Client Success #9: Building Savings for the Kids
Projected extra for the children by 21: $75,000
We met a young family with a home loan, an investment property and savings already set aside for their children. They wanted that money to do more, and their family protected along the way. We took the time to understand their plans, and their children’s savings are now projected to grow by an extra $75,000 by the time their son turns 21.
Client Snapshot
- A couple with a young family
- A home loan and an investment property
- Savings set aside for their children
Their Goals
- Have their super reviewed
- Protect their income and family
- Have their children’s savings do more over the years ahead
The Challenges
- Their debts were growing with a young family
- Their cover needed to match what they now had to protect
- Their super didn’t seem to be growing
Our Strategy
- Moved both partners’ super to lower-cost funds with a stronger investment structure
- Put an insurance strategy in place, with premiums structured to be tax deductible
- Built a plan to pay down the mortgage over the next eight years
- Set up a tax-effective investment structure for the children’s savings
The Outcome
Their children’s savings are projected to grow by an extra $75,000 by the time their son turns 21, alongside immediate savings and a projected lift in both partners’ super. As with any policy, the insurer assesses the claim.
- Projected extra for the children by 21
- $75,000
- Immediate value
- $2,248 a year
- Super fees reduced
- $644 and $372 a year
- Estimated tax saving on premiums
- $960 and $272 a year
- Projected retirement uplift
- $236k and $223k
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