discuss the consequences of purchasing the following insurance products both inside and outside of superannuation:
- Term
- Total & Permanent Disability
- Trauma, and
- Income Protection
Please refer to Superannuation and Life Insurance PDS’s and Articles, as well as financial planning, life insurance, superannuation, industry research and regulators’ websites, articles and magazines. Required: At a minimum you need to discuss the following concepts.
Please follow concepts to do this report
- Define and explain these types of insurances
- Explain who are the major players in Australia
- Define the purpose of insurance (private and business) as well as key terms: Sum insured, Life insured, owner of policy, nominated beneficiary
- Tax considerations on both premiums paid and benefits paid out to the superannuation fund and to the life insured
- Stepped versus level premium
- Affordability
- Levels of automatic acceptance; and
- Industry trends with insurance over the past 10 years
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