Transcript:
Adding Insurance Through Superannuation
In this video, I will show you how to add insurance through superannuation.
Accessing the Superannuation Fund
Once you’ve set up the client's superannuation fund, navigate back into that fund. On the left side, you’ll find options for Linked Life Insurance, TPD (Total and Permanent Disability), and Income Protection. Use one of these buttons to add the insurance through super.
Adding a Life Insurance Policy
Let’s add a Life Insurance policy. On this screen, you’ll need to give the policy a name. Change the Insurance Type to Personal.
For Term Remaining, this indicates how long we will hold the insurance policy. For this particular client, we will set this to 8 years, which aligns with his retirement date.
Please note that whatever figure you enter in this field, once the account-based pension commences, it will automatically cancel the insurance policy.
Entering Coverage and Premium Details
Next, we’ll specify the insurance cover amount, which will be $1 million, and the premium will be $6,000 per year, with that premium increasing by 7.5% per year.
Reviewing in Year View
If you then go into the Year View and click into the client’s superannuation fund, you will see on the right side that the first year's premium is $6,000, and it will increase by 7.5% each following year.
You can also confirm this by navigating to the Insurance Tab. You'll see the life insurance policy with a $1 million cover and the first-year premium of $6,000, increasing annually.
Seeking Assistance
If you need any additional help regarding insurance or have questions regarding bonds, you can click on the client's name in the top right corner and choose Request Support.
Thank you for watching!