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1 Who s looking out for you? Insurance for Nurse Surgical Assistants Copyright Moore Stephens Serious about Success 1

2 Important information This presentation contains general advice only. Every effort has been made to ensure that it is accurate; however, it is not intended to be a complete description of the matters described. It does not contain and is not to be taken as containing any advice or recommendations. Furthermore, it is not intended that it be relied on by recipients for the purpose of making financial or investment decisions. Moore Stephens (Qld) Limited (ABN ) trading as Moore Stephens (Qld) Wealth Management, is a Corporate Authorised Representative of Charter Financial Planning Limited ABN , Australian Financial Services Licensee Licence number

3 About me Kyle Medson - Moore Stephens Queensland CERTIFIED FINANCIAL PLANNER - Internationally recognised, CFP certification is the highest level of certification that a financial planner can achieve. 10 years alleviating my clients concerns, minimising frustrations and helping them achieve their goals. Bachelor of Commerce in Financial Planning and Investments Clients located nationally with a particular interest, specialisation and focus on assisting medical profession Away from the office - Family, sport, outdoors 3

4 Agenda Why do you need insurance? Real life story - friend, colleague & mentor What cover do you need? How can you own insurance? How much cover: A practical calculation What impacts the cost of your insurance Nurse Surgical Assistant: A real life example The real benefits to you Next steps Summary 4

5 Insurance: Why do we need it? 5

6 What is your most important asset? Many people consider their family home, investment property or superannuation to be their greatest financial asset What about your future income? How important has your income been in achieving your current financial position? Who depends on your income? 6

7 Earning income potential A 45 year old earning $60,000 today will earn a total of $1.6 million until retirement A 35 year old earning $50,000 today will earn a total of $2.3 million until retirement A 25 year old earning $40,000 today will earn a total of $3 million until retirement (Assumes retirement at age 65 and 3% annual salary increases) 7

8 A few questions to think about What would happen if you were not around to provide for your family? What would happen if your spouse/partner was not around? Who would pay the mortgage if you had a short term illness? What would happen if you were not able to work due to a permanent disablement or severe illness? What would happen if you had to give up work to care for a family member? 8

9 Did you know? 9

10 124,910 new cases of cancer will be diagnosed in Australia this year 342 every day Australian Institute of Health and Welfare

11 Cancer costs over $3.8 billion a year in direct health system costs Cancer Council Australia

12 This year 10,000 Aussies will be diagnosed with leukemia, lymphoma & myeloma Over 1 every hour Leukemia Foundation 12

13 11,500 Aussies will find out they have melanoma this year Every year 1,500 die Cancer Council Australia

14 40 woman were told yesterday they have breast cancer 40 woman will be told while you are sitting here today....and tomorrow Breast Cancer Network Australia 14

15 Over 90% will survive, many for a normal lifetime Breast Cancer Australia 15

16 1 in 5 men will get prostate cancer But only 1 in 25 will die of it Australian Institute of Health and Welfare

17 Over 60% of all cancers in Australia are successfully treated Australian Institute of Health and Welfare

18 Cardiovascular disease prevents 1.4 million Australians from living a full life due to disability National Heart Foundation of Australia

19 Every 10 minutes an Aussie has a heart attack 3 in 5 people survive National Stroke Foundation Australia

20 60,000 strokes occur in Australia each year One every ten minutes 1 in 5 strokes happen in people under 55 years of age National Stroke Foundation Australia

21 The leading cause of acquired brain injury is stroke Second largest cause is accidents National Stroke Foundation Australia

22 400 Aussies are paralysed by spinal cord injury each year Average age is 25 Long-term care costs exceed $500 million annually Spinal Cord Injury Network

23 23,000 Aussies have MS 3 out of 4 diagnosed are woman They can live 90-95% of normal life span Australian Bureau of Statistics 2013 Multiple sclerosis Society of Australia

24 Can you afford to be sick? 24

25 Reality is. For every critical illness / trauma insurance policy held to age 65, one in four people will claim 3 in 4 Aussies will be diagnosed with a serious illness in their working lives AMP Claims Underinsurance in Australia, Rice Warner Pty Ld

26 It doesn t add up 95% of Australian families do not have enough insurance How will people survive financially? Use your savings? Approx 30% of Australians could not survive on savings for more than 30 days Sell down your assets? The GFC has driven up the cost of living and many are living day to day already, so this is probably not an option Borrow from the bank? 26

27 It could happen You probably know someone who s been affected by a sudden illness or injury Illness like cancer can strike at any age The costs of treatment can be financially crippling 27

28 It could happen What are the reasons medical professionals claim 28

29 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? 29

30 David - Friend - Mentor - Colleague 30

31 What cover do you need? 31

32 Purpose of Insurance Replace your income on a temporary or permanent basis Pay increased medical expenses for you and your family (including children) Debt protection to repay outstanding personal debt Pay someone to help keep your household running 32

33 The types of insurance Income protection provides regular payments to replace your income if you re temporarily off work Critical illness / 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 33

34 The types of insurance 34

35 Taxation 35

36 How can you own insurance? 36

37 Insurance inside Super Advantages with Superannuation owned policies Tax effective superannuation contributions and earnings are concessionally taxed Tax effective the fund can claim a tax deduction for the cost of premium relating to death TPD and Income Protection benefits. This deduction is passed on to the member Death benefits may be paid as a tax-free lump sum to dependants and with certainty binding death nominations Frees up your everyday cash flow Cover Life TPD (any) TPD (own) Critical Illness Income Protection (Indemnity) Income Protection (Agreed) Business Expense Available? YES YES NO NO YES NO NO 37

38 Super vs. Retail Potentially unitised cover - Each unit of cover decreases annually!! Retail Life stays constant or rises with CPI! Life/Death cover cab cancel at age 70!! Retail Life can run to age 99! If a TPD claim occurs, Life cover can be automatically cancelled!! Retail Life can have the TPD claim paid and Life cover can continue! 38

39 Super vs. Retail Some have a pre-existing clause applies where super can deny a claim!! Retail cover provides Clarity and Certainty through the health underwriting process. You know what is covered and what is excluded!! Income Protection is only calculated on 75% of an employee s base salary. Retail cover can also include bonuses, overtime etc to provide much higher monthly benefits to a client. Income Protection cover often cancels the day you terminate your employment. 39

40 Super vs. Retail You must use up all your sick leave before you can go on claim. The maximum benefit period you can be on claim for is often just 2 years. If you are on leave without pay you may not be covered by Income Protection. A Travel Exclusion may apply tied into the Federal Govt. DFAT Warnings (which can change daily). Once Retail cover is in force, it is 24/7 365 days p/yr Global Cover!! 40

41 Super vs. Retail You must use up all your sick leave before you can go on claim. The maximum benefit period you can be on claim for is often just 2 years. If you are on leave without pay you may not be covered by Income Protection. A Travel Exclusion may apply tied into the Federal Govt. DFAT Warnings (which can change daily). Once Retail cover is in force, it is 24/7 365 days p/yr Global Cover!! 41

42 Insurance inside super If superannuation appropriate and retail insurance is in your best interest: Premiums funded by annual rollover: no matter where your super Eg: SMSF, QSuper, HESTA, Sunsuper Take it with you! Only 85% of premium taken from your fund due to tax advantages Best of both worlds : Core premium paid by super and ancillary benefits paid by you TPD payment under either any or own occupation Income Protection improved definitions & features 42

43 How much cover? Myles: Age 43 - Package $160,000 Married Just had their first child Renovations to house Increased debt Default insurance cover provided for by super fund Limited cover Reducing every year Objectives Repay debt and provide income until child turns 18 No offsets (downsize, super, etc) 43

44 How much cover? Myles Life TPD Trauma Income Protection Capital Requirements Liabilities to Clear $700,000 $700,000 $100,000 - Lump sum to achieve Future Expenditure (assuming an annual return of 6.50% p.a.): $771,219 $713,791 $120,000 - Income needs (p.a. and indexed by 2.5% pa) $60,000 $120,000 $120,000 - For 18 years Until youngest child turn years From age 65 when Income Protection stops 1 years - Medical Costs/Final Expenses $25,000 $80,000 $80,000 - Total Capital Required $1,496,219 $1,493,791 $300,000 $10,000 pm Total Cover Recommended $1,500,000 $1,500,000 $300,000 $10,000 pm 44

45 What impacts cost of cover? 45

46 Cost of cover Insurance is a balance between: What you need What you want How much you are willing to pay Cost of Myles s Insurances: $62 per week after tax personally (3% of net income) $1,561 per annum from superannuation via rollover 46

47 Premium factors Amount of cover Health BMI Smoker Medical Conditions Alternative is exclusions (e.g. Mental health) Features Waiting / benefit periods for IP Any / Own occupation for TPD Options recommended CPI increase Buy backs Child trauma 47

48 Premium factors Features (cont) Needlestick Recognises the impact a serious blood borne disease can have on your ability to practice Policies vary, but should cover HIV, Hepatitis B and C from Sharps accidents, splash back, inhalation of blood or bone dust Available on some Life Cover, Income Protection and TPD polices 48

49 Premium factors Age 49

50 Premium factors Occupation Impacts Income Protection and TPD Actual duties you perform & percentage of time Not just your title Surgery / Ward rounds / Consults / Admin Education / Qualifications Perioperative Nurse Surgical Assistant Masters Clinical Science Example: Nurses aide C Nurse B Dental Nurse A2 - Success with PNSA! Surgeon MP 50

51 Cost difference Sarah: Age Next Birthday 45 Income $100,000 Insurance cover (occupational based only) $1 million Total & Permanent Disability (TPD) $6,250 pm Income Protection 30 day wait To age 65 benefit 51

52 Cost difference Sarah Nurse Occupation Code B PNSA Occupation Code A2 TPD $1,854 $1,265 Income Protection $5,360 $3,726 Total Premium $7,214 $4,991 Premium Saving 1 Year $2,223 Premium Saving To age 65 $146,855 52

53 The real benefit to you 53

54 The real benefit to you Peace mind Financial security for your family Lifestyle choices for you and your family you decide what happens in the future Insurance = Choice 54

55 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 insurance Seek advice Contact me on or Initial meetings are of no cost to you Implement and review 55

56 Questions? 56

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