Changing Insurance Terms & Definitions

unsure on insurance

Life insurance in super

It is likely that you know whether you have life insurance through your super fund, and you may even know the amount and the premiums you are paying for the cover. It is highly unlikely though that you have read the latest Product Disclosure Statement and understand the terms and definitions used in ascertaining whether anything will be paid out. More importantly is that with ‘Group Insurance’ these terms and definitions can change.  (more…)

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Insurance In Super?

not-so-super-deal

Most superannuation funds offer life insurance

In fact if you join your employer’s default super fund it is compulsory for a level of life insurance to be provided. Very conveniently for the insurers and super funds, the obligation is for the fund member to ‘opt-out’ if they don’t want the insurance; that is, if you don’t explicitly refuse the cover, you pay for it. That’s why it’s important you read the following…. (more…)

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Federal Budget Summary 2016 – 17

Budget

The Hon Scott Morrison MP handed down his first Federal Budget on the 3rd of May 2016. There were modest changes to income tax rates and Centrelink rules but significant, and largely negative, changes to superannuation.

Of most concern is that a number of the superannuation changes are retrospective and hence impact existing and established retirement plans. Normally changes apply from the date of announcement, and any existing arrangements are allowed to continue under the rules which were applicable when they started.

Please note, all the announcements still need to pass through Parliament; until then they can be viewed as merely a statement of intent.  In addition, the devil is always in the detail, and the details aren’t yet fully known. (more…)

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