANZ WEALTH This guide is current at 1 July 2014 and is subject to change. Updated information will be available free of charge from onepath.com.au or by calling 1800

More information

The benefits of insuring through super. Macquarie Life

The benefits of insuring through super. Macquarie Life The benefits of insuring through super Macquarie Life While your clients are accumulating wealth, they also need to ensure adequate insurance cover is in place so they and their families are looked after

More information

Your best back-up tool is insurance.

Your best back-up tool is insurance. Your best back-up tool is insurance. Insurance for tradespeople Presented by ACF Planning PTY LTD ABN 70154714119 as Authorised Representative No 415700 for Australian Capital Financial Planning ABN 34

More information

Notification of Closure, Sale or Transfer of Ownership or Management Form

Notification of Closure, Sale or Transfer of Ownership or Management Form Notification of Closure, Sale or Transfer of Ownership or Management Form Attachment A contains information on your obligations to notify the (the department) of changes to your service operation. Please

More information

RI Adelaide Pty Ltd t f Big Ave, Adelaide SA 5000 PO Box 12 Adelaide SA 5001

RI Adelaide Pty Ltd t f Big Ave, Adelaide SA 5000 PO Box 12 Adelaide SA 5001 RI Adelaide Pty Ltd t 08 8111 2222 f 08 8111 3333 4 Big Ave, Adelaide SA 5000 PO Box 12 Adelaide SA 5001 20 November 2010 Mr Jon-Pierre Smith 222 Ferguson Street Adelaide SA 5000 This sample was prepared

More information

Principally promoters, organisers and operators of Mini Trotting events including all associated activities.

Principally promoters, organisers and operators of Mini Trotting events including all associated activities. Personal Accident INSURED BENEFICIARIES BUSINESS GEOGRAPHICAL SCOPE PERIOD OF INSURANCE SCOPE OF COVER Voluntary Workers of Mini Trotting Clubs and Associations as detailed below including all members,

More information

Suncorp Group Privacy Contact Information

Suncorp Group Privacy Contact Information Business /Brand AAMI Home Building & CRC Contents Landlord Strata Title Landlord Fire & Theft Contents Car Caravan Travel Motorcycle Commercial: Business Public Liability Market Stall Commercial Property

More information

Terminal Illness benefit applications with OnePath Life Limited Information guide

Terminal Illness benefit applications with OnePath Life Limited Information guide Terminal Illness benefit applications with OnePath Life Limited Information guide Group Risk Insurance Claims Phone 1800 648 921 Fax 02 9234 8970 Email group.claims@onepath.com.au Website onepath.com.au

More information

ACE JOURNEY ACCIDENT INSURANCE

ACE JOURNEY ACCIDENT INSURANCE ACCIDENT & HEALTH ACE JOURNEY ACCIDENT INSURANCE SUMMARY OF KEY CHANGES Please note: This document provides a brief summary of the key changes made to the ACE Journey Accident Insurance Policy Wording

More information

The Global Financial Crisis and Australian Private Health Insurers - a healthy future?

The Global Financial Crisis and Australian Private Health Insurers - a healthy future? The Global Financial Crisis and Australian Private Health Insurers - a healthy future? You will have seen a Finity article on the impact of the Global Financial Crisis ( GFC ) on the general insurance

More information

Suncorp Group Privacy Contact Information

Suncorp Group Privacy Contact Information Business Name/ AAMI AAMI - Business AAMI - Life Home Building & CRC Contents Landlord Strata Title Landlord Fire & Theft Contents Car Caravan Travel Motorcycle Commercial: Business Public Liability Market

More information

JLT Mining. Utilising our expert knowledge of the mining industry and through understanding your individual business, JLT Mining can deliver:

JLT Mining. Utilising our expert knowledge of the mining industry and through understanding your individual business, JLT Mining can deliver: Mining Jardine Lloyd Thompson is one of the world s largest providers of insurance, reinsurance and employee benefits related advice, brokerage and associated services. JLT s client proposition is built

More information

Key person insurance 2007/2008

Key person insurance 2007/2008 Key person insurance 2007/2008 Adviser use only Important Information This guide has been published by MLC Limited (ABN 90 000 000 402, AFSL 230694) 105-153 Miller Street, North Sydney, NSW 2060. The guide

More information

LOAN APPLICATION FORM

LOAN APPLICATION FORM LOAN APPLICATION FORM OVERDRAFT HOME LOANS/FIXED RATE/VARIABLE RATE MORTGAGE LINE OF CREDIT LOANS If you have any difficulty understanding this document because it is in English, you should have it interpreted.

More information

Workplace Giving. Working for heart health Information for Employers

Workplace Giving. Working for heart health Information for Employers Workplace Giving Working for heart health Information for Employers The Heart Foundation s purpose is to reduce premature death and suffering from heart, stroke and blood vessel disease. By making a regular

More information

CRM Brokers Management Liability Proposal

CRM Brokers Management Liability Proposal CRM Brokers Management Liability Proposal Level 29, Chifley Tower, 2 Chifley Square, Sydney 2000 PO Box 6542 Baulkham Hills Bus. Centre 2153 Tel: 1300 880 494 Fax: (02) 9225 9943 E-mail: crm@crmbrokers.com.au

More information

Chubb Insurance Company of Australia Limited ABN 69 003 710 647 A.F.S. Licence No: 239778

Chubb Insurance Company of Australia Limited ABN 69 003 710 647 A.F.S. Licence No: 239778 Chubb Insurance Company of Australia Limited ABN 69 003 710 647 A.F.S. Licence No: 239778 Level 14, 330 Collins Street, Melbourne VIC 3000 Telephone: 9242 5111 Fax: 9642 0909 Completing the Proposal Form

More information

FINANCIAL SERVICES GUIDE

FINANCIAL SERVICES GUIDE FINANCIAL SERVICES GUIDE W0355AU (2014) WWW.WILLIS.COM.AU Willis Australia Limited ABN 90 000 321 237 AFS Licence No 240600 Date of Issue: 1 August 2014 Introduction This Financial Services Guide (FSG)

More information

The 4 Levels of Life Insurance Explained

The 4 Levels of Life Insurance Explained C JAMES MERCHAN BBUS (Banking & Finance), Ad.Dip Fin Planning [m] 0433 480 870 [w] 5976 3704 [e] jmerchan@mccombe.com.au THE IMPORTANCE OF LIFE INSURANCE Life Insurance is an integral component of wealth

More information

heavy motor Product Profile

heavy motor Product Profile heavy motor Product Profile Heavy Motor Product Profile Lumley Insurance Heavy Motor provides insurance protection via market leading wordings, risk management and claims service, delivering holistic risk

More information

HUDSON SALARY GUIDES 2015

HUDSON SALARY GUIDES 2015 Australia HUDSON SALARY GUIDES 2015 Sales, Marketing & Communications about this publication This Salary Guide is a compilation of salary and market information provided by Hudson consultants, clients,

More information

Financial Services Guide. Anne Street Partners Financial Services Pty Ltd

Financial Services Guide. Anne Street Partners Financial Services Pty Ltd Financial Services Guide Anne Street Partners Financial Services Pty Ltd Financial Services Guide (FSG) Anne Street Partners Financial Services Pty Ltd ABN 25 107 671 563. Level 14, 383 Kent Street, Sydney

More information

A Guide to Business Protection

A Guide to Business Protection A Guide to Business Protection Business protection is simply life assurance - and in some cases critical illness cover - written on the life of key people, partners or shareholders. This protects the business

More information

Insurance Administration Expenses ASFA

Insurance Administration Expenses ASFA Sydney Melbourne Level 1 Level 20 2 Martin Place 303 Collins Street Sydney NSW 2000 Melbourne VIC 3000 T +61 2 9293 3700 T +61 3 8621 4100 ABN 35 003 186 883 F +61 2 9233 5847 F +61 3 8621 4111 AFSL 239

More information

FINANCIAL SERVICES GUIDE

FINANCIAL SERVICES GUIDE FINANCIAL FACT FIND PARKHILL FINANCIAL PLANNING PTY LTD FINANCIAL SERVICES GUIDE Authorised Representative of INTEGRITY FINANCIAL PLANNERS PTY LTD Authorised and issued by Integrity Financial Planners

More information

An introduction to our General Insurance Broking Service. We ll develop a customised insurance and risk management solution to protect your business

An introduction to our General Insurance Broking Service. We ll develop a customised insurance and risk management solution to protect your business An introduction to our General Insurance Broking Service We ll develop a customised insurance and risk management solution to protect your business We ve been helping Australians create secure financial

More information

Insurance from MLC. Adviser use only. MLC Underwriting. Your quick reference guide

Insurance from MLC. Adviser use only. MLC Underwriting. Your quick reference guide Insurance from MLC Adviser use only MLC Underwriting Your quick reference guide Issue date: March 2012 MLC is dedicated to delivering a superior underwriting service, whether you lodge your business electronically,

More information

Includes Tips & Tricks that could save you substantial $$$ and help make sure your claims get paid.

Includes Tips & Tricks that could save you substantial $$$ and help make sure your claims get paid. Includes Tips & Tricks that could save you substantial $$$ and help make sure your claims get paid. WHAT IS INSURANCE? It s simply the transference of a risk from yourself to the Insurer. By paying the

More information

Personal super insurance changes Adviser Q&A

Personal super insurance changes Adviser Q&A Personal super insurance changes Adviser Q&A What is happening? During 2010/2011, IOOF negotiated new insurance terms and conditions with the Insurer of the IOOF Portfolio Service Superannuation Fund,

More information

Application for Attendant Allowance

Application for Attendant Allowance Application for Attendant Allowance Attendant allowance The Department of Veterans Affairs (DVA) recognises and supports the need for veterans to receive assistance with activities of daily living. Attendant

More information

Application for increases without further medical evidence

Application for increases without further medical evidence MLC Insurance MLC Insurance (Super) Application for increases without further medical evidence Policy number(s) Name of Life Insured This form allows the Income Protection, Life Cover, Total and Permanent

More information

Mapping a Financial Path for Doctors (GPRA) Brendan Campbell Associate Director Prosperity Health

Mapping a Financial Path for Doctors (GPRA) Brendan Campbell Associate Director Prosperity Health Mapping a Financial Path for Doctors (GPRA) Brendan Campbell Associate Director Prosperity Health STRUCTURES Asset Protection Structure Matrix Income Tax Rate Flexibility of Distributions Capital Gains

More information

To find out more visit www.supersa.sa.gov.au IN THIS FACT SHEET

To find out more visit www.supersa.sa.gov.au IN THIS FACT SHEET > 1 Income Protection insurance provides a fortnightly income of up to 75% of your salary while you are off work due to temporary or permanent incapacity for a maximum period of 24 months or to age 60,

More information

HUDSON SALARY GUIDES 2015

HUDSON SALARY GUIDES 2015 Australia HUDSON SALARY GUIDES 2015 ICT about this publication This Salary Guide is a compilation of salary and market information provided by Hudson consultants, clients, candidates and other sources

More information

What we stand for. Creating access to fixed income investments you can trust.

What we stand for. Creating access to fixed income investments you can trust. Welcome to FIIG What we stand for Trust is key. It s key to building relationships with our customers, and it s key to safeguarding a sustainable future as a market leading provider of access to fixed

More information