Dr Daniell Boima - Insurance Review
Policy Structure - By Issuer and Insurance Type
Notes:
- Critical Illness: You will notice that a substantial component of costs is your Critical Illness policy (44% of total Net Cost). The cost of this type of cover reflects the heightened probability of claim for those 50-years plus, which also means we should expected the cost (per dollar of coverage) to increase further over coming years.
- Income Protection: Your Income Protection contract provides cover across a very broad set of events. We should note that over coming years the cost will begin to decline as you approach your 65th birthday.
- Disability (TPD): Your Total and Permanent Disability is set up on "Own Occupation" terms, meaning to qualify you need only prove that you are unable to continue in your present occupation. That said, TPD claims are very rare. From a purely statistical perspective, this type of cover is least likely to be needed to pay a claim.
- Equip Super and Real Insurance: these policies, if still in force, are worth reviewing. In particular, Real Insurance, which is underwritten by Hollard, have developed a reputation for their poor quality insurance contracts, and expensive premiums.
Policy Coverage - By Event
Please note that illness and disease refer to diagnoses lised under the policy contract (these include cancers, heart disease, heart attack, stroke, plus many other events).
Alternatives
We are currently reviewing policy alternatives, with a focus on reducing costs without compromising features. As part of this process, we have arrived at a shortlist of nine insurers who are open to negotiating preferential terms and pricing for radiologists.
Your present insurer, AIA Australia, continues to rank highly, and from a pure cost perspective is still very competitve. We should note that because we applied wholesale commission discounts to your policy, your present structure is lower that rates generally seen in the retail market (for similar cover the market rate is between $2,500 and $3,200 per month).
Nevertheless, we believe that an active and ongoing negotiation process with insurers is healthy, and produces better outcomes for all our clients. We hope to be able to present you with our findings (including prices) to you within the next 7 - 10 days.
Your present insurer, AIA Australia, continues to rank highly, and from a pure cost perspective is still very competitve. We should note that because we applied wholesale commission discounts to your policy, your present structure is lower that rates generally seen in the retail market (for similar cover the market rate is between $2,500 and $3,200 per month).
Nevertheless, we believe that an active and ongoing negotiation process with insurers is healthy, and produces better outcomes for all our clients. We hope to be able to present you with our findings (including prices) to you within the next 7 - 10 days.
More information
For more information, or to discuss any matter in further detail, please don't hesitate to contact our office, or me directly:
Joel Mitchell, CFA Director, Insight Wealth Solutions Phone: 0406 695 257 Email: [email protected] Visit: McCarthy Grove, Montmorency VIC 3094 |
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