Wealth Creation Blogs Worth Sharing.

Powered by 123ContactForm  |  Report abuse

The media has recently been reporting on an insurance scandal involving CommInsure.   The particulars of the case are complex and were aired recently on Four Corners if you’d like to look up the specifics.   Importantly, the case highlights the value of quality advice in relation to your insurance needs.  The case in question involved what is known as a Group Insurance policy.  Effectively, it is the default cover that is provided to a member of an industry superannuation fund.   For example, many of my clients come to me with various superannuation funds Sunsuper, Australian Super etc which include some level of insurance cover.   More often the not, the advice I provide involves obtaining a new, fully underwritten retail policy to replace or compliment the default group cover already in place.  The reason being, there is a massive difference between advised insurance products and direct insurance products offered ...

On January 13 this year I wrote a post The markets are down! What’s going to happen to my super? What do I do? And here we are a little over 2 months later and the contrast could not be greater.  Welcome to the world of investing! So what do all these numbers mean and how does it impact on my super? Well, for the majority of people, their superannuation has some level of exposure to Australian stock markets.  To get an idea of how the market is performing, you can simply follow one of the indices such as the All Ordinaries Index or ASX 200.  Without getting too technical, these are a basic measure of how the majority of the companies on the Australian stock exchange perform on average on any given day.  Normally reported on the news at night you’ll hear statements like” the All Ords went up half a percent today” . On Feb 12 this year the All Ordinaries sat at around 4800 points.  It’s currently sitting at 5240 points which means an increase of...

Keeping track of your superannuation can be difficult.  Especially when you consider the average time Australians are currently spending in a job is just over 3 years.  So in a 50 year working life, on average you’ll have around 17 jobs.   That’s a lot of super funds to keep track of.   Each one of your funds could be charging you fees and each of them could have insurance built into them.  It may not sound important, but it really is.  You could be paying more than you have to and you could be paying for insurance elsewhere when you already have it. Worse still, if something happens to you and you need to claim on that insurance, you may not know where to find it.  As part of the rollover consolidation process that I undertake with clients, a free “super search” is conducted based on your tax file number.   Various searching services have been around for a while, however, they usually charge a fee, take a long time and req...