Income/Life Insurance

[zimby]

Hi

So a while back I post a question about Income protection etc and got a great referral by a forum member.
Spoke with a broker and got the point where I realized I know zero about the industry( didn't take long)
Usually I just try to speak with as many people as possible until a picture becomes clear.
However there is a stack of info to provide and the brokers do alot of work, so would rather not stuff people around.
I'm rather hesitant to take one person's opinion on a topic, however nice and knowledgeable they are.
So I guess my question is does anyone use TAL for Insurance or can throw around recommendations.


Cheers

 

[Paul@PFI]

TAL are big but there are many other options. Depends on many factors. Its like asking if CBA are a good lender. It depends.

So many issues to insurances...In super / Outside. Wait periods, exclusions, inclusions, definitions (same occupation, any occupation + what incapacity means), how long policy pays etc

There can be strategies to hold income cover both inside and outside super. This can occur with members of industry funds. The low value benefits from the industry fund may sustain a short illness. Then an external policy kicks in and pays a long stream benefit. This way can be far cheaper than a short wait period and cover a serious issue. Issue such as employer sick leave accrual etc can all factor into the decisions. eg : A employee with 6 months sick leave / LSL etc doesn't need a two month wait period.

 

[Vixs]

TAL have a pretty well featured income protection policy, as long as you're talking about a policy written through a broker or planner. The direct insurance offerings aren't worth the paper they're written on.

If the justification for the recommendation from your broker isn't sufficient to make a decision, tell them you're still unsure and would like to know more. You and your broker are the only ones that know your situation and provided they have a justifiable reason for making the recommendation it shouldn't be an issue to ask for more clarification.

They're going to get paid for the advice if you go ahead, so you might as well ask them to do the legwork rather than do it yourself.

 

[Paul@PFI]

Broker ?? Inc Prot Insurance is a financial product requiring advice under AFSL. My first tip would be avoid any person who is aligned with a policy provider...ie a bank, a life company etc. A broker is an excellent facilitator of policies but often fails the self-interest test by limiting policies to ones they make the most $ on. ie : They wont recommend a competing product. Guess what they will recommend ?? Their product.

Our financial advice business is non-aligned. I sometimes get enquiries for our SS members and we do a review. Just recently they recommended a (SS) client reduce their excessive life and inc prot policies written by a major insurer. The broker from one of their agencies had sold him a Ferrari when he needed a good ford. Excessive insurance is a waste of $ and in this instance is better redirected to client property plans.

 

[zimby]

Cheers, seems I need to keep at it

 

[Paul@PFI]

We can do a review. Cost is $200. If it proceeds to a policy we rebate the $200 in full. My colleague Christian does these.

Contract my direct email if you are interested in this SS special.

 

[Hysteria]

Tal

Cheers, seems I need to keep at it

Hi Zimby

I am with TAL and haven't had a problem with them.
I was with AMP for 15 years but changed to TAL 2 years ago.

I recently needed to activate my income protection due to an accident outside of work. They paid from the day I was injured, at this stage its estimated I will need 3 months off so TAL payed one lump sum for the 3 months.

No 4 week waiting period, pay to the age of 65 and they pay until I am deemed fit to return to my normal occupation.
Cheers

 

[DaveM]

My life/IP/trauma/TPD is with Macquarie Life.

 

[HD_ACE]

I am with tal for income protection. Sourced through a risk advisor.

You really need to sit down with someone and go through all your options.