Insurance

Through The Portfolio Service, you can access comprehensive insurance cover. And because the premiums are deducted from your cash account there is no additional out of pocket expense for you. Not only that, but by holding insurance within your super, all your insurance premiums are tax deductible.

What type of insurance is available?

 Death cover
 Total and Permanent Disablement cover (TPD)
 Income protection cover

Death cover

Death cover provides a lump sum payment to your beneficiary in the event of your death. The beneficiary is the person you nominate to receive the money, generally a spouse or a child.

Total and Permanent Disablement (TPD)

TPD also provides a lump sum payment, but this time it’s to you; if you suffer an accident and become disabled to the point where you are unable ever to work again in your chosen profession.

What is Income protection?

Income protection is a continuance of your salary if you become ill or injured and unable to work for a period of time. This type of insurance will pay you a monthly benefit of up to 75% of your salary (or $25,000 a month, whichever is the lesser amount) while you recuperate. The waiting period is the period of time you need to wait before payment of the benefit begins; either 30, 60 or 90 days. The benefit payment period is the amount of time over which the benefit is paid and you can choose two years, five years or up to age 65. The premium you will pay will be determined by the waiting period and benefit payment period options you choose.

How much can you apply for?

How do you apply?

To apply for insurance simply speak to your financial planner. You will need to complete an application form from the relevant insurance PDS, which can be obtained from your financial planner.