Financial Planning 2017-03-08T19:33:06+00:00

Financial Planning

We all have ideas and goals we’d like to achieve in our lifetime. Just like driving your car, there are many different roads you could take to get to your destination.

RateOne advisers believe that central to any goal, is to have the right financial advice and protection in place to protect what you have already worked so hard for. Wealth protection is about protecting the wealth and assets you have worked so hard for, and is a type of insurance that provides a benefit to you or your family if the unexpected should occur. Accidents or illnesses are unexpected but can have a significant impact on your finances if you are unable to work or earn an income.

Reflect for a moment on what is important to you and what plans are in place to look after these things, if you could not. Your most valuable asset is your ability to earn an income, after all this is what keeps everything going. Protecting it will help to see you through difficult times. Your other significant asset, if you have family, is the primary carer. Lose either of these, even temporarily, and the impacts may resonate for years.

Income Protection

Income protection insurance, also known as salary continuance, can help you manage your expenses if you are unable to work for a certain amount of time its benefit can replace up to 75% of the gross income for a set period of time. (e.g. 2 years or up to retirement age) Income protection insurance replaces the income lost through your inability to work due to injury or sickness. It is an important consideration for anyone who relies on an income.

Many super funds offer income protection, however it usually carries a benefit period of only 2 years and is not kept up to date with the changes of income in the individual’s career leaving them well under insured.

Total and Permanent Disability Cover

Pays a lump sum in the event you become totally and permanently disabled and are unlikely to be able to work again.
TPD insurance helps cover the costs of rehabilitation, debt repayments and the future cost of living.
Each insurer has different definitions of what is and isn’t considered to be totally and permanently disabled. Being off work for a year is NOT ‘permanently disabled’.

Trauma Cover

Trauma cover is also referred to as ‘critical illness’ cover or ‘recovery’ insurance.
These policies include the major illnesses or injuries that will make a significant impact on a person’s life, such as cancer, stroke or heart attack.
Trauma insurance pays a set amount. This can be used for things like:

  • Any private medical costs above your health insurance

  • An income stream if you stop working, but find out about income protection first

  • The ongoing cost of any therapy and special transport costs

  • Adjustments to housing and lifestyle changes

  • Debt repayments

Life Insurance

Life cover is also known as term life insurance or death cover. It pays a set amount of money when the insured person dies. The money will go to the people you nominate as beneficiaries on your policy.
When deciding how much life cover you want, think about:

  • All your debts – mortgages, personal loans, credit card

  • Your children’s future childcare and education costs

  • How much income your family will need to live comfortably

Life cover is ‘guaranteed renewable’, meaning it will generally only stop if you stop paying for it. It will continue even if you suffer an illness or injury, which would otherwise prevent you from taking out life cover.

Claims

We know that making a claim during an unfortunate event can be difficult and stressful. The RateOne team is highly skilled in managing the claims process and have the expertise to provide you with that support from beginning to end.  Remember it is the quality of the insurance contract which matters most at the time of claim.

The claims process:

  • Contact RateOne on 1300 788 364 or your adviser.
  • RateOne will outline the specific process and explain what is required.
  • Contact the insurer to notify them of the claim.
  • Once the insurer sends the paperwork and it has been received by the life insured we assist with having it completed correctly to make the claims process as efficient as possible.
  • When all the required forms have been submitted to the insurer we will hold your hand throughout the process until the assessment has been completed and the claim paid.

Regardless of your circumstances or situation, when you take out insurance, we hope the worst never happens.  But the reality is sickness, accident or injury does not discriminate.  At RateOne, we take any claims seriously, so if the time comes, we will be with you for every step in the process.

ADVICE JOURNEY

Who is involved:

You and Your Financial Adviser

Purpose of this meeting is to:

  • Understand what really matters to you, your goals, values and objectives.

  • Take an initial snapshot of your current financial situation, allowing us to identify opportunities.

  • Identify your plans and wishes for your children’s future.

  • Discuss difficult family issues and concerns.

  • Explore your legacy and estate wishes.

Who is involved:

You and Your Financial Adviser, Your Solicitor & Accountant

Purpose of this meeting is to:

  • Gathering the right information about your current reality from the right people.

  • Identify the appropriate strategies to ensure you meet your accumulation goals.

  • Consider the ownership structure of estate and non-estate assets.

  • Identify the appropriate strategies to protect you, and those you care about, from an illness or death.

Who is involved:

You, Your Financial Adviser, Your Solicitor

Purpose of this meeting is to:

  • Discuss the recommended strategies and implementation actions.

  • Explain how the selected strategies will meet your protection and wealth creation goals.

  • Discuss the impact of unexpected changes in your life, the industry and the law on your financial advice.

Who is involved:

You, Your Financial Adviser, Your Solicitor

Your RateOne Financial Planner will manage the implementation of the selected strategies allowing you to continue with your busy life.

RateOne will:

  • Finalise the advice and implementation activities.

  • Liaise with all third parties.

  • Keep you constantly updated throughout the process.

Who is involved:

You, Your Financial Adviser, Your Solicitor & Accountant

  • Once your recommendations have been implemented we will meet to ensure that any last queries are addressed.

  • We review your progress and provide any further advice where necessary.

  • If any further priorities are established we will discuss actions plans to achieve them.

  • Overview of how your strategy is currently working to fulfil your objectives.

Who is involved:

You, Your Financial Adviser, Your Solicitor or Accountant

Our ongoing guidance and advice ensures you stay on track with your goals.

During the annual review meeting we will:

  • Revisit your personal circumstances.

  • Reaffirm your life vision and life goals.

0%
is the chance you will make an income insurance claim before you reach 50.
0%
of clients placed income as their first priority
0%
of clients had adequate lifestyle insurance cover in place
0%
Chance of making a claim between ages 30 to 59

Make An Appointment

Wealth protection is the foundation of any strong financial plan. It is there to minimise the impact of events outside your control, ensuring the freedom for you to choose your financial outcome.

So far my experience with RateOne and Oscar in particular has been great. He is easily approachable and understood my needs and objectives. The communication was regular and clear. All in all, my experience has been positive with RateOne and Oscar.

Cihan Altihad

The whole process was easy and Agim was a pleasure to deal with.

Sheau Huey Soon

Oscar was recommend to us by our broker and has been fantastic with his advice. We began with minimal knowledge of what our basic superannuations were providing us. Oscar and his team sifted through our providers and layed out in black and white what we were covered for. After understanding our insurance and superannuation needs, Oscar offered the best possible solutions tailored for us to protect us against any unexpected financial distress. He was always in regular communications throughout the process and there to answer any questions, anytime. We readily recommend Oscar to others.

Kieran Joiner

Erol was very knowledgeable and made the whole process easy. We are very happy with the service he has provided. We have even referred our close friends to him.

Subitha George & Sony Thomas