Simplifying Statements of Advice. Life Risk example SOA. 9 December 2008

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1 Simplifying Statements of Advice Life Risk example SOA 9 December 2008 Life Risk Statement of Advice for Frank and Nancy Stoop,

2 Development of the Life Risk example SOA Financial planners, politicians, and regulators alike share the common goals of ensuring that disclosure documents are understandable, useful, practical and cost effective for consumers. However, most would agree that many Statements of Advice (SOAs) are lengthy, challenging for consumers to understand, and costly for financial planners to produce. In June 2008, the Financial Planning Association (FPA) released an example Statement of Advice (SOA) for Transition to Retirement advice which identified and simplified the key requirements that should be included in a SOA. To progress this project further, the FPA established a Working Group of life risk specialist practitioners to develop this example SOA on personal insurance protection. The Working Group incorporated into this example SOA, the member, consumer and stakeholder feedback received on the Transition to Retirement example SOA. As with the Transition to Retirement example SOA, this Statement of Advice does not include information considered unnecessary to client understanding of the advice. It is focused on the key sections that help clients make informed decisions about the advice given. This example Statement of Advice utilises referencing to remove the need to include education material, unnecessary product information, background research and other information, leaving the advice and costs as the focus of the document. This approach promotes the role of the Financial Services Guide (FSG) and Product Disclosure Statement (PDS) as valuable sources of information for more detailed information. There may be a number of additional professional requirements planners may need to consider. Client history Frank and Nancy Stoop are new clients who have concerns regarding their insurance portfolio after a friend was diagnosed with cancer and they saw the devastation that illness and treatment can cause a family. Frank and Nancy only seek advice on their personal insurance needs as they are quiet comfortable with their current investment portfolio and strategies. However, ABC Financial Planning has recommended they seek further advice regarding estate planning, debt management and investment strategies. Life Risk Statement of Advice for Frank and Nancy Stoop,

3 Frank and Nancy Stoop STATEMENT OF ADVICE LIFE RISK STRATEGY Date: 30 November 2008 What this document is about This document sets out the advice requested by you in our discussion on 27 August 2008 and details the costs of implementing the advice. This advice has been provided by John Planner who is an authorised representative (no ) of ABC Financial Planning Pty Ltd an Australian Financial Services Licensee (No ), of 75 Castlereagh Street, Sydney NSW Tel: Please note that all documents or sources of information referenced in this document are available free of charge from ABC Financial Planning. The scope of this advice This advice covers your life risk insurance needs only. It does not address superannuation, except insofar as it may be relevant to your insurance needs. You have told me you are happy with both Frank and Nancy s superannuation funds. As requested by you, this advice also does not address estate planning, debt management strategies to pay off your mortgage, or any other investment advice. Where you are now Here are your relevant personal details that you provided to me at our meetings, and which I took into consideration when developing your strategy: You are a married couple, both aged 40, with three dependant children under 12 years of age Frank is the primary income earner for the family Nancy works part-time to supplement the family income Frank has death and Total and Permanent Disability (TPD) insurance cover of one year s salary through his employer superannuation fund Nancy has no death or TPD insurance cover You have no income protection insurance cover You have a mortgage on a house which is your primary place of residence I note that you have no liquid or disposable assets that impact on your insurance needs. The table below summarises your current financial position: Frank Nancy Gross Salary per annum (excluding compulsory $120,000 $25,000 super) Death and TPD cover $120,000 $Nil Income protection cover $Nil $Nil Principal residence value $600,000 (shared jointly) Mortgage $350,000 Statement of Advice for Frank and Nancy Stoop Page 1 of 7

4 What you want to achieve Here is what I understand to be your primary objectives: Objectives Details When Reduce the financial burden on the family in the A package of comprehensive and adequate event of death, disablement or critical illness of Now insurance cover either partner Maintain current lifestyle in the lead up to retirement How you get there and why Here is a summary of what I recommend to you: Step 1: Take out income protection insurance cover for Frank Ensure a regular income should Frank be unable to work due to sickness, accident or injury Step 2: Increase Frank s death and Total and Permanent Disability (TPD) cover Step 3: Take out death and TPD protection for Nancy Step 4: Take out Major Health Crisis (Trauma) cover for Frank and Nancy Even though it may not be the cheapest option, the package recommended provides all the necessary cover to meet your objectives for the reasons detailed below. Step 1: Take out income protection cover for Frank How Reasons Frank to apply for an income protection insurance cover of $8, per month with Frank s ability to earn an income may be considered as your greatest financial asset. Without Frank s income, your family s current and future lifestyle expectations are unlikely to be met. Once in place, your new plan will ensure that a regular monthly benefit would be paid should any illness or injury cause Frank to be unable to work for longer than the specified waiting period. Your new policy will provide an indexed benefit up to age 65 should Frank be continuously unable to work due to such illness or injury. company XYZ Frank s salary is $120, per annum, so a monthly benefit of $8, is recommended. This represents 75% of Frank s salary or a taxable amount of $7,500 per month, plus an additional sum to allow for a 9% superannuation contribution of $900 per month. I have recommended company XYZ for this cover as their policy is comprehensive and cost-competitive over a five year period, based upon the research I have completed. Please refer to pages 6 (for policy cover) and 10 (for costs) of the XYZ PDS dated September I note that Frank s Employer Super Fund (ESF) offers a Temporary Salary Continuance benefit but this is no longer available for members once they reach age 60. Further, the fund offers such cover with a maximum benefit period of only 102 weeks. You have stated that you have leave entitlements of some months. In addition you are some years ahead with your mortgage payments. You believe, therefore that should Frank be unable to work, you could get by without assistance for up to 4 months. I therefore recommend that Frank apply for the recommended policy with a 90 day waiting period. Payments are made monthly, in arrears. I recommend the maximum benefit period for any one claim of up to Age 65, meaning that should Frank be unable to work due to illness or injury for longer than 90 days he could expect to be paid $8, per month, indexed up to age 65 or until his disability ceases. The initial annual cost of the recommended protection is $3,800. The annual premium for this income protection insurance is tax deductible. Statement of Advice for Frank and Nancy Stoop Page 2 of 7 Now

5 Step 2: Increase Frank s death and Total and Permanent Disability (TPD) cover How Reasons Increase Frank s death and TPD Your ESF provides comprehensive death and TPD protection, paid in addition to the investment balance of your fund. cover within his This is a tax-effective and cash-flow efficient method to provide these components of Employer Super your protection package. Fund ( ESF ) to Due to the Group Rates applicable to your fund, this is also cheaper than alternatives $1,400,000 considered. Should you move employers or change super funds, the fund s underwriter guarantees continuation of your benefits on the same terms. Frank s ESF provides cover of $120, The recommended cover of $1,400,000 (death) and $900,000 for TPD exceeds the current cover. Your ESF rules mean that cover for death and TPD must remain the same. Therefore I recommend you apply to increase the death and TPD benefit in Frank s ESF to $1,400,000. Frank, you indicated that you are happy to apply for this increase yourself. I recommend you contact your ESF administrator to discuss the requirements of applying for this increase. Please contact me if you have any questions. The estimated annual cost of the recommended increase is $1,200, making a new total annual cost of $2,100. Please refer to page 12 of the ESF PDS dated October Step 3: Death and TPD protection for Nancy How Reasons Nancy to apply for death cover of $450,000 and TPD protection of $550,000 with company ABC The contribution of Nancy s part-time work to your family s financial stability cannot be understated, particularly while your children are financially dependant. Should Nancy pass away, Frank may incur direct costs for emergency expenses, loss of income through time off work, funeral expenses etc. Should Nancy suffer a total and permanent disability, however, the family s future security may be impacted through significant capital costs as well as potential long-term expenses. You have also stated that in such a situation, Frank would consider early retirement or reduced working hours, which may reduce the family s income and require additional capital. I have recommended company ABC because their rates are competitive over a 5 year period and they allow TPD benefit in excess of death cover, so you will not be paying for death cover you do not need. I note that Nancy s employer super fund offers limited insurance benefits, but TPD benefits are not available to casual employees. Also, continuation of such benefits is not guaranteed on termination of employment. Due to Nancy s low taxable income (under $34,000 p.a.) there is little tax benefit in holding her cover within super. I recommend the specified policy with a death benefit of $450,000 and a TPD benefit of $550,000 in accordance with your stated requirements. The initial annual cost of the recommended protection is $730. Please refer to pages 16 to 20 of the ABC PDS dated July Statement of Advice for Frank and Nancy Stoop Page 3 of 7

6 Step 4: Trauma Insurance for Frank & Nancy How Reasons Frank and Nancy to apply for Major Health Crisis insurance with Trauma or Major Health Crisis insurance plugs the gap in your protection package, by providing capital upon the diagnosis of any one of a number of serious health crises. With trauma insurance, there is no necessary link between the condition and your ability to work. company XYZ, While the recommended sums insured may be considered relatively low they are and ABC selected based on the assumption that all other recommended insurances are in place. respectively This cover is recommended to get you through the initial crisis period which would then be expected to resolve itself via recovery, permanent disability or death. I have recommended companies XYZ (Frank) and ABC (Nancy) as in this way each of you will only be subjected to underwriting by a single company. (I note Frank will also be assessed by the ESF Underwriters). The gender specific definitions of certain conditions are better for each of you in the recommended policies. (For example, male cancers or female cancers.) I recommend Frank apply for the specified cover for $100,000. The initial annual cost of the recommended protection is $600. Nancy s income level is too low to insure. A sum of $200,000 in trauma cover for Nancy is recommended. The initial annual cost of the recommended protection is $875. Please refer to page 7 of the XYZ PDS for trauma insurance dated September 2008, for Frank s cover. Please refer to page 5 of the ABC PDS for trauma insurance dated July 2008, for Nancy s cover. Recommended Protection Benefit Package Client name & type of cover Frank s Death & TPD Name of Insurer ESF s Underwriter Frank s Income Protection XYZ Frank Nancy s Death & TPD ABC Nancy Policy Owner ESF Super Fund Trustees Sum Insured $1,400,000 (increased) $8, pm 90 day waiting Age 65 max ben period Death Cover $450,000 TPD Cover $550,000 Beneficiary Nancy Stoop $2100 Frank Stoop Frank Stoop $730 Frank s Trauma XYZ Frank $100,000 Frank Stoop $600 Nancy s Trauma ABC Nancy $200,000 Nancy Stoop $875 Annual Premium $3800 (Tax deductible) The total outlay for your new protection package, including the cost of Frank s existing cover in the ESF, is estimated to be $8,105 for the first year, of which $2,100 will be paid from Frank s ESF superannuation account and $6,005 is an out of pocket expense to be paid by you, which you have told me in discussions you can afford. This will rise as you age and as cover increases with inflation. Frank s income protection premium is tax deductible. Statement of Advice for Frank and Nancy Stoop Page 4 of 7

7 In summary, here s how this strategy fulfils your objectives Objective How the strategy fulfils the objective When Reduce the financial An all-inclusive family protection package delivered through burden on the family comprehensive insurance cover for Frank and Nancy including: in the event of death, death and TPD cover for each of you, plus Now disablement or trauma insurance providing capital upon the diagnosis of any one of a critical illness of number of serious health crises either partner Maintain current lifestyle in the lead up to retirement Comprehensive income protection insurance covering 75% of Frank s salary plus an additional sum to allow for Frank s employer s 9% Superannuation Guarantee contribution Now Risks and disadvantages The Risks The recommended death and TPD solution for Frank will be paid out of your superannuation account, which will reduce the amount of Frank s superannuation contributions being invested. It is easy to be unaware of the true cost of such protection unless you read your statements in detail. While Frank s TPD benefit is held within his superannuation fund, he must meet the (tougher) superannuation definition of Total & Permanent Disability in order to collect his benefit. With the exception of Frank s death and TPD, all the recommended benefits are risk only, meaning that should you cease to pay premiums when due, you could lose your protection benefits. As you have not sought comprehensive financial planning advice you may not have the best possible solution. This will not be possible to ascertain without a full analysis of your situation. The Disadvantages As Frank s TPD benefit is held within his superannuation fund, there will be tax payable on the benefit in the event of a TPD claim. As you age your premiums will increase. All insurance, including your recommended package, will divert funds from other goals such as investment or debt reduction. If you do not claim you will receive nothing back. Nancy, as you do not currently meet the work requirements to be eligible for income protection insurance, any income you earn now will cease in the event that you are unable to work due to sickness and/or accident. Statement of Advice for Frank and Nancy Stoop Page 5 of 7

8 What this advice will cost you and how we are paid Advice Costs In providing our services and advice to you, we will be paid as follows: Statement of Advice (SOA) preparation fees charged by us to you. These are set out in the first row of the table below and as agreed with you are $2,200. This fee is only charged if you do not proceed with this advice. Commissions paid by product providers to us from their collected premiums. This is calculated as a percentage of your premium and is set out in the tables below. As discussed with you, a flat rate for both the initial and ongoing commission will be applied. The amount paid to us on the basis of your initial premium would be $1, per annum including GST. This does not include any commission for Frank s death and TPD cover with his ESF as this will be arranged by you. These payments cover the cost of implementing your recommended package. When Description How Paid Amount (incl GST as applicable) Upon This fee is only charged if you do presentation Initial financial planning fee for the work By cheque from you not proceed with this advice. of your involved in the research, preparation and made payable to ABC Statement presentation of your SOA Financial Planning Fee Including 10% GST of Advice $2, Upon lodgement and completion of Insurance Applications Ongoing (annual) Initial commissions paid by the various Underwriters to ABC Financial Planning. These are paid as a percentage of the first year s premium at a rate of 22% Annual commissions Commission breakdown by product By the product underwriters upon finalisation of the various applications By the product underwriters upon annual renewal of the various policies Total estimated initial commission, based upon quoted rates and assuming all policies proceed to completion as recommended. Commission, including 10% GST $1, The product underwriters pay a renewal commission of 22% of the new annual premium, plus 10% GST. Based upon your expected initial premiums, this amounts to $1, Owner Policy Recommended Base Premium 1 st Year Initial Commission Ongoing Renewal Commission p.a. $ % $ % $ Frank Death & TPD ESF $2100 Nil Nil Nil Nil Frank Income Protection - XYZ $ % $836 22% $836 Nancy Death & TPD - ABC $730 22% $ % $ Frank Trauma - XYZ $600 22% $132 22% $132 Nancy Trauma - ABC $875 22% $ % $ Total commission (excluding GST): $1, $1, Notes As our Licensee, ABC Financial Planning ("ABC") receives the payments, retains 10% and pays the remainder to us as the financial planner. As your financial planner we receive $1,980 of the initial financial planning fee should you choose not to proceed with this advice, or if you proceed $1, per annum of the insurance commission. Ongoing commissions listed above are calculated annually at the policy anniversary. The amount of the commission depends on your age and the sum insured at each anniversary. Therefore the figures should be used only as a guide and may not exactly equate to the charges that will be made. Statement of Advice for Frank and Nancy Stoop Page 6 of 7

9 Benefits, Interests and Associations ABC Financial Planning may receive sponsorship payments from the XYZ and ABC insurance companies. Annual sponsorship per product provider is typically between $10,000 and $20,000 from each company. This is not a direct cost to you. Your financial planner does not receive any of these payments. ABC Financial Planning may use these payments to pay for the cost of conferences, training or professional development for our financial planner. In return, the product provider receives a range of benefits including being recognised as a sponsor, attendance at conferences and the right to give presentations to our financial planners. For further information regarding benefits, interests and associations please refer to page 16 of the Financial Services Guide previously provided to you. Additional information to assist your decision making Additional Resources Title Product Disclosure Statement (PDS) Financial Services Guide (FSG) Working Materials Research materials Ongoing services brochure Description PDS containing technical particulars about the recommended product, including product features and costs that apply The FSG that has already been provided to you provides information on a range of issues including the services we offer, how we operate, how we get paid, and any interests, associations or relationships that could influence them A copy of the spreadsheet workbook used to determine the recommended Sums Insured contained within this SOA can be made available to you upon request Research materials relevant to product selection. This material is independently appraised by a credible research house engaged by the Licensee. You should read this information so that you gain a better understanding what you are investing in The brochure that has already been provided to you details the ongoing service you can expect from us in the upcoming years Services being provided to you and next steps It s very important that you take full ownership of your financial decisions. I can assist you to make the appropriate decisions, but those decisions remain yours. If you don t feel totally comfortable with what is in this SOA, you should seek more information or clarification from me. This advice is relevant for your stated current family protection needs but does not consider your needs and objectives in other areas. It is strongly recommended that you conduct a full review of your financial situation to ensure that the decisions you make today will see you achieve the goals and expectations that you have set for the future, particularly for your retirement. You should have your financial situation, including the insurances recommended in this document, reviewed at least annually to ensure that the decisions you make today continue to remain relevant for your future circumstances. Although you have chosen to limit the areas in which you wish to receive advice to personal risk insurance protection, further recommendations can be provided upon request. Financial planning is a dynamic process and your financial development needs to be regularly monitored for changes in your circumstances, as well as economic conditions, government legislation and a range of issues that may impact on your financial wellbeing. Should you receive a pay rise, or have any other change in your employment circumstances, you should notify me immediately so that your package can be reviewed to ensure it remains in step with your objectives. If, however, you are completely satisfied with all the information and have no further questions: Sign the Authority to Proceed form marked with a tag Sign Here. Read the various Product Disclosure Statements (PDS). Contact me for clarification of any issues. Complete the Application Forms included with each PDS. Complete the Personal Statements relevant to each application Frank, one for ESF and one for XYZ; Nancy, one for ABC only. Return all the forms, signed where indicated, to my office. If you have any questions, please don t hesitate to contact me. Statement of Advice for Frank and Nancy Stoop Page 7 of 7

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