Client Success #36: Lower Fees, Less Risk
Immediate savings: Approx. $5,738 a year
We met a woman who was paying very high premiums for minimal cover, with super that didn’t seem to be growing. We took the time to understand how much risk she was comfortable with, then moved her super and rebuilt her cover around it. She’s now saving approximately $5,738 a year, and her super is projected to be about $129k higher at retirement.
Client Snapshot
- Single
- Minimal cover for very high premiums
- Super that wasn’t growing
Their Goals
- Have her super reviewed
- Protect her income and assets
The Challenges
- Her cover was minimal for very high premiums
- Her super didn’t seem to be growing
Our Strategy
- Moved her super to a lower-cost fund, more than halving her fees
- Chose an investment strategy that takes on less risk
- Put an insurance strategy in place
- Structured her premiums to be tax deductible
The Outcome
She’s saving approximately $5,738 a year, and her super is projected to be about $129k higher at retirement while taking on less investment risk. As with any policy, the insurer assesses the claim.
- Immediate savings
- Approx. $5,738 a year
- Super fees reduced
- $1,910 a year
- Estimated tax saving on premiums
- Approx. $3,828 a year
- Projected retirement uplift
- Approx. $129k
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