In the Press

Advisers offer risk for impaired

TWO Associated Planners have started a specialist risk insurance business offering life insurance to individuals who would normally be ineligible due to prior conditions such as heart attack, stroke or cancer.

Where to get the best income protection insurance

Ian Satill, risk adviser with Curo Financial Services, part of Count Wealth Accountants, cautions that super fund policies are fairly basic – for example, a two-year benefit limit is typical. By contrast, a retail policy usually offers the option of a benefit to age 65.

In addition, most super fund policies are indemnity policies where a prospective claimant must prove their income for the last six to 12 months. But policies held outside super are more likely to be agreed value where income is agreed with an insurer in advance.

Anatomy of a life insurance claim

To obtain a perspective from the ‘coal-face’, we spoke with Count Financial Advisers Manish Sundarjee (Kidmans Partners) and Ian Satill (Curo Financial). In 2010/11, two clients of Kidmans Partners were diagnosed with cancer. Ian Satill, as Kidmans’ Wealth Protection partner, managed the claims.

Advisers offer risk for impaired

Risk adviser Ian Satill stresses that the provision of risk insurance can be extremely complex and therefore it may be in advisers’ and their clients’ interest to refer them to a specialist.

“Risk is very complex. You can’t be all things to all people and I certainly can’t be a specialist in both [securities and risk]. Better planners specialise in either one or the other,” he says.

The ins and outs of income cover

Australians are more likely to insure their homes or cars than their ability to earn an income, yet illness or injury can strike at any time, rendering people temporarily unable to work and earn. Income protection insurance can help – usually by paying up to 75 per cent of income for a fixed period.

Most large industry or corporate superannuation funds offer income protection, but there is still a debate about whether the cover is best held in or outside super.

The real risk in FoFA

Professional Planner/CommInsure roundtable discusses the dangers posed to the industry if a workable alternative cannot be found to the FoFA proposal to ban risk commissons.