Wealth Partners Protect ensures that you and your family access the cover that you need so that you have peace of mind.
Wealth Partners Protect is designed for clients with simple needs with the main motivation for seeing an adviser being driven by the need for insurance cover and those not wishing to participate in a comprehensive review each year. When clients are younger, their single greatest asset is their ability to earn. They may have dependents and debts and insurance can mean avoiding a financial catastrophe should the unthinkable happen. Navigating the plethora of options available with all of the features and optional extras should always be left to a professional adviser. Insurance delivers peace of mind but it is also very risky, especially if you don’t take care and review it regularly.
Legislation changes often find people in situations where they lose access to cover without realising. This happened in 2020 where the government introduced the protecting your superannuation package whereby members of super funds needed to ‘opt in’ to retain their cover, otherwise it was automatically cancelled by the provider leaving many without cover at all. Advisers often meet new clients who believe they hold certain cover only to find out that they do not have what they thought at all. Sometimes people assume they are covered in situations which are excluded or misunderstand the cover they do hold. Before buying, renewing or switching insurance, check if the policy will cover you for claims associated with COVID-19.
Contact us for a discussion about your insurance needs
What life insurance covers
Different life insurance products are designed to protect you from different events that can occur, and the definitions and terms of the cover can vary widely from provider to provider. In essence though, retail insurance cover is a contract between the policy owners and the insurer that sets out under which circumstances the benefit is payable:
- Life cover — pays a lump sum when you die to your nominated beneficiary/ies or your estate should you nominate it. It is also sometimes payable if you are terminally ill.
- Total and permanent disability (TPD) insurance — pays a lump sum to help with rehabilitation and living costs in the event of total and permanent disablement and has many options depending on your occupation.
- Trauma insurance — is a lump sum policy with covers you if you’re diagnosed with a major illness such as a heart attack, cancer or a stroke with many partial and specific illnesses and injuries also covered depending on the provider and options. This type of policy can sometimes be re-purchased once you have claimed
- Income protection insurance — pays some of your income if you can’t work due to illness or injury. There are many optional features and some types of cover which are no longer available based on legislation. Replacing existing policies can result in a loss of features or benefits so care should be taken.
- Business Cover – there are several types of cover available for businesses to assist with key person protection and business expense cover.
What is involved in the process?
At a scheduled meeting with a financial adviser, they will capture relevant information about you and your family, your assets, debts, earnings, savings, health history or considerations and your cost of living. They will use this information to determine using formulas, the appropriate amount of cover and will also take into account affordability, sustainability and your budget for insurance cover. The adviser will research to compare options and often seek pre-assessments with providers to ensure that you are able to achieve the most advantageous policy based on your circumstances.
Your adviser will formalise your engagement with Wealth Partners prior to providing any advice and will provide a quotation upfront for the cost of preparing, providing and implementing the recommendations. Most importantly, Advisers are bound by a code of ethics and can only provide advice which is in your best interests and places you in a better position as a result of the advice. Please ask us for further information on our services.
Wealth Partners Protect is ideal for
Families. Ensuring your family is protected if your income stopped or you or your partner were unable to work is of paramount importance. If you have a mortgage and debts, insurance provides a safety net to ensure you or your family won’t have to sell your home if you pass away or if you are unable to work again.
Sole-traders and Busy Self-employed people. Self-employed people often neglect their own affairs as their business takes priority. They are time poor and sometime need assistance to ensure that they look after their own needs as well as their staff and customers. Wealth Partners advisers are sensitive to the needs of business owners, we understand that you need to cut to the chase and need a timely solution that let’s you get back to business.
People who don’t want to meet with an adviser every year. Things change and there may be a need to review your strategy with a financial adviser when things change but retirement may be a long way off and you have relatively simple needs. This makes Wealth Partners Protect the perfect solution. You will have the option to review when it suits you and will have the security of a company to call upon when needed such as changing jobs, expanding your family or making one of life’s big decisions.
Wealth Partners Protect Advantages
The cover you need and simplicity you want.
Comprehensive financial Advice can be complex, Many Protect clients are busy working full time, paying down mortgages and have kid’s sport and schooling commitments. Life is busy and they may not be able to commit their full attention to the process but need to know they can outsource and obtain the best advice but with simplicity.
Peace of mind.
Wealth Partners Protect Clients sleep soundly with the knowledge that their family and loved ones are looked after if the unthinkable should occur. While the actual cover can be calculated and determined by an adviser, they will take into account your financial needs, debts and estate planning considerations to ensure that you have the most appropriate level of cover so that financially, life as you know it doesn’t need to change for you or your family in the event of death, illness, injury or disablement.
Better client outcomes.
Wealth Partners Protect advisers will take into account your health, affordability, sustainability of cover in addition to the amounts and type of cover you need. It can be hours of analysis and comparison as well as pre-assessment and underwriting to ensure that client’s end up with the best possible products for their individual situation and needs.
Indicative Advice and Review Costs
Wealth Partners Protect Clients will be provided a quotation upfront for advice and implementation. They will also be quoted indicative review costs so that they understand the future cost of reviews based upon the scope of the review.
| Annual Review and advice costs | Excluding GST ($) |
| Simple – Review meeting and single strategy (simple) advice, either ROA or SOA and implementation. | $3,960 + GST* |
| Intermediate – Review meeting and multi strategy advice, either ROA or SOA and implementation. | $5,280 + GST* |
| Complex – Review meeting and comprehensive strategy and advice, SOA and implementation. | P.O.A. |
*Indicative only, actual costs will be discussed prior to proceeding.
Implementation Services, if required
| Fees payable for additional services | Cost per hour |
| Execution only Implementation | $350 + GST |
| Transactional Service – Buy/Sell/in specie transfer | $250/hr + GST |
| Changes to insurance products | $150/hr + GST |
Please see our Financial Services Guide for more information.