Early access to super for people with terminal illness

Wednesday, June 03, 2015

Early access to super for people with terminal illness

The Assistant Treasurer has announced that, from 1 July 2015, the government will amend the provision for accessing superannuation for people suffering a terminal illness.

Under the current provision for early access to super, a person with a terminal illness is required to obtain a certification from medical specialists that they have less than 12 months to live.

The relevant regulations will be amended to change the life expectancy period from 12 months to 24 months.


Women aged over 45 are nearly twice as likely to be disabled from sickness as men, new research has shown

Tuesday, June 02, 2015


Produced by the Financial Services Council (FSC) and KPMG Australia, the research looked at the likelihood of disability insurance claims across a range of client demographics. In particular, the report found that 45 year old females are 94% more likely to make a claim due to sickness than their male counterparts, but 22% less likely to make a claim due to accident than males in white collar occupations.

Other key findings from the research include:

A person who has held a policy for 10 years or more is 50% more likely to make a claim than a person who has held a policy for less than 1 year
Male white collar smokers are 50% more likely to claim due to sickness than male white collar non-smokers
Smokers are 12% less likely to return to work than non-smokers

The data forms part of a new Disability Income Table (ADI 2007-2011), an actuarial tool used by life companies to determine policy pricing. The Disability Income Table was last updated 20 years ago, and comprises extensive data and analysis based on more than 30,000 claims made between 2007 and 2011.

For the first time, the impact of policy duration, benefit period and cause of claim (such as mental illness, nervous disorder and musculoskeletal) are quantified within the table.


What if it happens to you? Planning for the worst case scenario

Wednesday, May 07, 2014

Your partner has had a lump on their arm for some time. After having this inspected by a doctor and then referred to a specialist, a biopsy later reveals that it is cancer in an early stage. The specialist recommends a combination of removal, radio therapy and chemotherapy. Although you are looking for positives in that it has been detected early, deep down in your heart you think the worse.

A properly constructed trauma insurance plan will fix the financial problems. Typically this would cover your mortgage, children’s school fees and two years of income. From our 32 years experience we know that by easing the financial pressure, it will give you the best chance to recover physically and mentally.

Statics are showing us that 52% of all trauma claims in Australia are cancer related. The four major conditions that are covered by a tax free lump sum are; Heart Attack, Stroke, Coronary artery bypass surgery , and of course cancer.

We have been able to take the pressure of client’s physical issues by removing the financial issues.

Call one of our experienced risk planners to cover your personal and/or business situation adequately.

How can you tell if a financial planner is right for you?

When our advisers go through the exhaustive process to finally be employed by Dunsford Financial planning the one major question that we ask of them is; would you feel comfortable sitting down discussing your personal details with the adviser?

The major driver for us as an employer is will our clients be able to trust, and discuss opening with you, your dreams, fears, things that must be avoided, and areas that make you comfortable.