We can manage the transfer of neglected insurance policies when your provider or previous advisor has forgotten about you (or left the industry)
Are you one of the thousands of Australians who have lost track of their personal insurance policies?
Sadly, this is a common and frustrating problem for many busy people.
In the last two years, due to government mismanagement, and misconduct in big banks and big super, over a third of all Financial Advisers have now left the industry leaving a significant shortage of good financial advice for Australians.
It's the cause of many constant low-level irritations afflicting busy people already juggling busy lives and responsibilities.
Do you have an existing Life Insurance policy, Income Protection policy, or perhaps a Super account providing insurances you've lost touch with?
- Not sure what your old insurance policy actually covers, if it's still value for money and meeting your needs?
- Maybe you have some concerns about its wording, cover limitations, possible exclusions, and whether it will actually pay out if needed.
- Perhaps your health or personal circumstances have changed since you first took out these insurances and you're not really sure where you stand.
- Maybe you feel it's just time to move on and start working with a Specialty Adviser from Sapience Financial who's more aligned with what you value.
If this sounds like you, it sounds like you could benefit from our second opinion and discrete Transfer & Manage My Insurance Policy Service.
Relax. We have the solution
Our Transfer & Manage My Insurance Policy service can take over the day-to-day management of any life insurance policy already in force and manage them all under a single agency for you, with absolute security, privacy, and discretion.
We can also provide additional professional insights and advice on;
- Whether an existing life insurance policy has any special conditions
- How any new health issues may (or may not) affect the outcome of a potential future claim, and
- Add or update your official nominations about who should be your Life Insurance Policy Beneficiary or Super Fund Account Beneficiary too
Who uses our Transfer & Manage Service?
There are five (5) main types of situations where people use our Transfer and Manage Service
- People who feel disconnected from their current financial adviser (perhaps they left the industry)
- People who have specialty medical conditions and uncertainty about whether an existing policy covers that condition.
- People who feel overwhelmed by the paperwork, and jargon and want an expert to sort it all out for them.
- People who have decided they're better off using a specialist financial adviser with a deeper level of expertise they feel more aligned with.
- People who see the value in having their own specialty adviser looking out for them and their family's interests first.
A quick note on Insurance Policy Beneficiaries you will want to understand
You probably already know when you take out a typical Life Insurance policy, you have the option to nominate anyone you like as the beneficiary(s) to the policy, so they can receive any future payout if you unexpectedly pass away. But there are also two types of policy beneficiaries — each with different tax consequences when it comes to receiving insurance payouts.
- Standard Life insurance payouts are usually paid tax-free to your nominated beneficiary.
- Super Life insurance payouts are taxed unless the person you nominate is an eligible beneficiary under the tax laws, at the time of your future death.
Pro Tip: Did you know that if the Life Insurance policy is paid from a super fund, you are restricted to who you can nominate as a beneficiary, and there may be significant taxation complications too? That's why you should always use our Update My Life & Super Policy Beneficiary Nomination service.
Why do people use our Transfer & Manage Service?
Since the last damming report of The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, many people are now using our Transfer and Manage Service to get the clarity they need on existing insurance policies and to have us manage them all in one place.
- Citing concerns over potential conflicts of interest, more and more people are moving away from financial services providers who are either owned, backed or franchisees of major financial institutions.
- People today are simply no longer prepared to support a business with a history of putting the commercial interests of their shareholders before the best interests of the customer.
What is the next step?
How to use our Policy Transfer & Manage Service
There are 5 Steps to regaining control over a lost or abandoned policy using our Transfer & Manage Service.
- If you still have a copy of your original policy statement, grab it and look for the policy number (or member number). If you don't, relax, we can trace it if you provide us some basic information too.
- Send us the details (or a scan of the document).
- We'll send you back a pre-completed form to sign confirming you give us permission to make discrete inquiries on your behalf.
- We'll find out what you need to know and give you some options.
- When you're ready, then we can take over and manage your policy for you.
How to Transfer Your Existing Insurance Policy to Sapience to Manage for You
Contact Us here to start the Policy Transfer Process.
How we can help
Getting your Life Insurance policies and their beneficiaries under the care of a financial advisor you feel aligned with, is the first step in bringing greater peace of mind and gathering your key legal documents into a single safe place, as part of protecting your business and your family.
Contact us for a confidential chat about your needs.
