Let TAL SuperPay do the heavy lifting. Lifetime protection. 15% TAL Super Tax Rebate SUPERANNUATION

Transcription

1 ADVISER INFORMATION ACCELERATION PROTECTION Increase Cover Accelerated Protection Automated Rollover 15% TAL Super Tax Rebate SUPERANNUATION Lifetime protection Let TAL SuperPay do the heavy lifting. With TAL SuperPay, life insurance is easy, accessible and affordable.

2 More than 50% of Australians don t think they have adequate life insurance*. At TAL, we re changing that. We believe all Australians should have access to affordable insurance so they can protect the life they ve created and the future they imagine. TAL SuperPay lets Australians pay for retail insurance cover from their superannuation savings. That means your clients can be protected by TAL s award-winning Accelerated Protection, without adding to their daily expenses. The annual premium is paid out of their superannuation account via an automatic rollover and with TAL they also get a 15% tax rebate every year, from day one. Add up the savings: tax effective plus a 15% TAL Super Tax Rebate Comprehensive protection: life insurance, total and permanent disability, and income protection Easy to manage: simply quote and apply, and we ll take care of the rest Automated rollover process - Super Fund Details (name, address, TFN) match Rollover authority - Complying Fund - Balance + insurance premium > $5k - No rollovers in the prior 12 months - Policy Owner = TAL Super Fund - Annual Premium Frequency - TAL Super Fund contributes 15% of Premium Customer Superannuation Savings SUPERANNUATION 3 Days SUPERANNUATION GATEWAY Enduring rollover request (Equals Insurance Premium, less 15%) ACCELERATED PROTECTION Insurance benefits *TAL s Australian Financial Protection Index 2014

3 Here s how it works Application process Eligibility 2. Quote & Apply 3. Rollover 4. Renewal Step 1: Eligibility If you d like to recommend TAL SuperPay to your client, there are a few things you need to check first: Do your client s details on their application match those held by their super fund? Is your client s super fund balance more than $5,000 + annual insurance premium? Yes No Your client will need to update their details with their fund before they can access TAL SuperPay. Yes No Your client will need to top up their super fund before they can access TAL SuperPay. Has your client s super fund completed any other rollovers in the preceding 12 months? Yes Your client s super fund may reject their rollover request. If this happens, you will need to wait until 12 months have passed before they can access TAL SuperPay. No Are there any applicable super fund exit or withdrawal penalties? Yes Consider the impact of any exit fees before accessing TAL SuperPay. No Have you secured insurance cover for your client before cancelling any default super fund cover? Yes No Do not cancel any existing cover until your client has been assessed and accepted by TAL. Is your client s super fund a Defined Benefit fund, or paying an account based pension? Yes The super fund will not be able to accept the rollover request. No

4 Step 2: Quote and apply If your client is eligible, the next step is to get a quote for an annual premium. To access TAL SuperPay, make sure you select: TAL Super Yearly Payment Frequency For online applications: Select Rollover as the Payment Method on the Policy Owner Screen Select your client s super fund from the drop down list Provide your client s member number. For paper applications: Complete Enduring Rollover Authority Complete the TAL Superannuation and Insurance Fund Application The required rollover amount (including the 15% TAL Super Tax Rebate) will be printed on the Quote Illustration, and then we ll take care of the rest. Accelerated Protection Reference No: C Life Insured: John Smith Policy 1 Quote Applicant Details Health & Lifestyle Questions Assessment Summary Policy Details Finalise Application Payment Details Payment Frequency: Payment Amount: TAL Super Fund Rebate: Rollover Amount: Payment Method: Yearly $3,249 $487 $2,762 Rollover Name of Superannuation Fund: Transferring Fund ABN: Transferring Fund USI: Member Account Number: ABC Super Fund Back Save and Edit Continue Step 3: Rollover Once the underwriting process is complete and your client s application is accepted, we will automatically request the rollover amount from the super fund. The super fund has 3 days to process the request. Once we receive the rollover, your client s policy will be in force, and your commission is payable. Did You Know... When your client chooses to pay for their insurance cover yearly, they get an extra 8% discount? When combined with TAL SuperPay that s a 23% saving on premiums every year!

5 Step 4: Renewal At renewal time, it gets even easier. We ll send you and your client a reminder every year asking if any details have changed. If they haven t, their policy will renew automatically you don t have to do a thing. You can give your clients a TAL SuperPay checklist to make this process even simpler ask your TAL Sales representative. Automatic renewal process Adviser Renewal letter issued (30 days before policy anniversary). Super Fund details correct Change to Super Fund details Alternative payment method Customer No action required Complete Enduring Rollover Authority Form Complete appropriate forms Policy Renewed

6 Lift their protection levels higher Funding life insurance through superannuation reduces the pressure on your client s everyday spending. Plus, only TAL SuperPay offers a 15% rebate from day one. However, your clients could potentially use this saving to get further protection. In the following example, John s financial adviser recommends a $2million life insurance policy based on his circumstances. He is 50, doesn t smoke, and his total annual premium for a TAL Accelerated Protection Life Insurance policy is $3,249. TAL SuperPay in motion $2M Life Cover OR Increase cover to $2.36M Life OR add $312k TPD John chooses to pay his premium via a rollover from his super using TAL SuperPay He now only needs to pay $2,762 (saving 15%, or $487) Still rollover $3,249 and increase cover TAL SuperPay. Start the process with your clients today. TAL s Adviser Service Centre on Monday to Friday 8am - 7pm AEST accelerateservice@tal.com.au Important Information: This information has been prepared for use by advisers only and is not intended to be provided to clients. It is general information and does not take into account any individual client s financial objectives, circumstances or needs. Before making any decision about the products, advisers and their clients should consider the Accelerated Protection or Accelerated Protection for Investment Platforms Product Disclosure Statements and/or Policy Documents. If there is any inconsistency between this document and the Product Disclosure Statement or Policy Document, the terms of the Policy Document will prevail to the extent of the inconsistency. Current as at: 10 October 2014 This document is issued by TAL Life Limited ABN AFSL (TAL).