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Adaptability: the underrated skill for living a bigger financial life

Reflecting on surviving COVID-19 so far

It's August 2021 in Australia and we’re in the middle of learning to live in a global COVID-19 pandemic.

How are you doing today?

COVID-19 & Life Insurances FAQs

Here's our most frequently asked questions by clients about Life Insurance policies, COVID-19 and vaccinations

FAQs about Life Insurance policies and COVID-19 in Australia

Australia is now in the middle of the COVID-19 pandemic and learning to live and work with lockdowns and public health orders.

With rolling lockdowns and much general uncertainty ahead, as we race towards the nation's next mass vaccination target, it's only natural people are looking for certainty and asking important questions about 'whether COVID-19 affects their life insurance policies in any way?'

Many of our clients have got in touch with questions about cover and how pending vaccinations might affect their rights to cover or a claim in the future.

Well we have some good news to share.

Here are some of the most frequently asked questions we’ve received about life insurances and COVID-19 and COVID-19 Vaccinations.

Are you prepared for the cost of surviving cancer?

'Live Long & Prosper' in the land down under

The Vulcan salutation, ‘Live Long and Prosper’ was first made famous by Star Trek's Commander Spock (played by Leonard Nimoy). 

The phrase owes its now world wide familiarity to the fact that it does indeed reflect the hopes and dreams of all people - to live long and prosper.

Now regardless of whether you subscribe to the Star Trek universe or the Star Wars franchise view of the world (or neither - *gasp*) the good news is for the most part Australians are becoming healthier and actually living longer – 12 years longer than the global average, to be precise.

It's no surprise many of our habits come from what we've seen our parents do, while we were growing up - and unless we decide otherwise, we'll probably pass them onto our children too.

Do you need to stop and think about that a little more?

Making good decisions and understanding why we often avoid making them is an essential part of everyone's financial life.

But how do you recognise when an old attitude towards money is no longer working for you and might need to change?

It's actually way harder than you'd think - and there's a good reason why.

Are you considering asking a family member to become your Guarantor for a mortgage?

Here are some things you need to know and do- first

  • One of the questions about home loans and mortgages we're regularly asked by older clients is, ‘Can a parent go Guarantor to a Mortgage to help one of their adult children?’
  • Their adult children usually ask a variation on the same question,  ‘When can a parent go guarantor to a Mortgage loan?'
  • The real question people want to ask is 'Should you ever become a Guarantor to a Mortgage?'

The Australian mortgage market today has a range of bank and non-bank mortgage providers all competing for your mortgage business.

While this level of competition can result in competitive interest rates, there’s still a misconception about whether a non-bank is as safe as a bank when it comes to your mortgage.

So it makes sense to understand the basics of how a mortgage contract works, how a bank and a non-bank mortgage provider makes money from a mortgage contract and what happens if your mortgage provider goes bankrupt.

Getting your Life Insurance policy and Income Protection policy can sometimes take longer than people might expect and the main reason why is simple;

Once you have this type of policy, it can’t be taken away from you or cancelled by the insurance company, regardless of any future changes to your health or occupation.

The life insurance Underwriter has to get it right the first time, because they don't get a second chance to fix a problem they may have originally overlooked.

Looking for some smart super ideas?

Whatever your longer term plan is about your Super, have a shorter term plan about understanding it's potential.

With the end of the financial years' June 30th fast approaching, it might be time to start thinking about your super for another year. Here are five smart strategies that could benefit you now, and help boost your super balance for later.

Teaching your kids to save is child's play

As parents we're constantly looking for ways to teach our kids. Whether that's through sharing our own culture, our beliefs and our understanding of how the world works or unconsciously by what we do, it seems that nothing teaches an impressionable mind, like watching.

But simply talking about savings money, can feel like a drag.

It's so important to remember that what and how we teach our children about money when they are young, will impact on their financial future. It's our responsibility to raise money smart kids.

So how do you actually start setting financial goals?

By now you’ve had a chance to read the ‘thinking’ part of making financial goals and decisions, it's time to start the ‘doing’.

It's no secret the COVID19 pandemic has hurt many Australians and has either derailed many of us from our financial goals or has forced us to re-prioritise our current situation.

With historically unusually low interest rates, many Australians are now prioritising their debt and looking for strategies to consolidate and pay down credit card debt much faster than they previously had planned.

This is a great step, but how do we make sure it's just not just another stand-alone opportunity to take and miss the chance to pause and refocus our thinking about what we all actually want to be doing?

drew browne pic

Drew Browne

Sapience Founder & Director.
Simplifying Financial Complexity

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Our Connections

We're connected to every Life Insurance company in Australia

That means we really can give you the best available option

Why this should matter to you

  • AMP
  • AIA
  • BT
  • TAL
  • CommInsure
  • MLC
  • Zurich
  • One Path
  • Macquarie
  • Asteron
  • Clear View
  • NEOS