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Posted in Insurance
Are Income Insurance Claim Payments Taxable?
Posted by G. Dean McKinnon
on 19 November 2013
When calculating how much Income Insurance you need, it's easy to overlook the fact that tax is payable on the Claim Payment received.
How Much Tax is Payble?
That depends on your taxable income.
Income Insurance Claim Payments are effectively treated as taxable income, which is added to any other taxable income you receive, such as rental property income, etc.
Will It Be Enough?
That depends on your expenditure. Consider this comparison of Employment Wages and Inco...
| Posted in:TaxInsurance | 0 Comments |
Does Your Income Insurance Replace Your Income?
Posted by G. Dean McKinnon
on 12 November 2013
I recently finalised a data audit for a client's Life Insurance Review. As part of my detailed audit process, I discovered the client was only covered for half of their insurable income, and they had to prove their income at the time of claim!
What Does Income Insurance Cover?
It's a good question. Unfortunately there is no simple answer (of course there isn't).
As with most insurance contracts, what your income insurance actually covers depends on the insurer and t...
| Posted in:Why Dean is a LegendInsurance | 0 Comments |
This Week: GDM | Friday 28 June 2013
Posted by G. Dean McKinnon
on 28 June 2013
It is difficult to convey the actual value of dealing with a Financial Planner or Adviser. I consider myself a Comprehensive Financial Planner, which means that I act as an advocate for my clients in all of their financial dealings. Even that explanation may be difficult for a new client to understand what value I can be to them, so I decided to complete a weekly BLOG of some of the tasks I undertake for my clients on a weekly basis.
If you are considering using me as your Financial Plann...
| Posted in:EconomicMortgages and FinanceInvestmentInsurance | 0 Comments |
The Value of a Life Insurance Broker
Posted by G. Dean McKinnon
on 11 February 2013
It's getting harder and harder to deal with large corporations such as Life Insurance companies. They sprout-on about what good service they provide, how it's so easy to deal with them, and are quick to tell you if they won an award for their customer service, but quite often they're just too big to provide a personal service.
A client of mine recently discovered that thier Life Insurance premium was deducted twice from thier Credit Card. Fortunately, as I am their Life Ins...
| Posted in:Insurance | 0 Comments |
Borrow to Pay for Your Life Insurance and Save Money
Posted by Dean McKinnon
on 17 October 2012
I completed a Life Insurance Assessment for a client today and, in effect, I recommended that they borrow to pay for their Life Insurance premiums. I calculated that the overall cost to borrow the Annual Premiums, including the Interest, was lower than paying the premiums monthly.
Premium Frequency Loadings: Life Insurance companies usually add a 'premium frequency loading' if you elect to pay the premiums on a Monthly, Quarterly or Half-Yearly basis.
Home Loa...
| Posted in:Why Dean is a LegendInsurance | 0 Comments |
