Personal Insurances to Protect Your Family Income Questionnaire

What is Personal Insurance?

Life insurance provides a lump sum in the event you die prematurely, this is to help the family to have enough income to meet their needs as your income is no longer there. This is a low cost insurance and cheaper than insuring your car.

Then we have Income replacement insurance for when you are sick or injured. There are 3 types of cover: A monthly income when temporarily/permanently sick or injured and cannot work. A Lump sum if permanently disabled and unable to work. Or a Lump sum if you have a Trauma event.

The aim of insurance is to put you back in the same position you would have been in, if you did not have a claim for sickness or injury or death. What insurance does for us is to transfer the risk to a company, government regulated, to provide the money needed by us when something happens.
Do you have sufficient assets to provide an income in the event you cannot work due to death, sickness or injury? Or do you need to transfer the risk to a large regulated insurance company?*

No, I don't have the assets and I would prefer to transfer the risk to an insurance company.Yes, I have assets that can be sold to replace my/our income.

How much insurance is appropriate?

Can you protect your total income? Yes you can! And it can cost a lot less than you think…
First, let’s look at your potential income over your lifetime, so that we can understand how much we could potentially lose if we cannot work.

How much will you earn before you retire? If you are earning $100,000 per annum and have 30 years to retirement, your total income from working is worth ~$3 million, plus inflation, plus investments in Superannuation. Your total income over your life could be between $5 and $10 million! You wont need to insure this much, but this is what the insurance will be protecting.

We believe in keeping to a budget for personal insurance and making it your first spending priority. Remember, that without income, you cannot pay for health insurance, car insurance, living costs or loan repayments!

So if your income is $111,000pa (including super) would you be prepared to spend 3% (~$300/per month) of your income, to protect your lifestyle? In our experience, most people are prepared to spend this.
Are you prepared to spend a small percentage of your income for insurance?*

Yes, I would like to protect my income/lifestyle, due to the large amount at stake.No, as I believe nothing will happen to me.Maybe, depending on the actual cost and more information for my situation.

Should you hold some of the insurance inside super?

Did you know that Insurance premiums in your super can reduce the costs of the insurance, but will also reduce your super balance and can cost you millions in lost super income?

The main advantage of insurance in super, is control over who gets the insurance payout and the tax benefits associated with the payout. But very few people actually do this right.
Do you currently have insurance in your super fund?*

YesNoI don't know
Do you need to set up the super to pay the right person, in the right way? (e.g. financial dependents can receive a pension)*

Yes I do need to set up the super to manage insurance payoutsNo I don’t
Are you prepared to make contributions to your super to cover the insurance premiums?*

I am prepared to make contributions to my super now or in the futureNo, I am not prepared to make contributions (remember: the insurance is to protect your income, so you don’t want to lose your future income paying for insurance now)

What funds could you use to pay for the insurance?

Prioritising spending money from your normal living expenses to pay for insurance, needs consideration. The following questions are to determine how can you pay for your insurance (as per regulatory requirements):
Select which of the following are you able to use, to help pay for insurance premiums:*

Surplus income, as you don’t spend all your money.Reduce other insurance costs to ensure you can pay for your personal insurance. (e.g. reduce the cost of house cover, health cover, pet cover, etc.)Reduce personal spending (e.g. outings, takeaway, alcohol, hobbies, gym, netflix, etc.)Use some of my super contributions to help pay the premiums now

Your Health

Do you have any health issues? For example: regular medications, hospitalisations, heart conditions, diabetes, referrals, hereditary diseases or genetic disorders in your family.

Please note any below with details that you are willing to share. If you are current awaiting a referral, please add that in:
Health Notes:

Discussion Notes

Thank you for completing this questionnaire.

We appreciate that you took the time to complete this, to help us obtain suitable insurance to meet your needs and to keep it affordable. There is a lot at stake.

We will also need to collect more details and complete personal applications to assess and obtain insurance cover.
Please feel free to enter any additional thoughts or questions that you have here:
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Personal Insurances to protect your Family Income