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Of Industry Super Fund members are under insured by $100,000 for life insurance37
Of Industry Super Fund members believe life insurance is a low priority given other financial commitments.74
Of Industry Super Fund members are underinsured by $100,000 for TPD83
Of Australians say they have insurance for their car, only 31% have income protection.
You may feel that discussing your insurance needs with a professional financial planner will be of benefit to you.
A professional financial planner will be able to look at your entire financial situation, your family commitments and lifestyle and help you determine you actual life insurance needs. They will also be able to help you shop around for the most appropriate insurance product for your particular needs.
Research conducted by the Investment and Financial Services Association in 2005 showed that those that had a professional financial planner were most likely to have adequate levels of insurance cover.
In exchange for an adviser service fee, which for insurance is often paid by the insurance company via a commission, a professional financial planner will be able to:
Top tips for speaking to a professional financial planner.
1. Speak to your family and friends to find out if they have a financial adviser they could recommend. It's important to build a relationship with someone you trust and it may help to know that they're trusted by people you know.
2. Ensure that the planner you see is licensed by ASIC. By law any person or company that provides personal financial advice is required to have an Australian Financial Services Licence (AFSL) issued by ASIC or be an authorised representative of a licensee.
3. Find out how long the planner has been practicing and what they specialise in. If you're looking for advice on life insurance you may want to speak to someone that has experience and specialises in this area.
4. Remember to ask for the planners' Financial Service Guide (FSG). This will explain the nature of the service being offered, the fees and commissions charged and how they will deal with complaints. A financial planner is required by law to give a FSG before providing any financial advice and it's important that you're comfortable with the contents of this document before you proceed.
Finding a professional financial planner;
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