Financial Standard Comments - ASIC shines spotlight on insurance advice Among the 200 financial planning client files reviewed by ASIC, 10% were considered to have serious concerns over life insurance arrangements. https://www.financialstandard.com.au/feed/latest?story=112279317 Thu, 25 Jan 2018 14:50:31 +1100 Thu, 25 Jan 2018 14:50:31 +1100 en-AU Copyright 2026 Financial Standard 5 Comment by Bill Hackett (Infocus Midland) So ASIC are comparing the pair are they? It looks like they are comparing a VW combi to a V8 Super car. It appears that the cover is going from a default Indemnity contract with default cover with a 2 year benefit period after a 90 day waiting period to an agreed value, 30 day wait to age 65 with a policy that is outside super, meaning that there are other benefits that the VW policy cant offer. The new policy may be tax deductible too, meaning that it is more tax effective than reported by ASIC. Does ASIC not know the difference between a policy inside super has less benefits than a policy outside super and...the policy inside super will only pay up to 75% of the pre-disability income, whereas the Agreed policy will pay up to the agreed value regardless if employed or not, for a full disability claim. Again we are all guilty and sentenced to death before we can defend ourselves first.

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]]> Bill Hackett (Infocus Midland) Thu, 25 Jan 2018 14:50:31 +1100