Posted in Insurance

#EveryoneNeedsaPlan to Pay Their Life Insurance During the Flood

Posted by G. Dean McKinnon on 10 March 2022
Many families are suffering the devastating impact from the recent floods and they should not have to be concerned about ensuring there life insurance policies remain in force even if they cannot pay the premium for a short time.

Many life insurers are offering premium waiver benefits to their clients that have been impacted by the recent floods.  Some insurers will waive the premiums for up to two months.

If you need assistance meeting your life insurance premiums it is recommended yo...
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#EveryoneNeedsaPlan for Flood Assistance

Posted by G. Dean McKinnon on 7 March 2022
Many life insurers and mortgage lenders are offering their clients assistance with their premium and mortgage loan payments, if they have been affected by the recent floods, so do not hesitate to contact your insurer and mortgage lender if you need help.

McKinnon Financial Planning provides assistance to all clients affected by the recent flood, so do not hesitate contact us if you need help....
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#everyoneneedsaplan When Reviewing Income Insurance Policies

Posted by G. Dean McKinnon on 5 November 2020
Last year the life insurance regulator (APRA) determined that income insurance policies in Australia were not sustainable and changes were required. The primary change was to eliminate all Agreed Value policies. Agreed Value policies insured the income at the time the policy was established, and any subsequent claim was based on that income, not income at the time of claim.  Indemnity Value policies pay a claim based on the income at the time of claim.
Agreed Value policies were p...
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#Everyoneneedsaplan for Income Protection Changes as of April 2020

Posted by G. Dean McKinnon on 9 September 2020
APRA Intervenes in the Australian Income Insurance market to stop Agreed Value policies being offered to clients. Prior to 1 April 2020, insurance companies in Australia offered Agreed Value and Indemnity Income Insurance contracts.  Agreed Value contracts enabled the insured to take out an Income Insurance policy with the Insured Benefit based on their income at the time.  This meant the insured generally did not have to prove their income at the time of claim, which was useful...
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#Everyoneneedsaplan to Keep Insurance Premiums Affordable

Posted by Dean McKinnon on 28 September 2019
As we grow older, the risk of premature death and disability increases and unfortunately so do our life insurance premiums! However, there may be a way to keep your life insurance premiums affordable in the long-term - Level Premiums. Most life insurance policies have two premium structures Stepped and Level. Here is the basic difference between them: Stepped Premiums | Increase the premium each year as you grow older to account for the increased risk Level Premiums | Averages ...
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McKinnon Financial Planning Pty Ltd ABN 74 155 233 784 Australian Financial Services Licence 417488 | McKinnon Financial Services Pty Ltd ABN 82 056 817 648 Australian Credit Licence 392173 | General Advice Warning: Information contained in the pages of this website is of a general nature only and has not taken into account your particular circumstances. You should consider whether any strategies and or investments mentioned in this website are suitable for you and seek personal advice from a licenced investment adviser before making any investment decision.
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