Murphy Financial Advice

Question:

What is TPD Insurance?

Answer:

If you became totally and permanently disabled, you will still need to meet your financial commitments. With TPD insurance, the costs of rehabilitation and living costs will not be such a burden.

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Question:

What is Life Insurance?

Answer:

If you have a family that is financially dependent on you and/or have debts that are serviced from your income alone, you should consider the peace of mind that life insurance may bring. Your death would result in enormous emotional and financial strain on loved ones and life insurance would help alleviate this strain.

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Question:

What is Keyperson Insurance?

Answer:

This insurance is designed to protect a business in the event of the loss of a person who makes a significant contribution towards the profitability of the business. These individuals would usually have a skill or ability that is difficult to replace.

Contact us to find out more about Key Person Insurance on 08 8224 0602, or email:

 

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Question:

What is Trauma Insurance?

Answer:

Trauma Insurance has been designed to provide a benefit to help you cover medical and rehabilitation costs, and to help with lifestyle and employment changes.

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Question:

What is Income Protection?

Answer:

Almost everything you own or hope to provide depends on the ability to work and earn money. Your ability to earn an income is your most valuable asset. Income protection insurance pays an income stream if during sickness or injury you are unable to earn all or part of your income.

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Question:

Are Income Protection premiums tax deductable?

Answer:

Premiums are 100% tax deductible.

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Question:

What is Shareholder Protection Insurance?

Answer:

Shareholder protection insurance provides immediate funds for the ‘buyout’ of a deceased/disabled/critically ill person’s share of their business.
The need for the surviving owners to have the funds to pay the ‘exiting’ co-owner’s family or/and estate is vital, so that they can maintain control of the business and their future. Also, the ‘exiting’ co-owner’s family and/or estate usually want to realise a fair and equitable value for their share of the business with a minimum of difficulty and angst. Insurance provides the solution for both.
 

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Question:

Is Income Protection the same as Workcover?

Answer:

No. Income protection covers you for any illness or injury that results in your being unable to work and earn an income – 24 hours a day, 7 days per week. Workcover only covers you for work-related illness or injury; it will not pay, if, for instance, you are struck down by a virus or trip over a rock in your garden and break a leg.

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Question:

What is a loading?

Answer:

A loading is an increased premium on a policy of insurance for a non-standard life.  – A medical condition that would increase the incidence of claim.

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Question:

How do I know if I need personal insurance?

Answer:

Even the most prudent and effective person cannot prevent or predict when an accident or an illness, temporary or permanent, will occur to them or one of their family.
If you earn an income – you need to ensure it continues.
If you have a mortgage, debts, personal loans, etc – you need to ensure they are repaid.
There are different types of insurance that every individual and family needs to ensure that their lifestyle and their future protected. Speak to one of our professional advisers for assistance.
 

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Question:

What is an exclusion?

Answer:

A policy can be issued excluding pre-existing conditions from payment in event of a claim.

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Question:

How do I calculate how much insurance I need?

Answer:

No two people’s circumstances are alike, and it takes a professional adviser to sit with you, get to know your personal circumstances and then work on the calculations and strategies that are most appropriate.
We have been looking after clients insurnace needs for over 20 years, and will explain to you how we calculate the required levels of insurance.
 

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Question:

What is salary sacrifice?

Answer:

The diverting of taxable income direct to superannuation to increase your superannuation benefit but reducing take-home pay.

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Question:

What is Superannuation?

Answer:

Superannuation is an investment vehicle used to accumulate funds during an individual’s working life to ensure income after retirement.

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Question:

Who regulates Australian Super Funds?

Answer:

Superannuation funds in Australia are regulated under the Superannuation Industry (Supervision) Act 1993, by ARPA and the ATO.

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Question:

What is the benefit of salary sacrifice?

Answer:

You can use salary sacrifice to increase your superannuation nest egg. This is an attractive option for some employees as it can provide significant tax advantages.

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Question:

What is an Asset Class?

Answer:

This term is used to describe the separate types of investments. They include shares, property, fixed interest and cash.

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Question:

Can I get a guarantee on my investment?

Answer:

There is a number of investment products in the marketplace that will provide a guarantee and we can access them for you. Why don’t you contact us and make an appointment with one of our professional advisers.

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Question:

What is my Risk Profile?

Answer: To identify your Risk Profile a series of questions is presented, and your answers to these questions clarify your attitude towards risk. ↑ Back to top

Question:

Why should I make use of Murphy Financial Advice?

Answer:

Murphy Financial Advice provides a unique process of meeting and achieving your life goals and needs through the proper investment, management and protection of your finances.
We will work with you to develop, manage and maintain your personalised plan and to ensure the result will:

• provide you with a clear understanding of the strategies adopted;
• provide you with a clear understanding of your investment ‘risk profile’ and how it will impact on your investment decisions in the future;
• ensure that your debts will be repaid, your income and cashflow will continue, your assets will remain protected and your lifestyle will be maintained, if death, disability or critical illness were to strike unexpectedly;
• ensure that your wealth increases through capital growth where appropriate, in order to provide you with your desired income in retirement;
• schedule regular review and discussion meetings to revise your plan if and when necessary – working with you to ensure that our strategies stay relevant in the economic climate and appropriate to your changing lifestyle;
• provide you with the peace of mind to know that your wealth, your assets and your income will be totally protected and will be there when you need it most.

 

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Question:

What is a Financial Services Guide (FSG)?

Answer:

A Financial Services Guide is a document that is provided to each client before providing them with advice. The document includes details on who is the licensee and their representative, the services provided by the adviser and advisory firm, remuneration arrangements, disclosure of material information, any interests, associations or relationships that could influence them, and complaints-handling procedures.

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Question:

Will all my insurances/investments be with a specific company?

Answer:

We have access to a comprehensive list of fund mangers and a very wide variety of products offered by those fund mangers/ providers.  In addition we have extensive research for insurance and superannaution funds from specialist research providers. This is coupled with the ability to advise on products not on this list on a case by case basis with pre-approval if appropriate. MFS applies rigorous criteria to all providers/products on the Approved Product List (APL).

We offer a broad range of risk insurance products with over ten carriers on our risk APL, covering over eighty personal and group risk products to suit client requirements.

When considering the needs of our clients, we will use the most appropriate investments and insurances on our APL that complement our recommended strategies, regardless of who the manufacturer or provider is at the time.

We work in our client’s best interests!

We will not be governed by price but value.

• gaining acceptance of the risk for which we are applying with minimal conditions (exclusions and loadings)
• obtaining the maximum benefit on claim – we manage the claim process

We are in the business of creating and nurturing relationships.

Our relationship with you, our client, and the institutions with whom we deal, is paramount for gaining positive outcomes.
 

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