Dropping Income Protection insurance

Discussion in 'Superannuation, SMSF & Personal Insurance' started by Angel, 14th Jun, 2019.

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Would you pay the premiums if you were in my situation?

  1. Drop it

    12 vote(s)
    48.0%

  2. Keep it

    12 vote(s)
    48.0%

  3. Need more info

    3 vote(s)
    12.0%
Multiple votes are allowed.
Page 2 of 2
  1. Angel

    Angel Well-Known Member

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    Paradise, Brisbane
    Hi @wylie

    The person I spoke with at QSuper said that I (an existing member) should tick the box to opt-in. This is something about continuing my insurance cover as long as there is enough funds in my account to cover the premiums. My demographic is existing members who will retire in a few years or who take time off work without pay to travel. We should opt in, otherwise they will automatically cancel our insurance if there are no contributions after 13 continuous months. (There are other details - see page 3 of the Accumulation Account PDS)

    Members can cancel our insurance ourselves any time if we want to. As mentioned by Geoff above, the new government legislation from the Royal Commission recommendations is so that members who are no longer employed are not being forever charged for unwanted or unnecessary insurances.
     
    Last edited: 4th Jul, 2019
    Angel, 4th Jul, 2019
    #21
  2. Angel

    Angel Well-Known Member

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    By extending the waiting period to 90 days, my IncPrtn insurance premium is now only 1.21% of my salary, just over $300 per annum. This is still two entire weeks short of my current sick leave. The personalised letter from Qsuper gave the premium using the previous t&cs for 30 day wp.
     
    Angel, 4th Jul, 2019
    #22
  3. Patrico1966

    Patrico1966 Well-Known Member

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    North perth
    I would review the whole package, especially waiting times and having to use your sick leave up etc. There are better deals out there if you look hard. I know the fine print is a real bugger but it has to be done. Remember that you could have a heart attack at any time or be involved in a car accident.
     
    Patrico1966, 4th Jul, 2019
    #23
  4. wylie

    wylie Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    14,015
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    Brisbane
    Can I recommend our insurance broker. Every year we've spoken with him about whether to continue with our (expensive) life and income protection insurance. We look at it each year in line with our debt, our future plans and our current situation.

    He has been mighty helpful more than once for us.

    Jason Nairn | Financial Adviser/Director
    Linked Financial Services Pty Ltd (ABN 27 164 559 951)
    are Corporate Authorised Representatives of Boston Reed Pty Ltd AFSL 225738
    (Corporate AR 442586, Individual AR 406967)
    Office Address - 34/42 ‘Pegasus Centre’ Bundall Rd, Bundall, QLD, 4217
    Postal Address - PO Box 5427, Gold Coast MC, Bundall, QLD, 9726
    M 0432 918 214
    [email protected]
     
    wylie, 4th Jul, 2019
    #24
  5. Angel

    Angel Well-Known Member

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    Thanks, Wylie :)
     
    Angel, 4th Jul, 2019
    #25
  6. Propertunity

    Propertunity Well-Known Member

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    +1 from me.
    You'd be surprised how many people have insurance all their working lives and don't make a claim,,,,,,and then turn 60 and get some diagnosis that leads to a claim.
     
    Propertunity, 5th Jul, 2019
    #26
    wylie likes this.
  7. Angel

    Angel Well-Known Member

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    All done and dusted.
     
    Angel, 9th Jul, 2019
    #27
    geoffw likes this.
  8. geoffw

    geoffw Moderator Staff Member

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    Newcastle
    Was it a tick and flick, or a full advice? Did it cost you Armani leg, or a pair of thongs?
     
    geoffw, 9th Jul, 2019
    #28
  9. Angel

    Angel Well-Known Member

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    This Smart Chick had it all worked out. The Specialist merely confirmed I did it right all by myself.
     
    Angel, 9th Jul, 2019
    #29
    geoffw likes this.
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