We met a man with several properties and large debts, who was paying large premiums for only basic cover. We took the time to understand what his debts and lifestyle would need, and how his super was set up. He now has more cover for $700 a year less, with his super projected to be $517k higher at retirement.
Client Snapshot
- Single
- Several properties and large debt
- Basic cover, while paying large premiums
Their Goals
- Grow his super
- Review his insurance, given his properties and debt
The Challenges
- He was heavily underinsured
- He was paying large premiums for that basic cover
Our Strategy
- Moved his super to a lower-cost fund with a stronger investment structure
- Cut his super fees by more than half
- Replaced his cover with more cover at a lower premium
- Structured his premiums to be tax deductible
The Outcome
He has more cover for $700 a year less, $4,002 a year in immediate value, and super projected to be $517k higher at retirement. As with any policy, the insurer assesses the claim.
- Immediate value
- $4,002 a year
- Premiums reduced
- $700 a year
- Super fees reduced
- $902 a year
- Estimated income tax saving
- $2,400 a year
- Projected retirement uplift
- $517k
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