Your best back-up tool is insurance.

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

2 Important information» This material is not intended to constitute personal advice and must not be relied upon as such.» This material is of a general nature only and has been prepared without taking into account your individual objectives, financial situation or needs. Before making a decision based on this material, you should consider the appropriateness of this material having regard to your objectives, financial situation and needs and consider obtaining independent advice from a licensed financial adviser.» We recommend that you refer to the relevant Product Disclosure Statement where reference is made to a particular product before taking any action. 2

3 Agenda» Why do you need insurance?» What cover do you need?» Strategies to make insurance more affordable» The real benefits to you 3

4 Insurance - why do you need it? 4

5 Why you need insurance It could happen» You probably know someone who s been affected by sudden illness or injury» Illness like cancer can strike at any age» The costs of treatment can be financially crippling» How far does workers compensation go? * Cancer Council of NSW media release - 6 April

6 Why you need insurance It does happen» Tradespeople are three times more likely to suffer work-related injuries than any other occupation 1» The average person has $189,000 of life insurance cover. The average needed is $431,000» Heart disease is also the number one cause of death in Australia followed by stroke and cancer 3 1. Key Work Health & Safety Statistics Australia, Source: Value proposition of financial advisory network Update and extension. KPMG / Econ Tech January Causes of death, Australia 2010 Australian Bureau of Statistics 6

7 Why you need insurance What are the reasons tradespeople claim? Source: Income protection claims received by Asteron Life in

8 Why you need insurance Could your family survive without you? In the short term: Could you pay the bills with only one income? Could you afford to get someone in to help at home? Could you pay expensive medical bills? In the long term: Could you maintain the mortgage? Could you maintain your family s lifestyle? How long would your savings last? 8

9 What cover do you need? Insurance for tradespeople 9

10 What cover do you need? Insurance for tradespeople» Replace your income - on a temporary or permanent basis» Debt protection to repay outstanding personal debt» Keep on top of your fixed business expenses 10

11 What cover do you need? The types of insurance» Income protection provides regular payments to replace your income if you re unable to work due to illness or injury» Trauma provides a lump sum to help cover medical costs and extra household expenses» Life Cover and Total & Permanent Disability (TPD) provides a lump sum to help replace your long-term income, pay for help at home, and cover your debts» Business Expenses insurance pays regular payments to cover fixed business expenses like rent and professional insurances 11

12 What cover do you need? Case study: Life cover» Frank - 38 year old electrician» Has a wife who stays at home to look after their children aged 1 and 3.» Suffered a bad fall whilst helping his friend wire his shed one weekend and couldn t work for three months.» Frank received re-habilitation, and 80% of his income to cover expenses. Source: Asteron Life 12

13 What cover do you need? Case study: Life, Trauma & TPD» Karen - 38 year old plumber» Diagnosed with breast cancer, received $500,000 from her Trauma cover» When she could no longer work, she received $1.5m from his TPD cover» When she became terminally ill, she received $1.5m from her Life cover Source: Asteron Life 13

14 What cover do you need? How much does it cost?» Glen, a 31 year old carpenter on $60,000 pa, wants to cover his mortgage and income: $750,000 Life Cover $3,750 per month Income Protection (tax-deductible)» His annual premium is $2034* (after tax) or around $39.10 per week Source: Asteron Life, based on a non-smoker taking out an Agreed Value Income Protection Plus Cover with a 30-day waiting period, age 65 benefit period and a Life Cover, both with stepped premiums paid annually. * Not including Medicare levy. 14

15 Making insurance more affordable» Premiums for income protection are generally taxdeductible» Life and TPD cover may be available in your super fund - this can reduce the effective cost» You may be able to use spouse super contributions to pay your premiums» If you can t afford comprehensive cover, you can cover yourself for accidental injury only. 15

16 Case studies Making insurance more affordable 16

17 Making insurance more affordable Salary sacrificing into super» Take out insurance inside super, and use pre-tax money to pay your premiums How it works:» Your insurance premium = $2,930 pa» Strategy: You salary sacrifice $2,930 pa into super» Income to pay this premium outside super (MTR 38.5%) = $4,764» Saving from this strategy (year 1) = $1,834 Source: Asteron Life 17

18 Making insurance more affordable Spouse contribution splitting» You salary sacrifice into their super, then split this amount to your spouse s super fund to pay their insurance premiums How it works:» Your spouse s insurance premium = $2,500 pa» You salary sacrifice $2,941 into your super» You split 85% of this amount ($2,500) into your spouse s super» Your saving in tax (year 1) = $ 1,132 * Source: Asteron Life * Marginal tax rate at 46.5% 18

19 Making insurance more affordable Taking insurance inside super» There may be different rules for insurance inside super» You should discuss these strategies in relation to your own circumstances.» You may find you re better off taking insurance outside super 19

20 The real benefits to you» Peace of mind» Financial security for your family» Lifestyle choices for you and your family - you decide what happens in the future 20

21 Next steps» Think about everything you need to protect» Find out how much insurance you currently have» If you have a spouse, talk to them about their insurance» Make an appointment to meet with an adviser 21

22 Questions? Phone or 22

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