请教personal insurance

月亮

坛子里有没有人买personal insurance，
那种万一生病了，一段时间不能工作，
也照样有钱拿的计划看起来好像很不错，
大家有没有什么好的推荐？

astina

你说的这个是income protection

月亮

属于personal insurance的一种。
我中午和commbank的人谈了谈，他们介绍了4种
1。死亡才有钱拿
2。完全残疾可以拿
3。癌症，心脏病。。。等等14种疾病可以拿
4。就是生病，医生开证明说不能工作就有钱拿。。

我觉得第四种蛮好的

leaf2006

原帖由 月亮 于 2007-5-10 20:36 发表
属于personal insurance的一种。
我中午和commbank的人谈了谈，他们介绍了4种
1。死亡才有钱拿
2。完全残疾可以拿
3。癌症，心脏病。。。等等14种疾病可以拿
4。就是生病，医生开证明说不能工作就有钱拿。。 ...

第四种保费应该不便宜吧?

jands

能不能順便介紹一下保費多少啊?我倒是覺得第三種也很好了.有重大疾病無法工作時可以有收入看病.

月亮

根据不同的保额，价格不同，我quote了一下，第一种保250k，第二种保150k，第三种保10k，一共是100多块一个月。。

zhengtao

那四种都属于Life Insurance
就第四种来说，主要是针对 自己做生意的人。因为他们病了，没有人会给他们sick leave。
如果公司有sick leave，买它就没有太大的必要。不如集中金额去买前三者。

黑山老妖

Personal insurance includes:
1. Income protection - pays up to 75% of your regular income if you become unable to work for health reasons. Premium is tax deductible.
2. life insurance (term life) - Pays an agreed amount if the insured passes away.
3. Trauma - pays for certain defined major illnesses such as heart attack, kidney transplant etc.
4. Total/Permanent Disability(TPD) - pays a certain amount if insured sustains total/partial permanent disabilities, such as lost of limb or sight etc.

If you want to buy life/TPD it's best to buy using your super fund. They are cheaper but they have a defined limited which may not suit your need.
You can't buy trauma though super I think.

If the amount you want to insure for Life/TPD is more than the amount your Super is willing to provide then you can buy them as a bundle with or without trauma. Trauma is quite expensive. Females are cheaper to insure than male. More than $1M of life would be hard to get, but under $1M is normally easy though standard underwriting process. Also don't over insure. You have to justify your insured amount other wise the insurance company will refuse to pay. A rule of thumb is 10 times your normal income. I have just bought mine though a friend who is a financial planner. Asteron was the cheapest for me. So you guys should check it out. If you buy though super, you will need to buy units. Each unit might be $50,000 for Life and TPD. you just buy multiple units depending on your requirement.

For income protection it's best to buy using your after tax dollars. You then claim your insurance premium in your tax return. The cost is a income producing cost. So whatever is your tax rate, you get that part of the percentage back. Income protection will pay up to 75% of your normal income or you can nominate a percentage. White collar professionals can get much better deal than others. For anything less than 100K a year, it's quite easy to get though standard underwriting. AMP and MLC are pretty good for price and feature.

When you buy insurance you need to consider your own personal situations. Things to consider are:
1. your financial commitment. e.g. living expenses etc
2. Retire debts. Your personal loan, mortgage
3. For Life insurance, your family's future requirement. If you were to die, how much your family would need to live comfortably?

Don't want to get too much detail now. It's a huge topic. Seek proper financial advice if required.
disclaimer: The above does not constitute a financial advice or recommendation for products.

月亮

原帖由 zhengtao 于 2007-5-13 09:24 发表
那四种都属于Life Insurance
就第四种来说，主要是针对 自己做生意的人。因为他们病了，没有人会给他们sick leave。
如果公司有sick leave，买它就没有太大的必要。不如集中金额去买前三者。

sick leave有天数的，有的公司10天，有的15天，超过之后就不pay了，这个保险可以一直pay到你重新回去上班为止

philgu

原帖由 黑山老妖 于 2007-5-13 09:43 发表
Personal insurance includes:
1. Income protection - pays up to 75% of your regular income if you become unable to work for health reasons. Premium is tax deductible.
2. life insurance (term life) ...

Altought it is cost/tax effective to buy term/truama/TPD through super, you should be aware the benefit in case of claim will be paid to the super fund as well. So drawing out the benefit will become an issue in need of the money. Another issue is in case the person does not have dependents, the benefits paid out of super wouldn't be tax effective either. Luckily company gives me income protect insurance as part of the package (very very favorable terms). Quite happy with that.

黑山老妖

原帖由 philgu 于 2007-5-13 09:56 发表
Altought it is cost/tax effective to buy term/truama/TPD through super, you should be aware the benefit in case of claim will be paid to the super fund as well. So drawing out the benefit will become an issue in need of the money. Another issue is in case the person does not have dependents, the benefits paid out of super wouldn't be tax effective either. Luckily company gives me income protect insurance as part of the package (very very favorable terms). Quite happy with that.

Totally agree with you. That's why I say seek advice. Everyone's situation is different. And estate planning goes hand in hand with insurance. So everyone please do seek professional advice here.

I buy my life/TPD using my after tax money because the super fund won't do the amount I wanted. You are lucky to have your work arrange your income protection as part of the package.

philgu

原帖由 黑山老妖 于 2007-5-13 10:00 发表


Totally agree with you. That's why I say seek advice. Everyone's situation is different. And estate planning goes hand in hand with insurance. So everyone please do seek professional advice her ...

Sure - especially the cover is up to retirement age rather than standard term (e.g. 1 yr etc). By far, income protection is most important and most expensive at my stage of life. The other hindrance is to get pass the underwriting process (e.g. medical examimation). In case of employer offer, it is not required at all - sweet. I seeked to get a competitive one for my gf (her company has top up of term/TPD cover for her already). But the commercial rates are higher than what I wanted.

[ 本帖最后由 philgu 于 2007-5-13 10:37 编辑 ]

philgu

原帖由 黑山老妖 于 2007-5-13 10:00 发表


Totally agree with you. That's why I say seek advice. Everyone's situation is different. And estate planning goes hand in hand with insurance. So everyone please do seek professional advice her ...

Another thought...
I always wonder what is the most cost effective way of buying insurance.
Most of the insurance is bought through insurance brokers. Easily the up front commission for the brokers could exceed 100% of first year premium not to mention the trails. In case of mgt funds, purchaing through discount broker / wholesale fund can enable you to avoid initial commission and probably some rebates in trail as well. What about insurance's commission? Anyway of getting it rebated or have to negotiated with the broker, it would be hard pressed to get much back I thought.

黑山老妖

Unfortunately my friend is not a fully qualified financial planner yet so he can't rebate everything for me.  He got his principle to rebate 40% of his trailing commissions. He charges close to 100%(97% I think) of one year premium as upfront fee. I guess I will have to wait for a few years to get some real rebate happening when my friend start up his own business...
Have done a few quotes from other places all cost more than what my friend could find me, so I guess Asteron for life/tpd and AMP for income protection was the best deal I could get. Trauma is so ridiculously expensive so I have to let that one go. Besides I have my income protection and long service leave as back up so I don't miss it too much. Also got lucky to have my life insurance processed before 1st May. Big increase in premium from this month.

[ 本帖最后由 黑山老妖 于 2007-5-13 10:53 编辑 ]

philgu

原帖由 黑山老妖 于 2007-5-13 10:48 发表
I think my broker charges ~100% upfront fee. Rebating 40% of his trailing commissions. Unfortunately my friend is not a fully qualified financial planner yet so he can't rebate everything for me. I ...

Thanks. That is pretty much what I have expected.
Any chance, you will get qualified to practice (FP or ins broker)? I can see quite a big following here for you already. haha.

Currently I think we have sufficient insurance coverage - it looks like my 70 days + sick leave balance is not much use given I have inc protection. But when I purchase my first home or start a family, definitely need to review the coverage and do some topping up.

黑山老妖

Get qualified? I will probably be ASIC PS 146 compliant because I am doing the course. But to be industry qualified is the hard bit. I don't want to change job just yet. My friend did and took a pay cut from 100K to 50K. Not something I can afford right now.

For your insurance sometimes they have limits on how much you can top up. Some of them have limit of 25% or 250K for each top up. In that case you will have to start a new policy and be slapped with the normal waiting period again. You need to check your policy. Get more than $1M Life/TPD and be ready for a thorough medical examination.

philgu

原帖由 黑山老妖 于 2007-5-13 11:16 发表
Get qualified? I will probably be ASIC PS 146 compliant because I am doing the course. But to be industry qualified is the hard bit. I don't want to change job just yet. My friend did and took a pa ...

Yes. I have a colleague ventured out to run his own planning business. It was quite a jump (I think he must be on a quite substantially package at least $250-300k, a qualified actuary and senior manager of many years). He was on part time consulting contract for a while to let his own business to grow. Now he is fully focusing on that and doing very well. He was quite a networker and very sharp.