Client Success #33: Cutting Fees and Tax
Immediate savings: $2,329 a year
We met a man who was paying very high premiums for very little cover, and whose super didn’t seem to be going anywhere. We took the time to understand what he needed protected, then reworked his super and his insurance together. He’s now saving $2,329 a year, and his super is projected to be about $229k higher at retirement.
Client Snapshot
- Single
- Minimal cover for very high premiums
- Super that wasn’t growing
Their Goals
- Have his super reviewed
- Protect his income and assets
The Challenges
- He had minimal cover for very high premiums
- His super didn’t seem to be growing
Our Strategy
- Moved his super to a lower-cost fund, more than halving his fees
- Improved his super’s investment strategy
- Put an insurance strategy in place
- Structured his premiums to be tax deductible
The Outcome
Lower fees and tax-deductible premiums are saving him $2,329 a year, and his super is projected to be about $229k higher at retirement. As with any policy, the insurer assesses the claim.
- Immediate savings
- $2,329 a year
- Super fees reduced
- $907 a year
- Estimated tax saving on premiums
- $1,422 a year
- Projected retirement uplift
- Approx. $229k
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