Choosing the right Cover

Insure your greatest asset – you!

You insure your car and your home. But nothing is more important than your life and your ability to make a living. So it is good sense to insure your greatest asset – you!

As we move through life, find a partner, raise a family, and maybe start a business, the importance of insurance in a long term plan increases. 

Insurance is all about providing a financial safety net 

that helps you to take care of yourself and those you love when you need it the most.

Rainy days are inevitable, which makes choose the right cover very important.

Whether you're a young single or managing a busy family, having the right insurance provides great peace of mind.

Whatever you're trying to protect in life there's a solution to match. We can help you select the appropriate level of cover to secure your family's future.

How Does it Work?

Understanding insurance

Insurance is something you buy to protect yourself from losing money. You pay a "Premium" in exchange for financial cover if unforeseen accidents occur.

Insurance can help you and your family prepare for the unexpected.

Discover the importance of insurance and why it plays a central role in your financial well-being by helping to provide financial security for you and your family when it's needed most.

Why is Insurance important?

Let’s look at five key reasons why insurance matters

​1) Protection for you and your family

Your family depend on your financial support to enjoy a certain standard of living which is why insurance is especially important once you start a family. It means the people who matter most in your life are protected from financial hardship if the unexpected occurs.

2) Reduce stress during difficult times

None of us know what lies around the corner. Unforeseen tragedies such as illness, injury or permanent disability, even death – can leave you and your family facing tremendous emotional stress and even grief. With insurance in place, you and your family’s financial stress will be reduced and you can focus on recovery and rebuilding your lives.

3) To enjoy financial security

No matter what your financial position is today an unexpected event can see it all unravel. Insurance offers a payout so that if there is an unforeseen event you and your family can continue to move forward.

4) Peace of mind

No amount of money can replace your health and wellbeing – or the role you play in your family. But you can at least have peace of mind knowing that if anything happened to you, your family’s financial security is assisted by insurance.

5) A legacy to leave behind 

A lump sum death benefit can secure the financial future for your children and protect their  standard of living

Appropriate Cover

Selecting the right insurance

Insurance is all about protecting what you have now and what you need to have in the event of the unexpected.

Understand what is right for you

As you travel through life the protection you need is likely to change.

The key to selecting the right insurance is understanding your present needs and making sure you have both the right type of insurance and level of cover.

Being over-insured is a waste of money but it is also a financial risk to have too little insurance in place. With this in mind, let’s look at the types of insurance that may be particularly relevant to each life stage.

Just starting out

If you’re just starting out in your career you probably recognise that it is important to insure valuable assets such as your car.

Your most valuable asset however is your ability to earn an income over your lifetime. As your income starts to rise, or you take on more debt such as a home loan, it becomes more critical to have the right levels of income protection insurance and life cover in place.

The family years

Once you have a partner and potentially begin a family, life and total permanent disability (TPD) insurance becomes especially important. It is essential for your family to be able to survive financially if you were to pass away unexpectedly, or become permanently disabled. Even if only one of you is working it's important for both parents to have appropriate life and TPD cover in place – not just the major bread winner.

While raising a family our financial commitments are often at there highest. This makes income protection insurance particularly important.

As you age the likelihood of experiencing medical conditions such as heart attack increases making living insurance worthwhile. Living insurance will provide an additional lump sum to assist with medical and other costs in the event of serious illness or injury.

Empty nest

More Australians are choosing to work until much later in life and if that sounds like you, income protection insurance remains relevant until you hang up your work boots.

While your children may have grown up and be establishing lives of their own life insurance can continue to play an important role. 

Affordable Cover

Insurance in super

Being insured through super can be a simple and cost-effective option, as most Australians already have a superanuation fund.

Low cost cover

Many superannuation funds offer automatic life insurance while other funds let you nominate how much cover you would like in place.

Either way, a good starting point is to check if you are covered at all – and how much cover you have in place.

Buying life insurance through super can represent good value. In addition, the premiums come out of your super account – you don’t have to pay for cover using your after-tax money. So it can be very tax-friendly to hold insurance through super (but you should check with your accountant or tax agent), and a very affordable way to have insurance in place if your budget is tight. But bear in mind you’re using your retirement savings to fund the cover.

A streamlined option

Your superannuation fund may provide automatic cover which means you may not have to undergo a medical check to be eligible for cover.  Having insurance through your super means you don’t have to worry about renewing your cover each year – your fund may do this automatically on your behalf.

The cost of insurance

Ensuring you have enough cover to help protect you and your family could be more affordable than you realise.

Check you have sufficient cover in place

It is important to check your level of cover through your super fund and ensure it is adequate for you and your family’s needs.  If it looks as though you may not have adequate cover in place it should be easy to top up your insurance by contacting your super fund. Your cover may also be unit based meaning the sum insured reduces as you age.

Bear in mind, if you purchase insurance through your super, there could be implications if you change funds. Importantly your insurance cover with the old fund may be cancelled. It's possible that the terms of the insurance available through your new fund will differ from your old fund. This could affect both your level of cover and premiums. You might also be uninsured while you change funds. This is something worth discussing with your Financial Adviser if you are thinking about changing super funds.

Don’t forget a binding nomination

If you have life cover through super make sure you have a binding beneficiary nomination in place that states who you would like to inherit both your life cover and your super if you pass away.

Benefits payable with respect to insurance held through super are subject to superannuation law, which means the trustee of the superannuation fund can only release the payment to you where a condition of release has been met. The tax implications of benefit payments are complicated, so it's good to speak to a Financial Adviser about the best choices to you.

Factors that determine costs

Insurance can be seen as just another expense for your household to bear. But when the unexpected occurs, your cover can provide a financial lifeline.

The good news is that insurance may cost less than you expect. There are a number of factors applicable to determining the cost of insurance, including: your age, claims history, health, location, the sum insured, the property or person to be insured and many other factors depending on the risk insured.

Claims & Claiming

Claims and claiming
You have insurance in place, and now you need to make a claim. We explain what to expect throughout the insurance claims process.

When you may need to make a claim

As with any insurance policy it is important to know what you are covered for. This is an important step in knowing if you can make a claim on your cover. If you are unsure whether you can make an insurance claim, speak with your Financial Adviser who can advise whether or not you are covered for a particular set of circumstances.

Making a claim

Making a claim on your personal insurance typically involves several key steps.

Step 1: Contact your insurer
It is important to contact your insurer as soon as you can and explain what has happened to prompt your claim. It is likely you will be asked a number of questions about the type of claim you want to make. This will help to ensure you are directed to the right person to deal with your insurance claim.

Many insurers will assign a Claims Consultant to you, who will help you every step of the way. Be sure to note down the Consultant’s name and phone number. It is always a good idea to make a note of each conversation you have, recording the date and time of the call.
In some cases, your insurance claim may be able to be assessed over the phone without the need for you to fill out any forms. 

 Step 2: Complete your Claim forms

If your insurer asks you to complete an insurance claim form, be sure to read it carefully as it may ask you to attach specific documents for example a medical certificate. Sections of the paperwork may even need to be filled out by your medical practitioner.
Review your form before sending it to your insurer, and if possible take a copy of the completed paperwork.

Step 3: Your insurance claim is assessed

Your insurer will review all the information you have provided and make an initial assessment of your claim. It is likely the insurer will call you to discuss the assessment, followed by a written confirmation with the details of your claim.

Step 4: The outcome

If your insurance claim has been approved your insurer will arrange your payment either by a direct deposit or cheque. Your insurer will stay in touch to confirm your payment has been processed. If your claim is for an Income Insurance benefit, your insurer is likely to stay in touch each month to assess the ongoing payments.

Claims payments can often be very large lump sums. You may wish to discuss the best way to use your payment with your Financial Adviser.

To receive honest, straightforward advice please contact us on

0421 767 187

Authorised Representative of SCHROEDER CAPITAL PTY LTD, which is a Corporate Authorised Representative of the Spectrum Wealth Advisers AFSL (Australian Financial Services License), 334400. ASIC #1252283
General advice warning
Any advice on this page is of a general nature and is not based on any consideration of your objectives, financial situation and needs. Before deciding on any changes you should consider your objectives, financial situation and needs.