Insurance

Fin15 uses your Super to fund quality Insurance that saves you money over the long term

What is personal risk insurance?

The following Personal Insurance products can help protect you and your family against the following events
  • Life for if you die (early);
  • TPD in case you are Totally and Permanently Disabled;
  • Trauma to provide funds to get through a period for diseases such as cancer or a stroke; and
  • Income Protection to pay you income if you are unable to work due to sickness or injury.
When it comes to Insurance the focus is usually on the amount of cover – like $1,000,000 cover is better than $500,00 but is it? At Fin15, we know Terms and Conditions and features are essential. Many people pay for Insurance in their Super that doesn’t cover them or may be ineligible. We also take into account the long term cost of Insurance, how to minimise your out of pocket expense and we start with what you can afford instead of telling you what we think you need.

Ways we use Insurance

1. Using Super for AffordabilityFin15 can recommend a starting insurance portfolio from $2/day paid by super (so there are no out-of-pocket expenses), and as you need more features that you can only access personal,  we can recommend policies that are linked to your super so you can qualify for premiums discounts.

2. Ongoing Support: There may come a time when you need to make a claim or change or update your cover. This is where Fin15 works with you to make sure when that time comes, and you know exactly what you need to do.

3. Long Term Savings: Fin15 thinks about getting you the cover that you can afford today that will save you the most over the long term. This means we recommend level premiums (Level premiums are more expensive when you first take out your policy. However, they do not increase as you age) especially if you are young, as they can end up saving you thousands in long the long-term

4. Base Cover: You are always going to need a base level of cover under certain circumstances, such as enough money to get by on if you are disabled and can’t work. Fin15 works with you to secure this and then when you need more, we can add an extra cover that you may only need for a certain period.

5. Buying Property: It’s typical that when you buy a property for your Insurance to escalate. Fin15’s service includes working with you to help you to understand your options and what works best depending on your preferences.

6. Income Protection: For many people Income Protection is essential. Instead of offering you the most protection (typically 75% of your salary) Fin15 starts with what you need to get by and what features would be valuable to you. Then we work out how to make it affordable (such as having it linked in your super) and this provides us with a starting point to ensure you get a great product. Remember at Fin15, and we’re all about working with you and your unique circumstances.

7. Better TPD:  Standard TPD (like the one you may already have in your Super) can usually only be claimed if are so totally disabled to do any tasks. It’s why Fin15 prefers policies with better features such as ‘Own Occupation’ where you still qualify for a claim even if it means lowering the amount of coverage to make it affordable.

8. Complimentary Policies: If you qualify for a TPD payout, you could be eligible on Income Protection. Fin15 thinks about policies as complementary and getting the right balance of cover under different circumstances instead of recommending the maximum on each policy.

9. For StudentsAs a student (probably with a part-time job), we begin with Insurance in your super (starting at $2/day). This proves a far more economical way of saving for your future and getting the best Insurance for your circumstances without having to eat instant noodles for every meal.

10. For Grads: As soon as you start a new job, Fin15 will look at adding Income Protection. Fin15 also considers your tax position, disposable income and your savings goals in making recommendations and how to balance different policies inside and outside of Super.

11. Policy providersAs Fin15 is not aligned to any entity, and we can select policies from a large pool of insurance providers. For us, the ratings and payout ratios of providers are critical, and we consider these when analysing your personal situation.

12. Trauma: This is less typically recommended, although it offers good value in terms of payout ratios. For full-time workers who believe they may be at higher risk it’s cover Fin15 definitely recommends considering.

13. Over-insuring, Saving and Self-insuring: Fin15 believes the best financial security is achieved by building up sufficient assets and income streams. So Fin15 wants to direct any excess funds towards saving and investing rather than going to extra Insurance that means you are over-insured.

14. Ensuring you are Covered: Many people have Insurance that, likely, doesn’t cover them, We believe there is absolutely no point paying for Insurance you aren’t covered for and so at Fin15 we work closely with you to tailor a policy that is unique to you and no-one else.