Statement of Advice

Following the advice should put you in a better position than your current position as:

•You now have access to retail insurance policies rather than group policies which will provide appropriate and relevant cover for your occupation and personal circumstances.

•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 (provided the waiting period and conditions are met). The cover recommended will adequately cover your discussed debts in  the event of your death.

• The policies are owned by your superannuation fund and therefore your premiums will be paid for from your superannuation balance. This is appropriate to your situation as you have informed me that you do not want any out of pocket expenses.

• Your previous insurance held through your super fund was not enough to cover your insurance needs that were discussed and agreed upon when formulating my recommendation.

This advice is in your best interest because:

Using your words you said that you needed insurance: .

The insurance recommended will achieve this.

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.

Quotes are provided with this SoA and reflect standard insurance rates. There are no guarantees that you will be underwritten at standard insurance rates and policies may therefore be more expensive.

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.

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.

As you did not wish to discuss Trauma insurance due to its potential disruption to your cash flow, there is the risk that you will not receive benefits to cover cost should you be diagnosed with a traumatic condition

We considered keeping your existing insurance, however the current cover does not meet your needs and objectives. As the existing insurance is also not medically underwritten at the time the policy is inforce, we consider it an inferior product to what we have recommended.

We considered other insurance providers however they were more expensive with little or no extra benefits.

The recommended policies are more expensive than your existing 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. Own occupation allows you to make a claim if you are unable to work in your "own occupation," "Any Occupation" means you will not be able to work in ANY occupation that you are suitably trained or educated in.

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

Funding premiums through your superannuation will have a long term negative affect on your superannuation balance at retirement. Therefore, it is important to ensure you make regular contributions to your superfund.

You have a minimum period for non 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.

Premiums will be are higher than your current superfund insurance premiums.

is an employee of Sky Financial Pty Ltd and an Authorised Representative of myonlineadvisers Pty Ltd (Licensee), Australian Financial Services Licence No: 427484. As an Authorised Representative of myonlineadvisers, any commissions and or fees payable from business completed by will be received by myonlineadvisers. Sky Financial pays a set fee to myonlineadvisers and is then paid 100% of their commissions and/or fee payable. then draws a wage from these commissions.

Am I restricted to an approved product list?

Yes. Advisers (like me) have an approved product and investment 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. The myonlineadvisers approved product and investment list is put together by a myonlineadvisers research team and is regularly reviewed. Ask me for a copy of the list if you are interested.

Is myonlineadvisers associated with any recommended products?

No. myonlineadvisers is an independently owned Australian Financial Services Licensee and has no affiliation with any investment or product provider. This means we are free to offer advice that is in your best interests.

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 my advice have a time limit?

Yes. Our advice expires in 30 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.