February 5, 2021

Insurance for Lisa

Lisa has recently turned 35, earns $80,000 per annum and has a mortgage of $500,000. She and her partner have sought help from Connolly Wealth Management to assist with their finances.  Lisa has just started a new job and she’s curious about the new super fund that was provided to her through work. Lisa spends some time online comparing her superannuation, investment, and insurance options. Chris and Lisa set up a meeting to review her existing superannuation fund with a view to rolling over to a more cost-effective fund with greater investment choice and flexibility. Chris helped her open a new superannuation fund that could provide these features and save Lisa and her partner each over $1,000 per annum. Lisa is excited by all the options provided by her new fund and is determined to get the most from her super as she builds her future retirement nest egg.

Lisa and her partner have three kids as well. They’re both concerned about their children’s financial future should something happen. Her partner earns a reasonably good salary, but would definitely struggle to manage the mortgage repayments – as well as her children’s living expenses – without her income. Currently, she has the default level of death and Total and Permanent Disablement (TPD) cover, which is $232,000. Lisa isn’t sure that this is enough.

Chris informed Lisa that he can also help her with insurance decisions. This seems like an efficient way for her to get further help. Lisa, her partner, and Chris arrange another meeting to determine her options.

During their meeting with Chris, Lisa explains what she’s looking for in terms of information and guidance and answers some questions about her financial situation, goals and insurance preferences.

A week later, Chris emails Lisa a Statement of Advice (SoA), which they review together during a second meeting. Lisa and her partner are very comfortable with the recommendations and are pleased that the SoA addresses all their concerns. Lisa now feels more in control with her super and insurance and has greater peace of mind.


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