Prepared for:

Date prepared:

Insurance Consultant:

Prepared by your Financial Advisor:

Authorised representative number:

is an authorised representative of Zenith Representatives Pty Ltd.

We have discussed together your insurance needs and objectives. In particular you wanted me to review your current circumstances and recommend insurance cover in the event you pass away, become totally disabled or are off work for an extended period of time.

You said that you did not want any out of pocket expenses and so Trauma Insurance has not been recommended to you.

Using your words you said you wanted insurance to:

Occupation:

Date of birth:

Marrital Status:

Financial Dependants:

Gross income per annum:

Super contributions:

Current superfund balance:

The advice provided covers personal insurance only.

The insurance recommendations are based on this analysis, your age, occupation, personal pursuits, smoking status and medical history (so far disclosed).

You have a duty of disclosure to any Life Insurance Company to notify in your application any facts and medical information that may affect the underwriting process and ultimately the decision as to whether you will be offered the required cover under special terms, or not at all.

It is essential that you do not cancel any of your existing insurances (if they are to be replaced) until the new insurances applied for are accepted by the Life Insurance Company.

All optional benefits are detailed in the quotes as well as the PDS.

We have quoted and recommended insurance cover amounts based on your answers to our Fact Find questions. However after discussing these quotes with you, you have requested a different amount as shown above under Your Requested Cover. Should this cover be less than our recommended cover, you may be under insured and therefore your needs and objectives may not be met.

Your current insurance policies held within your superfunds will be replaced with:

Quotes are provided with this SoA and reflect standard insurance rates. There are no guarantees that you will be underwritten at standard insurance rates. Insurance benefits payable from superannuation (in other words, policies owned by a superannuation trustee) must meet a condition of release before the benefit can be paid to the beneficiary. When lump sum benefits of insurance policies are paid via superannuation to non-financial dependents, tax may be payable which will reduce the actual benefits paid. The sum insured should be considered for grossing up (inflated to cover the tax payable). Please be aware that an Indemnity Income Protection policy means the Insurer will request proof of income and pay 75% of this income only.

We considered leaving your existing super funds in place without any changes or rollovers however this does not fulfill your objective of having 1 superfund. The insurance inside your current super is also inferior to the insurance recommended. We considered not increasing your cover, but this would leave you underinsured.

Access to retail insurance policies rather than group policies to provide appropriate and relevant cover for your occupation and personal circumstances. Insurance to protect your financial situation and lifestyle, should anything happen to you that will cause you to lose your income, either in the short or long-term. Having appropriate insurance cover will provide you and your dependents protection and peace of mind in the event that your income ceases due to death, sickness or injury. Policies owned by your superannuation fund means that your premiums can be paid for from your superannuation balance, which will reduce the impact on your personal cash flow.

This advice is in your best interest because:

• Your Superfund is paying for your insurance which satisfies your objective of no out of pocket expenses. 
• Insurance has been underwritten and is tailored to your current lifestyle needs and choices. 

As per Section 961B of the Corporations Act 2001; we are required to act in your best interests in relation to any advice or recommendations provided. To fulfil this obligation, we work with you to identify your specific financial goals & objectives, and comprehensive details of your current personal and financial position prior to providing advice. If you have withheld any information or feel that we have misunderstood your current circumstances or goals & objectives, please notify us immediately so that any advice can be reviewed to ensure it remains appropriate and in your best interests.

Policies that are paid for from your superfund are therefore owned by your superfund. In the event of an insurance claim, the payment will be paid to the superfund. You will therefore need to meet a condition of release before you can access these funds.

If you have altered the amount of cover, you may not have adequate cover in the event of a claim. 

You may pay additional premiums compared to your current cover, whether through increased levels of cover that are appropriate to your circumstances, or through better policies.

There may be tax implications involved with any insurance claim in the future. In the event of this arising, you should seek professional taxation advice from a registered tax agent.

TPD definition is any occupation in super compared to own occupation definition if owned personally. This affects when or if you would be able to make a claim.

You need to be aware that these premiums may erode your capital and have an effect on your overall retirement benefit.

You have a minimum period for payment of a benefit if loss of life is caused by suicide. 

If you have altered (for the worse) health conditions since implementation of your existing insurance policies, you may incur premium loadings, exclusions or possibly be rejected for the recommended cover. Your duty of disclosure period will re-commence meaning that the Insurance Company reserves the right to not pay claims if you do not disclose information relevant to the underwriting of the policy for a period of 3 years from acceptance.

Fees are higher than your current superfund insurance.

will pay us a comission of 110% of the upfront premium being $$0.00 and an ongoing comission of 10% each year the policy is in place.

Zenith Representatives charge a flat annual fee for licensing services provided, and consequently, pay 100% of the total fees and commissions to Real Wealth Queensland. 

Are we restricted to an approved product list?
Yes. Zenith Representatives advisers can only recommend products on the approved product list. This means that we only looked at products on that list when we prepared your advice, and did not look at other products available on the market.

Are we associated with any recommended products?
No. We are not associated with any product recommended. Zenith Representatives may receive sponsorship to assist with the provision of ongoing education to our advisers, but this is in no way related to the distribution of any particular product.

Can you change your mind?
Yes. Even after you have paid for the products we have recommended, you might be able to get your money back if you are not happy (this is known as your "cooling off" rights). Generally, for insurance products and superannuation funds, you can do this within 14 days of buying the product. The PDS for each product has more information about this.

Does our advice have a time limit?
Yes. Our advice expires in 7 days from the date of this SoA. You should not rely on our advice after that time.

Is your personal information protected?
Yes. Information about you will not be given to anyone without your written permission, unless the law says we must.

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