Welcome back!
Scene One – Providing Entity
Hi Ross! Josh here from Future Ready, presenting to you your personalised video Statement of Advice today. My authorising licensee and contact details are on the screen now, should you wish to reach out to me at any time. Okay, lets get right into it.
Same as all Scene 1
Scene Two – The Client
Moved from the U.K. to Australia for a better Life for his family, lives in Queensland and has two school age daughters.
Ross sought advice to review and optimize his existing insurance coverage to ensure it aligns with his current financial situation and provides adequate protection against life’s uncertainties, given the potential for better coverage at lower costs.
You are 47 and are living in Queensland with your family, having moved to Australia from the United Kingdom for a better life. You are seeking advice to review your existing insurance to ensure you are covered in line with your financial situation.
Show middle aged man with wife and two kids. Show UK flag then Australian flag, then a plane in between, facing the Australian flag. Show insurance shield with magnifying glass over it.
Scene Three – Scope And Goals
Ross aims to have comprehensive and cost-effective insurance coverage that protects his family and financial assets in case of death, disability, or serious illness, ensuring financial security and peace of mind.
We therefore agreed that this advice will cover insurance.
Your goal is to ensure that you have comprehensive and cost-effective insurance in place to protect your family and assets in case of death, disability or serious illness.
Scope:
Insurance
Goals:
1. Comprehensive cover
2. Cost-effective
3. Protect family in case of death, disability or serious illness
Scene Four – The Advice
Life/TPD Insurance: Increase sum insured from $1,140,974 to $2,000,000, held inside super with a new provider.
To provide sufficient coverage for dependents and financial obligations, aligning with increased protection needs. Someone known to you recently passed away and it made you think and review your Life/TPD Insurance cover sums insured.
Higher deduction from super ($1,299.03 gross vs. $1,055.56), but overall lower total premium due to better rates and discounts.
Income Protection: Maintain sum insured at $8,496/month, but switch to a new provider with lower premiums ($2,192.28 vs. $4,285.71).
Current level is appropriate; new provider offers better rates and additional features like claim indexation.
Potential differences in policy terms, though assumed comparable.
Trauma Insurance: Maintain sum insured at $275,000, held outside super with a new provider at lower premium ($1,128.12 vs. $1,913.88).
Current level is appropriate; new provider offers significant savings with reinstatement option.
Potential differences in coverage definitions or exclusions, no tax benefits since outside super.
You currently hold the following insurances with TAL at the following levels of cover. My recommendation to you is to replace all your insurances with Metlife, increase your life and TPD cover to $2,000,000 and maintain your trauma and income protection levels of cover. Doing so will result in an overall premium saving of $3,525 per annum. Further, we have assessed these levels of cover to be appropriate for you and your trauma policy will include a reinstatement option. Please note though, that while Metlife is comparable to TAL, there may be some differences in coverage definitions and exclusions, and the trauma insurance does not have any tax benefits since it is held outside super.
Use same image as Shaun videos. Use green ticks and red exclamation mark to show the "doing so will result in..." and "please note though...". Show the total premium savings on the right and the green ticks and red exclamation along the bottom. Please make sure VO says "TAL" not "T-A-L".
Scene Five – Fees And Costs
Product fees
Okay, this section is full of good news, as you do not have to pay any upfront or ongoing advice fees to us for preparing this advice for you. However, it is important that you understand how we get paid. In the first year, we will receive an upfront commission amounting to $3,474 in year 1. In all future years, until you decide to cancel your insurance products, we will continue to receive ongoing commissions amounting to $1,402 from year two. Please note that these commissions are paid by the insurers directly to us and is not an additional cost to you.
Same as all scene 6, but please do not put the arrow after year 2 commissions going up.
Scene Six – Disclosures
Right, we have now finished outlining the advice and have some important information to go through.
First of all, this Statement of Advice is prepared for you only and therefore should not be implemented by anyone else.
Secondly, we have based this advice on information which you have told us, so please let us know if any information contained in this video does not accurately describe your current situation or is incomplete.
Next, Future Ready does not have any third party interests or associations with any product providers recommended to you, and the advice is therefore not conflicted.
Please note there may be a 30-day cooling off period with respect to the financial products we have recommended, during which you may make amendments or request refunds.
And finally, please note that the advice in this video is valid for a period of 30 days. If you have not confirmed acceptance within this time, we may need to revisit your circumstances.
Fabiana, this advice purely considers your interests only, and is therefore in your best interests. If you wish to proceed with my advice, please respond to the email by completing the authority to proceed section within the email. Otherwise, if you have any questions, please let me know. Thank you!
Same as Josh scene 6