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How to get more from your insurance cover


Insurance is designed to provide you with the financial support when something bad happens.  This could be anything from losing your mobile phone or having your car stolen, through to long term illnesses or even death. Many people don’t have the financial strength to deal with these types of problems and taking out insurance allows you to pass the risk onto someone else.  There is a fine line between the cost you pay and the benefit you get, so making your money go as far as possible is important. Here are our best, quick grab ideas that will help you make your insurance dollar go as far as possible.

Do your research

Many general insurance policies such as car and house will increase in cost over time. However, if you don’t keep those price rises in check, you’ll often find that the price of your policy is rising faster than the market. Insurers rely on people not taking the time to do their research, so call their bluff and shop around.

Investigate the commissions

Depending on what insurance you’re looking at, 5-40 percent of your premium will go in commissions. Some online comparison sites will only list policies that pay them a commission, so hunt around as much as possible if you want to find the best value policy. If you’re looking for life insurance, search for a financial planner that will either give you a refund of commission or a discount on the premium.  A financial planner can elect to forego commission and instead give a lifetime discount on your policy.  The lifetime saving will allow you to either save money, consider a higher level of cover, or help you to hold onto your insurances when things are a bit tight.

Check the options list

Check what you’re actually insured for. Many insurance policies come with options that diminish the value that you’re getting.  When considering your options, you should weigh up the value that you’re getting and ensure that you’re covering the things that are important to you.  Also consider what additional cover you could get instead of taking out options.

Consider putting insurance inside of super

Consider what insurances you can have in your superannuation fund.  The money that goes into your super fund goes in before tax.  That money is then used to pay for your insurances which are in your fund.  This makes insurances such as life and total and permanent disablement (TPD) effectively tax deductible.

Claim deductible insurances in your tax return

Are you insuring something that helps you to produce an income?  This could be your laptop, tools, or your car if you use it for work. It could also be your ability to produce an income that you insure with an income protection policy. If this is the case, you may be able to claim a deduction at tax time. Check with your accountant which of your insurances can be claimed in your tax return.


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Our response to limit the spread of COVID-19

  • As COVID-19 continues to spread, we would like to take a moment to let you know what Financial Spectrum is doing to respond.

    While we haven’t been directly affected with any confirmed cases, we are taking all reasonable precautions to remain safe.Our priorities are:

    1. Keep our staff and clients safe
    2. Stay fully operational in our service delivery and continuing to manage your financial affairs
    3. Play our part in minimising the impact on our community against the spread of COVID-19

    Financial Spectrum has the technology, infrastructure and systems to continue business as usual remotely and our staff will now be working from home.

  • You should notice no change to our service, with the exception that we are encouraging our clients to meet via video call, rather than face to face, unless requested. We will be contacting all clients with meetings booked over the next two weeks with instructions for a video call.This is an evolving situation and we will continue to monitor developments. We will keep you informed of any material changes to our approach.

    These are unprecedented times and we understand that many of you will be feeling unsettled about your finances. We would like to assure you that we are open for business and are here to help you. If you don’t have a meeting booked but would like one, or if you have questions, please contact us at info@financialspectrum.com.au or on
    02 8238 0888

Brenton Tong

Managing Director

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