CHOOSING TPD INSURANCE COVER
Wealth Smart compare life and TPD insurance policies to help find the best TPD insurance that is right for you and fits your family’s living expenses. In addition, the right and best TPD insurance can help you and your family in case of a misfortune if you can afford the insurance premium TPD.
After you compare life and TPD insurance and choose the best TPD insurance and insurance policies, your family will be financially stable even if you face a disability. We can guide you through the many options available and compare life and TPD insurance to help you achieve peace of mind and a secure income for your family, regardless of what the future holds.
When reviewing you compare life and TPD insurance to choose the best TPD insurance if you can afford the insurance premium TPD, you need to consider various factors, such as the following:
- What your monthly expenses are, and what they will be once you cannot work anymore, plus the new medical expenses you may face. Regular monthly payments include loans, credit card repayments, day-to-day costs, and your mortgage.
- What your current savings and investments balances are, as well as your current financial situation.
- The balances on your superannuation.
- If you have any other income streams, cash flow, or benefits.
Your personal and family situation includes whether you have dependents or not.
HOW IT WORKS
People typically purchase permanent disability TPD insurance as an optional extra on a TPD Life Insurance policy. Therefore, the amount of cover you can buy is generally limited by the amount of TPD life insurance you purchase. So, when you compare life and TPD insurance and finalise the guaranteed amount for life and permanent disability TPD insurance, estimating your minimum, unavoidable expenses is helpful.
Disability insurance payments usually only begin when the disability has been evident for a minimum of six months, and the insurer deems you unlikely to gain employment again based on the definition that applies to your life and TPD insurance policy.
WHAT IS LIFE AND TPD INSURANCE COVER?
TPD insurance is total and permanent disability insurance. The PDS for your chosen insurer will always provide the best definitions. In layman’s terms, a doctor must determine that you are permanently unable to go back to work before insurers can consider any claims. The claim regarding life and TPD insurance cover refers to a lump sum payment that provides a level of income protection should you become permanently disabled and need cash flow for rehabilitation costs and more. Contact Wealth Smart to compare life and TPD insurance to choose the best TPD insurance if you can afford the insurance premium TPD.
WHAT DOES LIFE AND TPD INSURANCE COVER?
Permanent disability insurance cover can vary from insurer to insurer. However, there are three main types of policies to consider before applying for a terminal illness benefit.
An own occupation life and TPD insurance policy, any occupation policy, or an Activities of Daily Living (ADL) policy are the three primary options available. These policies differ in what insurers need to pay a successful claim. Generally speaking, an ‘own’ occupation will carry a higher insurance premium TPD than ‘any’ occupation, requiring a higher premium than the ‘ADL’ definition in descending order. Please give us a call if you would like to discuss the main differences, consult the policy PDS, or compare life and TPD insurance.
DOES THE NATIONAL DISABILITY INSURANCE SCHEME OFFER COVER IF I BECOME INJURED AND CAN’T WORK?
The National Disability Insurance Scheme (NDIS) provides Australians under age 65 with reasonable support to live comfortably. The fund administrators will process the benefits if an individual has a permanent disability. Still, they must be Australian residents to qualify for the NDIS’s permanent disability insurance. Although this scheme offers support, it will likely not be enough to cover all the expenses and needs you may have. This is why you have to compare life and TPD insurance and have insurance, like the best TPD insurance, because it is a wise investment.
CAN I RECEIVE WORKER’S COMPENSATION AND THE BEST TPD INSURANCE BENEFITS?
You can file a worker’s compensation claim and receive benefits if you become injured due to a workplace accident. Simultaneously, you can receive other insurance benefits. This status is because insurance is not conditional and allows life and TPD insurance policyholders to receive compensation and benefits from more than one institution if they pursue this strategy. However, note that worker’s compensation claims may impact the benefits you receive from your life and TPD insurance policy/policies.
IS TPD INSURANCE TAX-DEDUCTIBLE?
Unfortunately, when you compare life and TPD insurance you will find out that life and TPD insurance is not tax-deductible. Most types of insurance are not tax-deductible for taxpayers if they choose to insure themselves. However, this may be different if you purchase insurance products like life and TPD insurance for business purposes. Contact your account manager or Wealth Smart if you need clarity regarding insurance’s tax benefits.
HOW LONG DO I HAVE TO WAIT FOR THE PAYMENT OF TPD INSURANCE BENEFITS?
This waiting period depends on the situation. For example, in most cases, the life and TPD insurance policyholder must be home for at least six months before the insurer can assess the life and TPD insurance claim. On the other hand, suppose you meet all the claim requirements, and the insurance provider has all the necessary information. In that case, the insurer will process and pay the claim as soon as possible.
Specific conditions would lead to a longer claims process. Examples of claims taking longer include back and mental health problems. In cases like this, medical professionals often need more time to determine whether the issue will result in the life and TPD insurance policyholder being totally and permanently disabled or not. In many similar cases, the medical profession can treat the health problem. Consequently, the claim for a total or permanent disability takes longer. Therefore, life and TPD insurance policyholders with these issues must often wait for extended periods when attempting to make a claim.
In some cases, the fund administrator can pay the claim as quickly as possible. For example, this could happen if the life and TPD insurance policyholder becomes quadriplegic following a motor vehicle accident. However, in cases like this, or any other instances in which the life and TPD insurance policyholder is totally and permanently disabled without a doubt, the fund administrator can overlook the six months waiting period. To determine the possible waiting periods, contact Wealth Smart and an advisor will give you more information about this when you and compare life and TPD insurance to choose the best TPD insurance if you can afford the insurance premium TPD.
DOES TPD INSURANCE COVER OWN OCCUPATION?
An own-occupation insurance policy covers the life and TPD insurance policyholder if they become disabled and cannot perform all, or at least the majority, of the duties of their occupation. For example, people who need to use their hands, like artists, or their voice, like singers, can have an own-occupation insurance policy. Some life and TPD insurance policies cover ‘own occupation’, but you need to educate yourself about your policy’s benefits, terms, and conditions to be sure of this. A Wealth Smart insurance advisor can help you compare life and TPD insurance and navigate the complexities of your cover.
CAN I HAVE MULTIPLE TPD INSURANCE POLICIES AND A LIFE INSURANCE POLICY?
Yes, this is possible. In many cases, people will receive automatic or default TPD life insurance and TPD insurance policies that their employer or superannuation fund provides. While this is in place, they may also take out other TPD life insurance policies. This choice is possible because you buy different policies for specific purposes, and each can have different beneficiaries. The various insurance policies will also have particular tax implications regarding the benefits payable by retail and super policies. For example, suppose you compare life and TPD insurance and then choose to purchase cover from other insurers. In that case, it is advisable to consolidate the cover with one insurer. Consolidation will lower your insurance premium TPD as discounts typically apply when you take out more significant insurance amounts.
WHAT SHOULD I EXPECT REGARDING THE COST OF TPD INSURANCE?
On average, the cost of life and TPD insurance is $15.29 monthly. But this insurance premium TPD price will depend on a range of factors like age, gender, occupation, lifestyle choices, and health of the aspiring life and TPD insurance policyholder. For example, “blue-collar workers” typically pay higher insurance premium TPD than “white-collar workers” as their jobs usually have a higher risk. Women often also pay lower insurance premium TPD than men because women, on average, live longer than men. The insurance premium TPD price also depends on your desired TPD insurance cover after you compare life and TPD insurance. The more extensive the TPD insurance benefit you require, the higher your insurance premium TPD.
CAN I CLAIM FROM MY TPD INSURANCE IF I AM NOT WORKING?
It depends on the situation. For example, if the life and TPD insurance policyholder is not actively employed or if they are working full-time without receiving a salary, they may qualify for a specific type/types of TPD insurance:
- Home duties. This type of TPD insurance policy is suitable for stay-at-home moms or dads whose domestic duties are their full-time activities. This policy specifies that if the life and TPD insurance policyholder cannot complete their duties due to total or permanent disability, like domestic duties in the home, they will qualify to receive a TPD insurance benefit.
- Non-working TPD. This type of TPD insurance policy usually becomes available once the policyholder reaches a specific age. In most cases, this kicks in on the 65th or 70th birthday of the life and TPD insurance policyholder. Once this happens, the policyholder will qualify for a partial benefit if they have lost their ability to complete daily living tasks due to total or permanent disability.
- Modified TPD. This type of TPD insurance policy is a non-working TPD insurance policy that allows the policyholder to add features of a non-working policy. In this case, the life and TPD insurance policyholder can claim any disabilities they received outside of the general area of TPD policies during their working age.
HOW DOES THE TPD INSURANCE PAYMENT WORK?
A lump sum payment will trigger if a doctor determines that you are permanently unable to work.
WHY CHOOSE AN INSURANCE SPECIALIST FOR TPD COVER?
As insurance specialists, we will get on the phone, compare life and TPD insurance, and help you choose the best TPD insurance or a policy that matches the criteria you need if you can afford the insurance premium TPD. And there are a lot of different life and TPD insurance policy providers and cover types that are all designed to serve a different purpose, so we help you navigate these hurdles.
We always suggest discussing your insurance needs with us so that we can obtain the best possible quotes for your situation and compare life and TPD insurance to choose the best TPD insurance. In addition, we can provide any factual information about the policies you might need. Moreover, we have all of the Product Disclosure Statements available if you want to do some research.
Please reach out if you want further information or are unsure about life and TPD insurance policy wording.
DO YOU NEED TPD INSURANCE?
If you are employed in a high-risk area or would like financial protection for any possibilities, you may need TPD insurance cover. When you compare life and TPD insurance and consider purchasing total and permanent disability insurance, you should consider the expenses you will need to cover if you can no longer work due to being permanently disabled. The everyday expenses include living costs for you and your dependents and any debts like your mortgage or credit cards. In addition, you can use the best TPD insurance if you can afford the insurance premium TPD to pay any necessary medical bills and as savings for your retirement.
When you compare life and TPD insurance, it would help if you also considered the resources, support, and cash flows available. Examples of these may be private health insurance products or other products like trauma or income protection. These products in TPD life insurance could help you pay medical expenses or fill the gap in your lost salary. Other forms of cash flow you may have are savings or even investments that you could sell. Besides these, you might have support from family and friends willing to assist you in times of need. If you need assistance determining whether you need total and permanent disability insurance, feel free to contact one of our Wealth Smart financial advisers for guidance and to get the best TPD insurance and insurance policies.
WHAT INFORMATION WILL THE INSURER NEED?
When you compare life and TPD insurance to choose the best TPD insurance, and during the application process, your insurer will need a range of specific information and documentation before being able to approve the TPD insurance product purchase. Generally, insurers will need some primary personal data for the policy. For instance, they need your age, occupation, medical history, and family history (specifically your family’s medical history). They will also want to know more about how you spend your free time, so information about hobbies or playing high-risk sports is essential. The information you provide will determine:
- If your application is successful or not
- The price of your monthly insurance premium TPD
- The terms and conditions of your insurance policy
Suppose the insurer does not ask questions regarding medical history. In that case, the specific insurance policy likely has more exclusions than the average insurance policy, or the policy has fewer policy definitions. Note that you need to answer all the questions truthfully. The insurer may not approve the application if you provide incorrect information or leave out important information. They could cancel your cover and even decline a claim you attempt to make in the future.
HOW ARE THE TPD POLICIES DIFFERENT?
It is helpful to remember that TPD insurance differs from many health insurance plans. Total and permanent disability insurance can be relatively cost-effective and offers lower insurance premium TPD than other types of health insurance. However, whilst the level of coverage provided is similar across different providers, insurance premium TPD can vary according to:
- Age (as you get older, insurance premium TPD can increase, and coverage decrease).
- Gender (males tend to live more risky lifestyles and attract higher insurance premium TPD).
- Occupation (manual and outdoor occupations attract higher insurance premium TPD than office work).
- Whether you smoke.
Although most policies are similar, ensure you read the insurer’s product disclosure document (PDS) thoroughly to check for the exclusion of certain conditions. When you compare life and TPD insurance, this checking will help ensure that you or your dependents receive the amount insured, not a leftover fund, after numerous deductions.
WHAT TYPES OF TPD INSURANCE ARE AVAILABLE?
There are two basic options of TPD insurance coverage available: Any Occupation and Own Occupation. They are defined as follows:
- Any Occupation: A TPD insurance claim can be made if you are permanently disabled and unable to undertake any occupation that is suitable according to your training, education, and experience Own Occupation: You can claim TPD insurance if you are no longer able to work in your chosen field of employment
WHAT TYPES OF TPD INSURANCE ARE AVAILABLE?
TTwo basic TPD insurance cover options are available: Any Occupation and Own Occupation. They are defined as follows:
TAny Occupation: You can make a TPD insurance claim if you are permanently disabled. Also, you can submit a claim for TPD life insurance if you can no longer undertake any occupation that matches your training, education, and experience.
TOwn Occupation: You can claim TPD insurance if you can no longer work in your chosen field of employment.
TThe insurance premium TPD may help you make savings along with creating a disability fund. This is because insurance premium TPD are also not tax-deductible. But the benefit paid to the injured individual is tax-free (i.e. not covered by superannuation law).
WHY GET TPD INSURANCE?
TPD insurance is particularly valuable to individuals with life circumstances or occupations where specific abilities are essential. For example, such abilities or careers include manual labour, problem-solving, or a high degree of physical coordination. In these circumstances, you want to know that you have income protection insurance from the TPD life insurance to carry you through the hard times.
Our life insurers help compare life and TPD insurance to choose the best TPD insurance and to calculate life insurance premium TPD and for term TPD life insurance to give you the best options. First, provide us with your medical history and other details to start the application process. Then, once you know the TPD life insurance cost, you can determine how much TPD life insurance you need. You will also learn whether you qualify for TPD life insurance tax deductible advantages and the value of these benefits.
In the interim, you can take comfort knowing that TPD insurance or TPD life insurance cover can:
- Help you pay off existing debts
- Cover family costs and maintain living expenses
- Enable you to pay for ongoing medical expenses
- More easily pay school fees
- Remove one more worry from your shoulders
Get the best TPD insurance if you can afford the insurance premium TPD from Australia’s leading insurers only with Wealth Smart. values, and see your payment options. Please find out more about TPD insurance reading further here, or contacting one of our experienced advisers at 1800 765 100.
TRUST US AT WEALTH SMART
Wealth Smart Australia Pty Ltd, also known as Wealth Smart, is an advisory specialist for Corporate and Personal Superannuation with a team of the top insurance brokers in Australia. Our insurance brokers have been trained to offer our private clients some of the best financial advice and planning solutions. Our insurance brokers are also trained to help our clients choose the best TPD insurance, compare life and TPD insurance, and even apply for insurance online or over the phone. Besides this benefit, we also have a team of superannuation advisors to assist clients in getting the best TPD insurance and insurance policies. In addition, our superannuation experts help raise awareness of super plan offerings.
Wealth Smart likewise offers the use of our online TPD Life Insurance comparison website. Our online comparison website contains insight into insurance policies for Australian individuals and organisations. This website further provides you with the opportunity to select policies from TPD life insurance that are competitively priced but also comprehensive. The insurance policies you can compare come from the top insurance providers in Australia.
Wealth Smart Australia Pty Ltd comprises two businesses: Online Risk Business and Superannuation Advice Company (Wealth Smart Super). The Online Risk Business offers our clients the services of specialist insurance brokers with the training and expertise to give you insight into various products. Moreover, you can then compare life and TPD insurance products and costs in Australia to choose the best TPD insurance if you can afford the insurance premium TPD. The Superannuation Advice Company (Wealth Smart Super) uses superannuation advisors’ services to give businesses, corporate companies, and individuals the opportunity to arrange, review and select the best TPD insurance and insurance policy. Our superannuation supervisors have the requisite background, knowledge, and experience to guide our clients to compare life and TPD insurance and in choosing the country’s best TPD insurance, corporate, personal, or wholesale super policies.
Wealth Smart Australia Pty Ltd is a corporate authorised representative of Millennium3 Financial Services Pty Ltd. This company is one of the country’s largest Financial Services licensee advisor groups. It employs 300 qualified financial advisors across Australia, allowing you to access expert consultation services anytime. The head offices of Millennium3 Financial Services Pty Ltd are in Sydney and Brisbane.
WEALTH SMART DOES NOT ONLY OFFER TPD INSURANCE
Wealth Smart prides itself on offering insight and information into insurance policies to allow Australians to find competitively priced and comprehensive insurance. This service enables Australians to save time and money, have peace of mind, and prepare for whatever life throws at them. We have achieved this capability by using the services of some of the best financial planning advisors in Australia. Besides specialising in TPD insurance, we also specialise in SMSF Insurance, TPD Life Insurance, Trauma Insurance, Income Protection, Corporate and Personal Superannuation, Commercial Insurance, and Personal Insurance.
SMSF, which stands for ‘self-managed super fund’, is a group TPD life insurance policy. This policy is easy and cost-effective as the policyholders benefit from tax advantages. We achieve this benefit as SMSF insurance allows the policyholders to structure their TPD life insurance through superannuation.
And, unlike standard insurance policies and premiums, SMSF insurance premiums differ because they are tax deductible. So you can deduct contributions to the super fund’s earnings in the annual tax return. However, this tax benefit will only be possible if your list the SMSF as the policy owner. Because of this benefit, SMSF insurance guarantees that the policyholder’s cash flow is not negatively affected.
You can also tailor the cover to meet your specific needs as the policyholder. And when claiming SMSF insurance, they will pay out a lump sum. However, this payout will only occur after the policyholder experiences permanent disability. Additionally, any incapacity of the policyholder must be severe enough to prevent a return to work permanently, for a period, or death.
Wealth Smart Australia prides itself on offering a wide range of services with the expertise of our advisors. This selection will allow you to choose from a range of SMSF insurance products and compare life and TPD insurance that suit your needs, wants, and financial situation. If you have any queries or questions about this insurance product, don’t hesitate to contact us at 1800 765 100, and one of our advisors will assist you to get the best TPD insurance and insurance policies.
By purchasing a TPD life insurance product, you may face the opportunity to buy a policy that contains multiple different types of insurance. TPD Life insurance policies work to allow you to build packages consisting of various insurance products to create a comprehensive package that suits you. When making this insurance package, you could choose the best TPD insurance and compare life and TPD insurance from insurance products like income protection, trauma and business expense cover, or TPD insurance. But when purchasing TPD life insurance, the most crucial component is life cover.
Life cover, also called term life cover, is an integral part of every TPD life insurance policy or package in the country. After you compare life and TPD insurance and choose the best TPD insurance, the life, and TPD insurance policyholder and insurance provider enter an agreement. This agreement states that the insurance provider will pay a lump sum of up to $1 million, or sometimes more, once you meet specific terms and conditions.
Examples of these conditions are the insurer paying a lump sum upon the policyholder’s death or diagnosis of a terminal illness. For example, suppose a life and TPD insurance policyholder with TPD life insurance has been diagnosed with a terminal illness. In that case, they may qualify to receive advanced pay. However, the insurer will only accept this condition if the medical practitioner determines that the life and TPD insurance policyholder will die within 12 months.
You can also purchase family TPD life insurance. This topic may be uncomfortable and unwanted for many families. But TPD life insurance is essential, and your loved ones and beneficiaries need to be educated about it to ensure they prepare for unfortunate circumstances.
Young families would benefit from purchasing term TPD life insurance policies for a fixed period. These periods are usually between 10 to 30 years. TPD life insurance would pay out benefits, like the death benefits, if the life and TPD insurance policyholder were to die during that period. This insurance type is generally more affordable and will depend on your financial situation and your family’s needs.
Different family TPD life insurance policies have specific benefits and options to add on benefits you may want for your family. Riders are an additional cost, but they may be helpful in the long run under unfortunate circumstances. Some standard riders that people purchase are in TPD life insurance are:
- A death benefit rider. When the breadwinner dies, a death benefit rider functions to pay out a lump sum benefit to the beneficiary.
- A waiver of premium rider. Suppose the life and TPD insurance policyholder cannot pay the insurance premium TPD due to an injury that prevents their return to work. In that case, this rider will waive the payment of the insurance premium TPD.
- An accidental death and dismemberment rider. Suppose the life and TPD insurance policyholder suffers an unfortunate event like unexpected death or losing a body part/parts due to an accident. In that case, this rider will pay out a lump sum to the beneficiaries.
- A disability income rider. Suppose the life and TPD insurance policyholder becomes totally disabled from an injury or illness and cannot return to work permanently or for a specified time. In that case, this rider will pay the life and TPD insurance policyholder a monthly income benefit.
Note that if you want to purchase a TPD life insurance policy, you should research and inform yourself about all the benefits and features of the policy. Essential things to take note of are the waiting periods before being able to make a claim, any limitation on the TPD life insurance cover, possible exclusions, as well as monthly insurance premium TPD.
Wealth Smart Australia prides itself on offering a wide range of services with the expertise of our advisors. This advice will allow you to choose the best TPD insurance and compare life and TPD insurance from a range of TPD life insurance products and compare life and TPD insurance that suit your needs, wants, and financial situation. If you have any queries or questions about this insurance product, please get in touch with us at 1800 765 100, and one of our advisors will assist you to get the best TPD insurance and insurance policies.
Trauma insurance covers a policyholder if they have a serious medical condition. In many of these medical circumstances, the policyholder would have to take extended time off work which the trauma insurance policy would cover. Trauma insurance is also known as critical illness insurance. It is an insurance product that offers a lump sum payment based on a medical practitioner’s diagnosis of a severe medical condition. This lump sum aims to give the policyholder and their beneficiaries the peace of mind that they can pay medical bills and debts such as mortgages or credit cards. Policyholders can also use this lump sum to buy groceries – it’s up to them.
Trauma insurance is not the only type that supports a policyholder after receiving a diagnosis of a severe medical condition. Other types of insurance products that would be useful are income protection insurance and TPD life insurance. But trauma insurance is a necessary protection. This protection is vital because income protection insurance and TPD life insurance pay out limited lump sums. These lump sums may not be enough to cover medical bills and living costs over an extended period, making trauma insurance vital.
Wealth Smart Australia prides itself on offering a wide range of services with the expertise of our advisors. This expertise will help you choose from a range of trauma insurance products and compare life and TPD insurance you need. So, if you have any queries or questions about this insurance product, please contact us at 1800 765 100, and one of our advisors will assist you to get the best TPD insurance and insurance policies.
If a policyholder is faced with unwanted circumstances, like being unable to work because of injury or medical condition, an income protection insurance product would be a helpful safety net. For example, income insurance will protect you if you cannot work because of an unforeseen illness or injury. This income protection guarantees payment of a portion of your income in your bank account every month if you cannot work.
An additional benefit to income protection is that you can curate this insurance product to suit your needs and financial situation. An example is the option to pause premiums while receiving the benefits. Income protection policyholders can also set the specific waiting periods and the period you receive the benefit. Finally, income protection policyholders have the added benefit of choosing between indemnity value cover and agreed value cover. Note that this choice influences the income protection policy’s premiums and benefit amounts.
Wealth Smart Australia prides itself on presenting a wide range of services with the expertise of our advisors. This service will allow you to choose from a range of income protection products and compare life and TPD insurance, making informed decisions at every step. If you have any queries or questions about this insurance product, please contact us at 1800 765 100, and one of our advisors will assist you to get the best TPD insurance and insurance policies.
- Corporate and Personal Superannuation
These two types of superannuation offer life cover like TPD life insurance policies do. Still, they also offer the policyholders better investment earnings. Superannuation insurance operates through the use of a super fund. Super funds are a safety net for all policyholders that are members, as well as their beneficiaries. So, the fund will pay corporate and personal superannuation claims if the policyholder experiences a salary sacrifice due to injury, illness, or death.
The super fund does not only act as a safety net. It can also be lucrative because policyholders can increase their final lump sum payment. However, they can only do this after they retire. Additionally, super funds are often the recipients of contributions made by federal government co-contributions.
So, when purchasing corporate or personal superannuation, you should look for a larger super fund. Many insurance companies in the country run a range of super funds. The size of the super fund means it is more robust. The stronger it is due to its volume of super funds, the higher the possibility that your insurance provider will be able to negotiate a group discount.
Besides purchasing corporate or personal superannuation through a super fund, you can also purchase other insurance products from a retail TPD life insurance provider. These insurance products include life cover, income protection, TPD insurance, and trauma cover. In the long run, this may be a cheaper option for the policyholder.
Wealth Smart Australia prides itself on offering a wide range of services with the expertise of our advisors. This diversity will allow you to choose from a range of corporate and personal superannuation products and compare life and TPD insurance that suit your specific requirements. Should you have concerns or queries about this insurance product, please do not hesitate to call us on 1800 765 100 to request a consultation with one of our top insurance advisors to get the best TPD insurance and insurance policies.
Commercial insurance products are designed for small business owners. This insurance product allows small business owners to secure their company with its assets, properties, business processes, and employees. Small business owners can use the services of Wealth Smart to review general insurance covers like:
- Business Interruption
- Business Pack
- Contract works
- Corporate Travel
- Management Liability
- Products and Public Liability
- Professional Indemnity
- Trade credit
- Works Compensation
- Industrial Special Risks
- Product Recall
Small business owners can use these types of insurance products for diverse protection depending on the type of business. For example, cover to protect themselves from legal cases or customer claims for injuries. Other protection options include safeguarding their business and themselves from the outcomes of any property or asset damage following a fire, theft, or flooding. Commercial insurance offers all of this, plus vehicle protection. Vehicle protection safeguards small business owners’ vehicle/vehicles if they’re involved in an accident or need specific repairs. Commercial insurance also serves to recover losses in eviction costs, damage, and loss of rent if you are the landlord.
Wealth Smart Australia prides itself on offering all these protection products backed by the expertise of our experienced insurance advisors. Therefore, our advisors will help you choose the appropriate commercial insurance and compare life and TPD insurance products to benefit your company and you as the owner. If you have any queries or questions about this insurance product, please contact us at 1800 765 100, and one of our advisors will assist you to get the best TPD insurance and insurance policies.
At Wealth Smart, we will always advise on the importance of purchasing personal insurance products, no matter the client’s age, occupation, or current circumstances. Personal insurance is an investment and safety net that covers a wide range of areas in which we have substantial experience. Examples of these areas are:
- Home and contents
- Prestige Home and contents
Wealth Smart Australia prides itself on offering a wide range of services with the expertise of our advisors. This will allow you to choose from a range of personal insurance products and compare life and TPD insurance that suit your needs, wants, and financial situation. If you have any queries or questions about this insurance product, please contact us at 1800 765 100, and one of our advisors will assist you to get the best TPD insurance and insurance policies.
THE ADVANTAGES AND DISADVANTAGES OF PURCHASING INSURANCE THROUGH SUPERANNUATION
The advantages of purchasing insurance through superannuation are:
- The insurance you purchase through superannuation may qualify for and benefit from group discounts. When companies buy insurance products in bulk, like within superannuation, the insurance provider may offer you a discount. This discount will be cost-effective for the life and TPD insurance policyholder and result in more effortless cash flow.
- The insurer will deduct payments for the insurance policy insurance premium TPD from the funds in the super account. This approach benefits the policyholder as their bank accounts are not affected when paying insurance premium TPD.
- Suppose the insurance product has been bought under a group policy in the insurance company. In that case, the life and TPD insurance policyholder may not need to have medical checks. This absence of a medical examination is a significant advantage for people who have pre-existing conditions and may not qualify for other insurance policies.
- The insurance premium TPD paid through superannuation are generally tax-deductible. This benefit arises because the insurance premium TPD are paid from the contributions made to the super fund. Therefore, purchasing insurance through superannuation can also be tax effective.
The disadvantages of purchasing insurance through superannuation are:
- One major disadvantage of purchasing insurance through superannuation is that it may not be customizable as purchasing insurance usually would be. This impact is because the cover is bought for a group of people. In contrast, companies purchase cover for individuals, making customization of the policy unfair to other members. In some cases, the insurance policy benefits would be enough for specific group members.
- The waiting periods for benefits to pay out may be longer than usual. When making a claim, the super fund processes the submission, often leading to delays.
- When purchasing insurance through superannuation, the SMSF members often do not have complete control over who their beneficiary/beneficiaries are. This condition sometimes applies because some super funds do not allow the members to choose their beneficiaries. In this case, the fund’s trustee would have the duty of selecting the beneficiary based on their expertise.
- The insurance premium TPD of the fund can negatively affect the total amount of the SMSF members’ retirement savings. This effect happens because when insurance premiums TPD are paid monthly or annually, the super fund becomes eroded, decreasing the total retirement savings.
THE FINANCIAL SERVICES PROCESS THAT WEALTH SMART FOLLOWS
The first step is meeting with one of Wealth Smart’s insurance brokers in the pre-meeting. Next, you will need to gather financial information and documents to show our Wealth Smart advisor. These documents and information will help our advisors give you the correct information to make informed decisions, so have these ready. Subsequently, our insurance broker will evaluate this information for your benefit. Then, they can guide you on products you qualify for and will give you the best TPD insurance products and protection if you can afford the insurance premium TPD.
The insurance broker will then be able to perform an in-depth analysis of your financial situation. The results of this analysis will assist the insurance broker in determining the client’s investor profile, needs, goals, and other factors.
The insurance broker will then study and use the analysis results to focus on the financial areas that need attention. The Wealth Smart insurance broker will then compile a detailed report containing their recommendations to outline and define the areas that need attention.
After the planning phase is complete, the financial broker will sit with the client to review the report and plan before deciding on an appropriate course of action. Once this plan is agreed upon, the advisor will implement it.
After the chosen plan is in motion, the advisor will need the client to keep their financial information and documents up to date. If any financial circumstances change, the client must update the information and change the insurance strategy if necessary.
The Continued Support
Besides all this support and benefits, Wealth Smart’s financial broker will also assist the client with an ongoing service package. This service package ensures that we continuously monitor the client’s insurance protection requirements, offering expert financial advice when warranted.
THE SERVICES OF AN INSURANCE BROKER ARE IMPORTANT
If you are looking into purchasing insurance or investing, you are on the right track. But this is not a straightforward process and should not be taken lightly. When buying an insurance product or investing, you must do enough research to adequately inform yourself about the terms, conditions, benefits, and exclusions.
To fully inform yourself during this process, the assistance and expertise of an insurance broker are instrumental. So, Wealth Smart provides our clients with exceptional service from an entire team of seasoned insurance brokers. In addition, our insurance brokers receive comprehensive training to manage all aspects of purchasing insurance and investments to get the best TPD insurance and insurance policies. These areas include tender management, pricing risk management, claim management, personal care, and attention.
At Wealth Smart, we are professional and proud of our service offerings. We also guarantee that we will source competitively priced and comprehensive insurance products and compare life and TPD insurance to choose the best TPD insurance if you can afford the insurance premium TPD. Ultimately, your insurance protection and peace of mind are our concerns. To this end, the expert advice and quality services from our insurance brokers and other insurance experts deliver your demands.
PRIVATE CLIENT SOLUTIONS BY WEALTH SMART
You can take charge of your finances using the private client solutions Wealth Smart offers. Our client services also propose personalised financial planning based on the expertise and assistance of financial brokers and other financial experts.
Our insurance brokers will explain the plan and its management to the client before approving it. This step ensures that the client is comfortable with how we will manage their funds, so they understand the process completely. In addition, Wealth Smart places great importance on involving the clients as actively as possible in their financial well-being and life planning activities. This involvement ensures that the client can maximise their investments with end-to-end assistance.
Besides offering clients a financial plan tailored to suit their circumstances, our private solutions also offer clients additional benefits. Examples of these benefits are tips and tricks like offering discounts for insurance premium TPD if they become available. In addition, the financial planning services also allow us to assist our clients in reducing their expenses, paying lower taxes, and making significant contributions to their retirement funds.
WE OFFER FINANCIAL ADVICE AND PLANNING
Wealth Smart offers our private clients access to the services and expertise of some of the best financial advisers in Australia. Our financial advisers are professionals at the top of their game. They are well equipped to give you comprehensive advice and guidance on various financial matters. Our financial advisers’ areas of expertise are super, insurance, income protection, estate planning, transition to retirement strategies, and retirement planning.
After creating their financial plan, we also give our clients an official Statement of Advice. An official Statement of Advice outlines the financial plan and contains the more intricate details. It also includes further information describing why the financial adviser curated that specific plan to recommend to the client.
MEMBER EDUCATION AND COMMUNICATIONS
We offer financial education to ensure that our clients are informed and in control of their financial situation. To control your financial situation, you must be informed of and understand the best practices that influence financial planning and personal finance. Examples are wealth creation, debt management, tax planning, income protection, and retirement benefits. The best way to control your finances is with appropriate guidance and planning. Wealth Smart offers financial education that covers financial, investment, and super communications:
• Wealth Smart offers a private client newsletter to our clients. The private client newsletter contains resourceful information covering all spheres of our client’s financial situations.
• Wealth Smart’s clients access an online library of articles and information. The library is full of information that covers topics from budgeting to wealth planning.
• Wealth Smart offers our clients access to an online glossary equipped with a broad scope of different definitions. These definitions cover financial and investment terms for our clients in case they need clarity about these topics.
• Wealth Smart’s clients can access the interactive TPD life insurance calculator and planning tools for their wealth planning needs.
• Wealth Smart’s clients can access fact sheets and frequently asked questions. The frequently asked questions cover a breadth of facts and questions from your super fund, retirement planning, investing, and more.
• Wealth Smart’s financial education services also ensure that our clients receive regular updates on legislative changes regarding their insurance products and policies. This service keeps clients updated about current legislation and offers insight into new opportunities that may arise.
• Wealth Smart’s clients have the opportunity to attend Financial Life Planning seminars and other informative sessions to obtain tools for better control over their financial life decisions.
WEALTH SMART OFFERS A FREE CALL HELPLINE
In addition to all the mentioned benefits, Wealth Smart’s private clients also have access to needed assistance through a free call helpline. This free call helpline assists our private clients with any questions or queries about common and personal inquiries about their financial situations and to get the best TPD insurance and insurance policies if you can afford the insurance premium TPD.
THE CLAIMS PROCESS
If a life and TPD insurance policyholder suffers an adverse event like injury, sickness, or death, they can make a claim. At Wealth Smart, we understand that these circumstances are stressful and traumatic. Because of this, we ensure that the claims process is simple and smooth for the policyholder or their beneficiaries. For example, suppose the life and TPD insurance policyholder is involved in an unfortunate event. In that case, they need to contact one of Wealth Smart’s advisors and follow these three steps:
Contact One of Our Wealth Smart Advisers
After an unfortunate event, the life and TPD insurance policyholder or beneficiary must contact Wealth Smart or their insurance provider. By getting in touch with Wealth Smart, we can help our clients gather the necessary evidence and complete the paperwork.
The actual policyholder or their beneficiary/beneficiaries are not required to make a claim. We understand that the life and TPD insurance policyholder may be unable to make a claim and that the heirs may not be in the right state of mind to do so. But, the policyholder or primary beneficiary must be available for specific validation and to receive the claim. If you are a Wealth Smart client and want to make a claim, contact us at 1800 765 100.
The Documentation Needed During a Claims Process
Specific documentation will be needed depending on the type of claim and insurance product. For example, suppose a client would like to claim from Income Protection, or TPD insurance cover. In that case, we require them to consult one of our advisors. The adviser can then outline the necessary documents and provide any required information.
Examples of the standard documents needed during claims processes are:
- Medical certificates.
- Reports from a medical practitioner.
- Specific documentation from the policyholder’s employer.
When a beneficiary submits a death cover claim, we require documentation like the death certification from the coroner’s office or the funeral director. During this process, we advise the beneficiary to make copies of the death certificate while keeping the original safe.
The Claims Submission
After all the necessary documentation has been collected and a Wealth Smart adviser has provided the required guidance and information, the claimant can submit the claim. The Wealth Smart adviser will then liaise with the insurance provider and attend to other claims process components. This activity takes place to attain the best result for the claimant and beneficiaries. After the insurer approves a claim, they will pay the benefits to the beneficiary/beneficiaries.
Depending on the type of insurance product, the payment period will differ. This period also relies on the speed of the claims submission. In addition, depending on the type of cover, the benefits will be available and reflected in the beneficiary account within a specific number of working days. All our Wealth Smart advisers have the expertise to advise clients about the claims process and how long they can expect to wait for the benefits.
YOU NEED AN INVESTMENT STRATEGY
An investment strategy is curated to assist an investor in reaching their financial, investment, and lifestyle goals. This strategy considers the personal and financial situation of the investor, like their age, capital, risk tolerance, and specific goals. The investor also needs to consider their desired return on their investment and what period they plan to follow with their investment.
When investing in super funds, the individual or business will have the opportunity to invest in various asset classes. The different asset classes available are:
- Fixed-interest securities
These classes are accompanied by distinct advantages and disadvantages, like risks, potential losses, and investment returns. An example of this would be investing in shares. When you invest in shares, you will invest in the asset class known as a growth-orientated investment. This type of investment often has higher returns over a longer time. Still, the risk is that it can be volatile and may sometimes decline in value.
When investing in a specific asset class, the investor must also consider their personal financial status. This decision can be intimidating and tricky if you lack information about the diverse asset classes with their advantages and disadvantages. However, an advisor can guide the investment option if an investor is indecisive. The advisor will make this decision when the fund invests superannuation savings in the Default Option of the SMSF, which is a balanced investment portfolio. The Default Option comprises a range of asset classes that investment managers review regularly.
THE PAYMENT CONDITIONS AND SPECIFIC WAITING PERIODS
As we have mentioned, insurance products have different waiting periods and payment conditions.
The TPD life insurance’s lump sum will be approved and paid once the policyholder has passed away or has been diagnosed with a terminal illness. Should the policyholder be diagnosed with a terminal disease, their medical practitioner must give them documentation stating that they have less than 12 months to live. If this is done, the claim will be approved, and the insurer will pay the lump sum within 14 days.
TPD insurance cover’s lump sum will be approved and paid out once a medical practitioner makes a diagnosis stating that the policyholder will never be able to work again. There is a waiting period of three to six months. Once the policyholder has had the disability for three to six months, which prevents them from the insurer will pay the lump sum.
TPD insurance’s lump sum has specific conditions. For example, suppose the policyholder experiences specific medical conditions within three months of purchasing a trauma insurance product. In that case, the lump sum of this insurance product will not be approved or become available. Before buying this product, your insurance provider must stipulate which specific medical conditions it will cover or exclude. Once you have made a trauma insurance claim that has been processed and accepted, your insurance provider will ensure they pay the benefits immediately. Note that in specific situations, the benefits and lump sum may experience a delay of up to three months.