pivotal planning aspirations newsletter

7/24/2019 Pivotal Planning Aspirations Newsletter

1/11

LEVEL 1/47 LOWER WEST BU

BURLEIGH HEADS QLD 4220

P: 075520 0698

E:clientservices@pivotalplan

W:www.pivotalplanning.am

ASPIRATIONS NEWSLETTER

2016

What you can expect this quarter

rticle Page

Home loans from 3.99%, call today 2

Am I better off renting or buying a home? 3

Hats off to working parents 4

Will my kids ever leave home? 5 and 6

Am I better off buying Insurance through my Super? 7

How to take tension out of your building project 8 and 9Changing rules for SMSF 10

Exactly what is Income Protection and do I need it? 11


2/11

LOANS FROM 3.99%We have a panel of over 30 lend

e

that can oer the rate and loan th

right for you.

Call Meegan Belicka

on 07 5520 0698


3/11

Am I beer o renng or buying a home? -revisitedAbout a year ago, we took a look at one of the biggest quesons in property, whether to rent or buy.We now revisit this debate to examine whether the property market has changed over the

last 12 months and how this might impact you if you were thinking about renng or buying a property.

The debate connues

If youre following the rent vs buy debate, the rental property argument has nudged slightly ahead of the buying property alternave in some parts of Australia, according to AMP Capitals Head of

Investment Strategy and Chief Economist, Shane Oliver:

The picture hasn't really changed that much except in cies like Sydney and Melbourne, where property price growth has been very strong (making buying more expensive) and growth in rents has

been relavely so so the case in favour of renng (and invesng) over buying has actually strengthened.

To invest or not to invest

So, you might be wondering whether or not its sll a good idea to invest in property. You might also be thinking that you would love to buy a house, but you can t aord to just now. So one opon

might be to rent in the suburb you want to live in, and buy a property (in a more aordable suburb) as an investment.

But like all property investment decisions,youll need to consider your personal situaon, your goals and the risks you want to take. You also need to be comfortable about whether you re making a

lifestyleor anancialdecision and whats important to you.

What are the opons?

Here are some things to think about if youre considering renng or buying:

Renng benets

Youll have more nancial freedom because you dont pay for landlord expenses, such as building maintenance, repairs, rates and property insurance.

Youre more likely to be able to aord to live in the suburb you want (because you re not paying for the expenses of owning a home). Renng downsides

You generally dont have the same freedom to change or renovate the property like you would if it was your own.

Youre never sure how long you can stay in a rental property. This is ne while you are young and exible, but as you grow older you might want more certainty and stability.

Buying benets

Youll own your home within 25 to 30 years and start to build long-term wealth.

Because you own your property, you can renovate it, nail pictures into the wall or even remove the walls if you want to!

Buying downsides

The costs of buying a houseadd up the deposit (up to 20% of the purchase price), the interest over 25-30 years, stamp duty,government fees, loan fees, lenders mortgage insurance(LMI), legal fees, pest and building in

bank valuaon fees, rates and tle registraon.

Selling a propertycan be expensive and complex whether you use a real estate agent to sell your house or do it yourself, youll need to be aware of whats involved.You may need to pay agents commissions, adversin

moving costs. Youll also need to decide whether to engage a lawyer.

Whats right for you?

Before you make any investment decisions, we recommend you do your research. Whatever you decide, consider seeking professional advice to guide you through the maze of investment opons available.

Important note: AMP Life Limited. This provides general informaon and hasnt taken your circumstances into account. Its important to consider your parcular circumstances before deciding what s right for you. Although the informaon is from sources conside

AMP does not guarantee that it is accurate or complete.You should not rely upon it and should seek qualied advice before making any investment decision. Except where liability under any statute cannot be excluded, AMP does not accept any liability (whether under

tort or otherwise) for any resulng loss or damage of the reader or any other person. Those strategies like salary sacricing which have tax arrangements should be discussed with a registered tax agent.
https://www.amp.com.au/news/2014/september/am-i-better-off-renting-or-buying-a-homehttps://www.amp.com.au/news/2014/september/am-i-better-off-renting-or-buying-a-homehttps://www.amp.com.au/personal/investments/education/propertyhttps://www.amp.com.au/personal/investments/education/propertyhttp://www.realestate.com.au/blog/hidden-costs-buying-home/http://www.realestate.com.au/blog/hidden-costs-buying-home/http://stampduty.calculatorsaustralia.com.au/http://stampduty.calculatorsaustralia.com.au/http://www.realestate.com.au/blog/what-is-lmi-lenders-mortgage-insurance/http://www.realestate.com.au/blog/what-is-lmi-lenders-mortgage-insurance/https://www.choice.com.au/money/property/selling/articles/guide-to-selling-your-propertyhttps://www.choice.com.au/money/property/selling/articles/guide-to-selling-your-propertyhttp://sellingguide.realestate.com.au/preparing/selling-process-explained/http://sellingguide.realestate.com.au/preparing/selling-process-explained/http://sellingguide.realestate.com.au/preparing/selling-process-explained/http://sellingguide.realestate.com.au/preparing/selling-process-explained/http://realestate.findlaw.com/buying-a-home/why-you-need-a-lawyer-when-you-buy-or-sell-a-house.htmlhttp://realestate.findlaw.com/buying-a-home/why-you-need-a-lawyer-when-you-buy-or-sell-a-house.htmlhttp://realestate.findlaw.com/buying-a-home/why-you-need-a-lawyer-when-you-buy-or-sell-a-house.htmlhttp://sellingguide.realestate.com.au/preparing/selling-process-explained/https://www.choice.com.au/money/property/selling/articles/guide-to-selling-your-propertyhttp://www.realestate.com.au/blog/what-is-lmi-lenders-mortgage-insurance/http://stampduty.calculatorsaustralia.com.au/http://www.realestate.com.au/blog/hidden-costs-buying-home/https://www.amp.com.au/personal/investments/education/propertyhttps://www.amp.com.au/news/2014/september/am-i-better-off-renting-or-buying-a-home


4/11

Hats off to working parents!Research into skilled workers shows that working parents are more productive employees.

According to the Australian Instute of Family Studies, the number of parents who work is far greater than a few decades ago. Not so long ago in 1983, the number of parents who

both worked full me was just 17%. The most recent Australian Census shows that in 2009 it had increased to 25%.

Given that Australia is the most expensive country to livein the world, its no wonder that more and more parents are working while raising a family. In fact, recent media reports say

Aussie parents work more than parents in other countries and 90% of Australian mothers always or oen feel rushed or pressed for me.

But, it may be surprisingespecially if youre a working parent and oen feel rushedthat a study into the eects of parenthood on skilled workers found working parents to be the most producve employees.

Tips for balancing work and family

Working parents reportedly have great skills when it comes to time management and organisation. Although if youre busy rushing from work to family and back to work, a sense of achievement may be the lon your mind.

Here are our tips for achieving work-life balance:

1. Delegate

If you have endless to-do lists, consider using an online community noticeboard likeAirtaskerto post jobs and find people to help you with just about anything from mowing the lawn, and cleaning your homea letter.

2. Create a supportive network

Pooling your time with that of other busy parents can help you share the loadand ideas for managing everythingwith your community. See if you can share tasks like picking up the kids or minding them

other family or two. It may halve the time you spend while giving your children extra social support.

3. Look after yourself

When youre looking for ways to manage all your responsibilities, be sure to factor in time for yourself.Doing things like exercising and spending a little time doing what you enjoy are as important for your famthey are for you. A healthy, happy parent is far more likely to raise healthy, happy kids so be kind to yourself too.

4. Set limits

When youre evaluang all the responsibilies you have as a parent and an employee, be sure to set goals that are realisc and achievable. Keep in mind that the intensity of juggling your responsibilies may ease o in the lo

For example, once your children reach a certain age they may become more independent which could leave you with more me to concentrate on other priories.

5. Seek advice

Speak to us to get help to make sure your finances are under control and that the money you earn works hard for you and your family.

Important informaon

AMP Life Limited. This provides general informaon and hasnt taken your circumstances into account. Its important to consider your parcular circumstances before deciding whats right for you. Although the informaon is from

considered reliable, AMP does not guarantee that it is accurate or complete. You should not rely upon it and should seek qualied advice before making any investment decision. Except where liability under any statute cannot be ex

AMP does not accept any liability (whether under contract, tort or otherwise) for any resulng loss or damage of the reader or any other person.
https://www.amp.com.au/news/2015/july/living-in-the-worlds-most-expensive-countryhttps://www.amp.com.au/news/2015/july/living-in-the-worlds-most-expensive-countryhttps://www.airtasker.com/https://www.airtasker.com/https://www.amp.com.au/news/2015/may/life-neednt-be-a-juggling-acthttps://www.amp.com.au/news/2015/may/life-neednt-be-a-juggling-acthttps://www.amp.com.au/news/2015/may/life-neednt-be-a-juggling-acthttps://www.airtasker.com/https://www.amp.com.au/news/2015/july/living-in-the-worlds-most-expensive-country


5/11

Will my kids ever leave home?These days it can be natural for kids to stay at home until adulthoodour 7 tips can help ensure your own goals dont pay the price.

If you were expecng to have the house to yourself once your kids reached a certain age, you may have to adjust your expectaons.

Because for Generaon Yor millennials as theyre oen calledmoving out is not the rite-of-passage it once was.

In 2011, around 29% of young adults aged 18 -34 years lived without a partner or child but with one or both of their parents.

All under one roof

Almost one in ve Australians now lives in a household with two or more generaons of related adults aged 18 years or older.

The reasons are complex but rising living costs can make moving-out challengingAustralia is the most expensive countryin the world to live. Staying at home can also be a lifestyle choice from the beginning while others m

then back in again because of changed circumstances.

Tips for making it work

Having your adult children at home may be something youre comfortable with. But if you nd your own goals are on the back burner, consider our 7 ps.

1. Assess the nancial impact

Consider the addional costs of having your kids live at home. Use a budget calculator and work through the costs with your children. Consider asking them to pay board for living at home and contribute to the costs. Can you

costs of certain purchases or ask your kids to pitch in?

2. Help them help themselves

By helping your children meet living expenses youll be encouraging good money habits and equip them for independent living. If your kids download MoneySmart s TrackMySPEND apptheyll see their own spending habits a

make choices and work towards saving and invesnghelpful if theyre saving to buy a car or to move out.

3. Consider government entlements

Help your children help you help understand any youth allowances they may be entled toyou can nd out more at the Department of Human Services website.

4. Seek advice

Financial advice can help you manage day-to-day expenses while boosng your savings so youll be comfortable in r erement. A good adviser can also help you understand any impact on your own entlements if your children live at home.
https://www.amp.com.au/news/2015/july/living-in-the-worlds-most-expensive-countryC:/Users/Niesh/Documents/AMP%20Files/tbc/https://www.amp.com.au/news/2015/july/living-in-the-worlds-most-expensive-countryC:/Users/Niesh/Documents/AMP%20Files/tbc/https://www.moneysmart.gov.au/tools-and-resources/calculators-and-apps/mobile-apps/trackmyspendhttps://www.moneysmart.gov.au/tools-and-resources/calculators-and-apps/mobile-apps/trackmyspendhttps://www.moneysmart.gov.au/tools-and-resources/calculators-and-apps/mobile-apps/trackmyspendhttps://www.amp.com.au/news/2015/july/living-in-the-worlds-most-expensive-countryC:/Users/Niesh/Documents/AMP%20Files/tbc/


6/11

Will my kids ever leave home? Continued5. Protect yourself and your family

Consider arranging insurance so you have nancial protecon. The right insurance can help absorb the nancial impact of an unexpected eventif you have a mortgage, how would you meet

your repayments if you were suddenly unable to earn an income? How would that impact your loved ones? It can be cost-eecve to buy insurance through your super fund. That way you

dont pay for it from your take-home paynd out more about buying insurance through super.

6. Look ahead

Talk with your child about their plans and your own. Let them know about the future life youre aiming for and seek to understand theirs. Help them set goals and guide them in achieving

them. For example, if their aiming to buy their own place, our borrowing power calculatorcan help them understand how much repayments will be.

7. Live in harmony

At mes, living with your children can be stressfulfor you andthem. Consider each other s needs, personal space and communicate regularly about the posive things you can both do to support each other. For example, if youd really appreci

youd like your children to help with some of the housework, say so. And consider how you can help them too.

Stay on track

Having your kids at home may suit them and you. Regardless of the living arrangements, make sure you stay focussed and set yourself up for the rerement you want. Think ahead when it comes to your home. Will you sell u

downsize once the kids move out? Speak to a nancial adviser so you can explore all your opons and make sure you ll have enough super when you rere.

Important informaon

AMP Life Limited. This provides general informaon and hasnt taken your circumstances into account. It s important to consider your parcular circumstances before deciding what s right for you. Although the informaon is from sources considered reliable, AMP does not guarantee that it is accurate or complete. You should not r

should seek qualied advice before making any investment decision. Except where liability under any statute cannot be excluded, AMP does not accept any liability (whether under contract, tort or otherwise) for any resulng loss or damage of the reader or any other person.
https://www.amp.com.au/calculators/borrowing/app.htmlhttps://www.amp.com.au/calculators/borrowing/app.htmlhttps://www.amp.com.au/calculators/borrowing/app.html


7/11

Am I better off buying insurance through my super?When it comes to arranging insurance its important to decide what types of insuranceare available to you and what youll need for your particular life

circumstances. From here youll need to consider whether you should keep it inside your super fund or set it up separately.

What are the benets of insurance through super?

Get more for less

It can be cost eecve to buy insurance through super.That doesnt mean you wont nd cheaper cover outside your super fund. But its likely youll be beer o because tax benets

mean you could end up paying less overall and group buying powerwhich normally comes with insurance through superoen gives you more for less.

Boost cash ow

In super you can pay for your insurance using before-tax money rather than dipping into your take-home pay, which can also be a tax-eecve way to pay your premiums. Or, you can simply have the premiums deducte

exisng account balance. Be sure to keep an eye on your super balance thoughless super may aect your lifestyle in rerement.

Access government help

You could make aer-tax contribuonsto your super and use these to pay for your insurance. If you do, you may be eligible for a government co-contribuon.

Be covered more easily

Youll usually be granted insurance cover automacally when you buy through super. Outside of super you may have to submit an applicaon, undergo medical examinaons and wait for approval.

What are some of the downsides?

Tax on claims

Depending on your circumstances, you may pay tax on disability claim payments when your insurance is held through super. And certain beneciaries may be subject to taxon death benet claims they receive.

Limited beneciaries

Payments (following death) can only be paid to superannuaon dependants. If you have insurance outside of super there are generally no restricons (unless your insurer species otherwise).

Longer ming on payments

When it comes to payments for some policies, including life insurance, total and permanent disablement and temporary salary connuance, the money will normally be paid by the insurer to the super fund rst. The

can then pass it to you or your beneciaries in accordance with the funds rules and the Superannuaon Industry Supervision Actthis means payments can take longer.

Restricted types of cover

Cover provided through super can be more limited than a policy held outside super. For example, trauma cover is generally not available through super, but funds like those oered by AMPmake it easy to link the co

have inside and outside super.

Were here to help

Aer youve considered the pros and cons of holding insurance inside super, you need to determine the level of cover you need. Be sure you have the right type and amount for your needs. Speak to us and we can help.

Important informaon

AMP Life Limited. This provides general informaon and hasn t taken your circumstances into account. Its important to consider your parcular circumstances before deciding what s right for you. Although the informao n is from sources considered reliable, AMP does not guarantee that it is accurate or complete. You sho uld not

should seek qualied advice before making any investment decision. Except where liability under any statute cannot be excluded, AMP does not accept any liability (whether under contract, tort or otherwise) for any resulng loss or damage of the reader or any other person.
https://www.amp.com.au/personal/insurance/education/understand/choosinghttps://www.amp.com.au/personal/insurance/education/understand/choosinghttps://www.amp.com.au/personal/insurance/education/understand/insurance-superhttps://www.amp.com.au/personal/insurance/education/understand/insurance-superhttps://www.amp.com.au/personal/super-and-retirement/education/prepare-to-retire/transitionhttps://www.amp.com.au/personal/super-and-retirement/education/prepare-to-retire/transitionhttps://www.amp.com.au/personal/super-and-retirement/education/take-control-of-your-super/growhttps://www.amp.com.au/personal/super-and-retirement/education/take-control-of-your-super/growhttps://www.amp.com.au/personal/super-and-retirement/education/take-control-of-your-super/growhttps://www.amp.com.au/personal/super-and-retirement/education/take-control-of-your-super/growhttps://www.ato.gov.au/Individuals/Deceased-estates/Being-an-executor/Tax-responsibilities/How-beneficiaries-are-taxed/https://www.ato.gov.au/Individuals/Deceased-estates/Being-an-executor/Tax-responsibilities/How-beneficiaries-are-taxed/https://www.amp.com.au/personal/super-and-retirement/products/superannuationhttps://www.amp.com.au/personal/super-and-retirement/products/superannuationhttps://www.amp.com.au/personal/super-and-retirement/products/superannuationhttps://www.ato.gov.au/Individuals/Deceased-estates/Being-an-executor/Tax-responsibilities/How-beneficiaries-are-taxed/https://www.amp.com.au/personal/super-and-retirement/education/take-control-of-your-super/growhttps://www.amp.com.au/personal/super-and-retirement/education/prepare-to-retire/transitionhttps://www.amp.com.au/personal/insurance/education/understand/insurance-superhttps://www.amp.com.au/personal/insurance/education/understand/choosing


8/11

How to take the tension out of your building projectBuilding projects generally are not easy to get r ight, so its important to set the right framework from the start.

Proper planning is the key to geng a project done on me and close to budget, and that hinges on laying some basic foundaons.

You can take some of the stress out of your project, whether you are renovang or creang something from scratch, by following these six ps.

1. Pick your design

The rst thing you need to do to turn your dream into reality is decide on the best design, regardless of whether its a renovaon or youre building a home.

If its a relavely simple renovaon in a contained area with no obvious complicaons, you can use a draing rmor even nd a builder with access to draing ser-

vices.

With more ambious projects, its best to use a properly qualied architectwho can give you plans and detailed cosngs. Some may even oer to manage your project.

Master Builders Associaon NSW Execuve Director Brian Seidler says, Geng detailed specicaons from your architect or draughtsperson will enable you to cost the job more precisely and help your builder avoid poten

pensive assumpons about materials.

2. Set a realistic budget

Be sure you have a clear reason for renovang or building a new home and are condent you wont over-capitalise.

Once your ideas are mapped out and you can see the scope of the project, you need to work to an overall budgetwith your architect or draughtsman.

Stress test your budget, as ideas change and problems arise and you need to make room for variaons in the expected cost. Remember to allow for over-

runs.

3. Talk to a number of builders

Make sure you get a number of quotes.

Its important that you check everyones qualicaons through the Fair Trading websitein your state by simply entering their licence numbers, Mr Seidler says. You also need to ensure they have the proper insurance.

A telling sign of a good builderapart from the costis one who will provide a dra schedule of work. The one with the clearest idea of how the job will progress usually will be best for you. And always ask quesons. No qu

too silly.
http://www.homeimprovementpages.com.au/find/draftershttp://www.homeimprovementpages.com.au/find/draftershttp://www.findanarchitect.com.au/http://www.findanarchitect.com.au/https://tracker.qandamp.com.au/https://tracker.qandamp.com.au/http://www.fairtrading.nsw.gov.au/http://www.fairtrading.nsw.gov.au/http://www.fairtrading.nsw.gov.au/https://tracker.qandamp.com.au/http://www.findanarchitect.com.au/http://www.homeimprovementpages.com.au/find/drafters


9/11

How to take the tension out of your building project

Continued

4. Know whos boss

Its crical that youre clear about who will manage the job. If youre leaving most of it to the builder, you will need to trust that they will consult you before making

decisions.

On a big job, it may be worthwhile employing an independent project manager, Mr Seidler says.

If youre not managing the job yourself, you should have a schedule of the jobs and who will be on site, and a detailed budget that includes accurate cosngs for ma-

terials, labour, council fees and payments for the trades and builder.

If you want to do the project managementyourself, youll have to be prepared to be on site most days and have a good contact list of tradesmen.

5. Keep to a s chedule

Few things are more frustrang than waing for paperwork or materials to arrive.

You can ensure the project runs smoothly by geng the local council paperworksorted out well ahead of me.

Check delivery schedules of materials early so that you can work out conngency plans with your builder for work in other areas if there are hold-ups.

6. Be a good communicator

Good communicaon is essenal to geng the most out of the relaonship with your builder and geng the best outcome, Mr Seidler says.

You will be your own worst enemy if your management style frustrates your tradesmen or builder either through poor communicaon, excessive demands or frequent changes.

If you really need to change the way things are being done, make sure you talk it through clearly and openly with the people doing the work. Be rm but polite, as indecision won t be respected.

Unless youre specifically asked, get out of the way and let the tradesmen do their job.

Managing the relationship with your builder may require some compromise. But if you re properly prepared, the pressure will be easier to handle and you ll end up with a much better result.

Important information

AMP Life Limited. This provides general informaon and hasnt taken your circumstances into account. Its important to consider your parcular circumstances before deciding what s right for you. Although the informaon is from sources considered reliable, AMP does not guarantee that it is a

complete. You should not rely upon it and should seek qualied advice before making any investment decision. Except where li ability under any statute cannot be excluded, AMP does not accept any liability (whether under contract, tort or otherwise) for any resulng loss or damage of the reade

person
http://www.consumer.vic.gov.au/housing-and-accommodation/building-and-renovating/plan-and-manage-your-building-project/managing-project-costshttp://www.consumer.vic.gov.au/housing-and-accommodation/building-and-renovating/plan-and-manage-your-building-project/managing-project-costshttp://alga.asn.au/?ID=156&Menu=44http://alga.asn.au/?ID=156&Menu=44http://alga.asn.au/?ID=156&Menu=44http://www.consumer.vic.gov.au/housing-and-accommodation/building-and-renovating/plan-and-manage-your-building-project/managing-project-costs


10/11

Changing rules for personal-use assets and self-managed superWhen it comes to assets like artwork and wineto name a fewyou need to make sure your fund complies with new rules.

On 1 July 2011, new regulaons spulang the way trustees of a self-managed superannuaon fund (SMSF)hold and use collecbles and personal-use assets took eect. A ve-year period of

transion, giving trustees me to ensure exisng assets are compliant, will expire on 30 June 2016.

That means all collectables and personal-use assets held by an SMSF need to be compliant with these rules from 1 July 2016.

The purpose of the regulaons

There are two key purposes of the collectables and personal-use assets regulaons. They seek to:

Prevent SMSF trustees from gaining current-day benet from a personal-use asset

Ensure any personal-use asset is held solely for genuine rerement income purposes.

Which assets do the changes apply to?

The personal items and collectables that need to comply with these regulaons include: Artwork

Jewellery Memorabilia

Anques Wine

Artefacts Motor vehicles

Coins and medallions Recreaonal water vehicles including boats

Postage stamps Sporng and social club memberships.

Rare folios, manuscripts and books

What if my assets fail to comply?

Since 1 July 2014, the Australian Tax Oce (ATO) has had the ability to impose nancial penales directly on individual trusteesand the trustee cannot pay for these nes using SMSF assets. Fines can range from hundreds

to more than $10,000, so it pays to be compliant.

Were here to help

Theres a lot to consider when managing your own super fund and ensuring it meets the regulaons. We re here to guide you, speak to us.

Important informaon

AMP Life Limited. This provides general informaon and hasn t taken your circumstances into account. It s important to consider your parcular circumstances before deciding what s right for you. Although the informaon is fr om sources considered reliable, AMP does not gua rantee that it is accurate or complete. You shou ld not

should seek qualied advice before making any investment decision . Except where liability under any statute cannot be excluded, AMP do es not accept any liability (whether under contract, tort or otherwise) for an y resulng loss or damage of the reader or an y other person.
https://www.amp.com.au/personal/super-and-retirement/products/smsfhttps://www.amp.com.au/personal/super-and-retirement/products/smsfhttps://www.amp.com.au/personal/super-and-retirement/products/smsfhttps://www.amp.com.au/personal/super-and-retirement/products/smsfhttps://www.amp.com.au/personal/super-and-retirement/products/smsf


11/11

What exactly is income protecon insurance and do

I need it?Have you ever wondered how you and your family would cope if you had an injury or illness and couldnt work for several months or even years?

For some people, income protecon insurance might be the answer.

So what is income protecon insurance?

Income protecon insurance (or temporary incapacity or salary connuance insurance) provides cover if you cant work due to illness or injury. It generally pays up to 75% of your monthly income for your chosen benet pe

help you pay the bills and maintain your familys quality of life.

Income protecon insurance can:

cover daily living expenses, such as the mortgage, groceries, school fees

pay your medical expenses and rehabilitaon costs

provide access to support services to help you return to work or nd a new job, depending on your insurer

Generally, you can purchase income protecon insurance via your super or through a nancial adviser for example.

If you choose to purchase your income protecon insurance through your super the premium comes out of your super, which is in pre-tax dollars.

Alternavely, if you pay directly, youll have to pay with aer-tax dollars, but you may be able to claim your insurance premiums on your tax return.

For more informaon check out our arcle Am I beer o buying insurance through my super?

How long do I have to wait to get paid?

Firstly, youll need to provide to your insurer all the necessary documents for your claim to be considered, such as your personal details, nancial situaon and medical informaon.

Most insurers have a waing period (usually 30 to 90 days), before they will start paying your claim. You may be able to select the waing period when you take out the policy. Addional waing periods may apply when ins

purchased through your super, so its best to check with your insurer.

Is income protecon insurance right for me?

Income protecon insurance has helped many Australians to get through a dicult me without the added stress of worrying about how to pay the bills and look aer their family.

Everyones situaon is dierent, so you need to think about what s right for you.

If you are employed by an organisaon, you may already have income protecon insurance included in your super (somemes called salary connuance or temporary incapacity cover), so check with your super fund. Make

amount you are covered for would provide enough to cover your everyday expenses, as well as any medical or rehabilitaon bills.

If youre self-employed, you may not have income protecon insurance, so you may decide to buy it separately. Check what it covers, how much it costs and how long youll be paid for.

Benet periods and premiums can vary depending on your individual circumstances and the insurer.

Were here to help

So now might be a good me to review your income protecon situaon. If you sll need help in deciding if income protecon is right for you, speak to us.
https://www.amp.com.au/news/2015/may/am-I-better-off-buying-insurance-through-my-superhttps://www.amp.com.au/news/2015/may/am-I-better-off-buying-insurance-through-my-superhttps://www.amp.com.au/news/2015/may/am-I-better-off-buying-insurance-through-my-super