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We have made it easier than ever for you to find what has recently been added to the store. This is a moving feast as it depends on the frequency of new content added. Each item listed below will also appear in the relevant section associated with it or via search in the top right-hand corner.

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Lightbulb Idea IconQUICK TIP: To find content quickly, use SEARCH [above right] with quotation marks e.g. "Estate Planning"; "Trauma"; "Claims", etc.

 

6 Frequently Asked Questions About Life Insurance Security NEW
In uncertain political and economic times, coupled with corporate entities taking over other entities and ownership of life insurance companies changing, some policyholders must wonder about just what the status of their life insurance portfolio is. Here is 6 questions you are likely to be asked sometime in your advising career and the appropriate answers you can answer them with. Use this in a client newsletter or your blog.
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Life Insurance Code of Practice (Australia) NEW
The Code is the Australian life insurance industry’s commitment to mandatory customer service standards. It has been voluntarily developed by the life insurance industry through the Financial Services Council of Australia.
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Blood Cancer Statistics
Blood cancer accounts for around 10% of all cancers diagnosed each year in Australia. On average, an Australian child under the age of 14 is diagnosed with blood cancer every 36 hours. The average length of treatment time for boys is 2 years and for girls it is 3 years. A single page fact sheet incorporating an easy-to-digest graphic to emphasise your risk protection message to clients.
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Maximising The Value Of The Authority To Proceed
When acting for a new client in the retail financial advice arena, an authority to proceed (ATP) and the signatures required during the final stage of the engagement process typically form part of the statement of advice (SOA). In effect, this stage has become even more critical under the FoFA reforms, which target clear communication about what is, and is not, included in the scope of the advice delivered. The ATP is also the critical point in time when the adviser “locks the client in”, ideally for life. Yet for most advisers, this section of the SOA is seen as a compliance requirement and nothing more — it’s simply permission to transact, and it’s a disappointment when the client typically elects for something less than a recommended action.
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Parental Income Replacement For Children’s Illnesses
The title of this article should be ‘‘Child trauma insurance: its uses and importance’’, however, it seems that the words ‘‘child’’ and ‘‘insurance’’ in the same sentence causes some advisers to switch off for fear of acknowledging what is wrongfully seen as an immoral or manipulative concept. This perception has gained much traction and needs to be reversed. Child trauma insurance payouts have already served as the mainstay of many families, at a time when all the parents wanted to do was be with their child 24 hours/7 days, while maintaining a secure family household and keeping day-to-day living as normal as possible for the other family members. It is simply impossible to do this, pay the medical costs and earn a living at the same time.
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Beneficiary Nominations Advice Giving: A Case Study
This was a Risk Store Technical Helpline case. We promise, your clients will benefit from you reading this case study! • There was already insurance in place when this client sought help from a new adviser. • This adviser sought input from others as he didn't know all the technicalities he needed to. • Therefore it is a perfect example of the adviser being a facilitator but not the sole expert inputting to the client’s outcome. • After analysing client data and insurer documents, it was clear it was a complex case even for an experienced adviser. • Collaborative input enabled this adviser to reach a solid estate planning-focussed outcome for a client who had risks inherent in her circumstances. Includes test questions and answers - see how you do!
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RR Issue 187 - Claims & Lawyers – 5 steps to obtain best disputed claim outcome
This feature article explains how you can get on the front foot by educating your life risk insurance clients to avoid going the legal route in the event of a claim being made and then the claim being declined and subsequently disputed. Lawyers should be the last resort. It explains the 5 correct steps to take when a claim decline is disputed by the client so as to avoid unnecessary financial and emotional expense for the client. The Tales of Week is a case study on the folly of using accrued leave for the waiting period decision.
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Concessional Contributions Cap Checklist 2018/2019
This essential checklist (updated in June 2018) will help you to determine how much a client can contribute as salary sacrifice or as personal deductible contributions to avoid an excess concessional contributions. A must-have checklist to be included as part of your standard advice procedures.
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Comparing Direct Insurance With Retail Insurance: Part 2
It is crucial for advisers to be armed with sufficient product knowledge of the direct products to enable accurate information and comparisons to be provided to clients. In this article, a selection of high profile direct products has been presented as a de-identified sample to show the product structures, features, terms and conditions to be aware of and how they compare generically to mainstream retail products. After reading this article you should be able to: - Identify the perceptions and facts around direct insurance products - Discuss the key structural differences between direct and retail insurance products - Explain how an adviser can manage a client’s insurance expectations
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Comparing Direct Insurance With Retail Insurance: Part 1
It is crucial for advisers to be armed with sufficient product knowledge of the direct products to enable accurate information and comparisons to be provided to clients. In this article, a selection of high profile direct products has been presented as a de-identified sample to show the product structures, features, terms and conditions to be aware of and how they compare generically to mainstream retail products. After reading this article you should be able to: - Explain the key structural differences between direct offerings, generically, and retail offerings - Identify the key sections of direct product PDSs and interpret the policy terms - Compare terms of a specific direct product and a specific intermediated retail product - Explain the implications of the key differences in terms, in an ordered and logical manner to clients
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Field Underwriting Engagement And Skills: Part 2
The work and skill involved in successfully and efficiently completing a robust life insurance application and personal statement with and for a client and subsequently navigating the insurer’s underwriting processes takes experience and more than a bit of nous — but every adviser has to start somewhere and even an experienced adviser can improve those skills. This article addresses the application completion and the period of insurer underwriting thereafter. It discusses three choices as to the completion methodology…
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Field Underwriting Engagement And Skills: Part 1
Advisers are only too aware that things are getting tougher for clients’ new applications. Advisers need to understand the underwriting process and then manage the hard conversations to the best outcomes for their clients, despite the relationship challenge this can present. This article is in two parts. This part provides an in-depth description of the basis for underwriting, its nature and the rationale that is helpful for clients to understand about underwriting to help adviser and client to obtain useful results from the initial discovery such that any possible adverse outcome can be broadly predicted and managed upfront…
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Communicating The Claim Dispute Process Checklist
Engaging a legal firm to resolve a claim dispute should always be the last resort for your client, but with the claims management analysis work The Risk Store conducts for life insurers (retail) and industry super funds (group), we often witness the reverse. This often results in an unnecessary financial and emotional cost for the client. Use this 5-step checklist as the basis to inform and train your insured clients of the correct approach before they need to make a claim. Use this checklist as the basis for establishing your own ‘Claims Assistance Service’ process!
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FASEA Education Pathways Explained
Here is a quick-view summary of the new education requirements for all Australian financial advisers prescribed by The Financial Adviser Standards and Ethics Authority (FASEA).
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Helpline: IP Wait Periods
Waiting periods on income protection when there is ongoing income offset clauses on the policy. “I have a query in relation to waiting periods on income protection when there is ongoing income offset clauses on the policy. If we assume an insured person had a provision in their business agreement (which they own with other partners), which stated they would be paid their wage and profit share for 6 months before having to exit the business, is there any advantage..."
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Insurance Contracts Act 1984
Updated July 2016 (latest Issue) This is a compilation of the Insurance Contracts Act 1984 that shows the text of the law as amended and in force on 1 July 2016 (the compilation date). The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.
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LIF Act 2017
Corporations Amendment (Life Insurance Remuneration Arrangements) Act 2017 An Act to amend the law in relation to financial products that relate to insurance, and for related purposes. The Bill aims to improve the quality of advice in the sale of life insurance by removing the current life insurance risk product exemptions from the FoFA conflicted remuneration ban, including new more limited exemptions and limiting the amount of upfront commissions that financial advice providers may accept and retain. The reforms below will commence on 1 January 2018.
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Life Insurance Act 1995
This is a compilation of the Life Insurance Act 1995 that shows the text of the law as amended and in force on 1 March 2017 (the compilation date). The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.
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Business Structure Entity Tree Word Template
Do you draw a business structure or entity tree with your SME business clients? You should be for many reasons. If you are or want to but want to add a more polished, professional look when re-presenting this tree/diagram back to the client (via your advice document maybe) or at review time, use this editable Microsoft Word .docx template with all the icons and lines you need to create a professional record of your client's current business circumstances. There is a personal client version available too.
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Family Tree Word Template
Do you draw a family tree with your personal clients? You should be for many reasons. If you are or want to but want to add a more polished, professional look when re-presenting this tree/diagram back to the client (via your advice document maybe) or at review time, use this editable Microsoft Word .docx template with all the icons and lines you need to create a professional record of your client's current circumstances.
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Reassuring Your Clients Of Policyholder Protection
Advisers can strengthen trust if they are able to simply describe to a potential client what the extent of protection is under legislation; how their future claim benefits are quarantined from the corporate disasters which beset other industries.
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How To Make A Referral Marriage Work
Following on from the concept of strategic alliances is this practical 'recipe for success' - the steps to follow to ensure that all the aspects are addressed and planned for - even the break-up is planned for, just in case!
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Male Cancer Claims Report
Cancer is the leading cause of claim under critical illness insurances in Australia. Results from the GenRe Australian Critical Illness Claims Survey 2008 indicate a worsening trend in male cancer claim rates, having risen 3.1% a year between 2001 and 2005. This survey collected data from nine major providers of critical illness insurance products in Australia, representing approximately two-thirds of the whole retail or individual lump sum risk insurance market.
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The Awesome Guide to File Notes Checklist (updated)
Welcome to our updated awesome guide to file notes - version 2. This guide has evolved over many years; some elements reflect court case outcomes and so are very relevant to 'best practice' goals. We trust these will serve the following purposes for you: 1. Give you a 'checklist' by which to assess your current methodology of file noting 2. Enhance your current note headings to enable / remind you to capture often-forgotten points that could be important 3. Or just get you started with a file note methodology if you have none right now 4. Add some standard record-keeping around the actions that you take post-file noting
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Estate Planning Imperatives For The Non-Lawyer: Part 3
Knowledge area (1.25 CPD) After reading this article you should be able to: › Broaden the insurance funding discussion to include factors, apart from finances, that have to be managed in a crisis › Review the client relationship messages, clarify & educate how an adviser can help ameliorate a drastic disruption of lifestyle › Educate a client as to what areas of forward planning for their "living" estate they have not yet addressed › Discuss the tools available to assist with the practical effects of critical health events.
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RR Issue 186 - What Did Our Claim Cost The Family Budget?
Calculating trauma insurance sums insured is always a challenge due to unknowns, but there are ways to help the clients mentally walk through the scenario that will evolve, in their home, with their family. It just takes the right level of engagement and a bit of time and care to get a result. Also includes The Tale of The Week.
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RR Issue 185 - 7 Ideas To Reach Out To Your Clients With
We are always being asked by members for simple, practical ideas they can implement quickly to assist with client engagement. Here are 7 simple ideas you can check out and use to re-engage with clients. Also includes The Tale of The Week.
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General vs Life Insurance Comparison Graphic
You may wish to use this simple graphic in your client meetings to illustrate the cost vs value between general insurance i.e. car or home insurance vs life insurance. That is, what you pay per month and the amount you are insured for. Most clients will insure their motor vehicles without thinking of the premium paid to the insured amount ratio. This illustration will assist you get the message across of the dollar value when discussing premiums.
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