Will I be charged a fee for the service?
- No. There is no fee for our service, even if you decide not to proceed.
- Should you decide to proceed and take out a policy, Southside Financial Services will be paid a commission for arranging the policy. The commission paid does not affect how much premium you pay. If you went directly to the insurance company, you would pay exactly the same amount.
Can I claim a tax deduction?
- Income Protection premiums are fully tax deductible
- If a life policy is owned by a super fund, you can claim the premium as a tax deduction if you are self-employed.
- You need to speak with your adviser about the issues e.g. contributions limits, beneficiary nominations.
I’ve got Life Insurance with my superannuation, won’t that be enough?
- The average Life Insurance sum insured is $70,000 (with superannuation)
- The average Australian Mortgage (as at 2010) is $379,000.
- If you were to die, would the amount in your superannuation cover your debts? Would it provide a lump sum for your family to invest and live on?
- If you were to move to another job – would your super move with you?
- It’s best to speak with a qualified adviser to determine how much insurance is right for you.
Will I be locked into my policy?
- No. The policy owner can cancel the policy at any time without any penalties.
Can I still get insurance if I have a health condition?
- The adviser will speak with the underwriter on your behalf. It’s important that you provide all of the relevant medical information that you are aware of on the application form. In most cases this is enough information for a decision. However, there are some health issues where underwriters may write to your doctor for further information. You may need to have a medical examination or blood tests before taking out a policy. The life company will pay for any medical requirements.
Does it cost me more if I’m a smoker?
- Yes. Smoker’s premium rates are higher than those for non smokers.
- Once you stop smoking for 12 months, you will save up to 50% on your premiums.
When should I review my Insurance Policy?
- You should review your Insurance Policy every year, as life insurance companies are constantly updating their products and premiums, you could get exactly the same level of cover (or more) for a much cheaper rate.
My circumstances have changed, should I let my Adviser know?
- Yes, If your circumstances change then you need to review your insurance. Some examples include increasing your debt level, having children, changing jobs, getting married or marriage breakdown.
- If you have been a non-smoker for 12 months you could save up to 50% on your premiums.