Case study 1: Advice on increasing Income Protection
Haroon is the sole bread winner for his young family with two children and wishes to ensure his insurance coverage is appropriate for his family‘s needs in the event that he is unable to financially provide for them.
Haroon specifically wants to increase his income protection cover from $60,000 p.a. to $80,000 p.a. with a benefit payable until he is age 65 and increase his level of Death and TPD cover if appropriate.
Your savings:
- Fees charged by IFFP planner: $440
- Fees charged by retail commission remunerated adviser: $1,372
- IFFP saved $932 in fees compared to the advice from a retail commission remunerated adviser
- Premiums paid with IFFP: $5,179
- Premiums paid with retail adviser: $5,682
The difference in premiums paid by the IFFP client works out to be $503 less over ten years compared to the advice from a retail commission remunerated adviser.