THE HPH LIFE APPROACH TO PERSONAL INSURANCE

Insurance advice for us is about educating our clients and empowering them to make an informed decision about the risks that they face. We run through various situations and ask our clients to consider how they would be placed to respond financially. Where they don’t like the outcome or could foresee the family struggling financially, we provide recommendations for insurance policies to be put in place to transfer the risk to an insurer.

Integration of insurance advice within the holistic advice solution provided by HPH means the following are always taken into consideration:

• Tax effective ownership for deductibility of premiums.
• Tax consequence of a possible insurance payout.
• Beneficiary taxation position on any life insurance policy.
• Appropriate choice of Stepped v Level premiums considering the length of time our clients plan to hold the insurance policy.
• Estate planning considerations, such as: Is the policy owned in the most appropriate name/entity thus ensuring that the nomination on the policy remains in line with the client’s wishes on a review basis?

When recommending coverage, we take into account your current financial position, your lifestyle requirements (e.g. private schooling for the kids), implications to cash flow (e.g. potentially structuring certain insurance within superannuation) and tax minimisation. Because all of these inputs change on a regular basis it is necessary to regularly review all policies to ensure the cover remains relevant for your circumstances. Where appropriate, we recommend reductions in cover to ensure that more of your hard-earned money stays with you.