The Insurance module is designed to address the under insurance position across many clients.
The process for calculating the ideal client sum insurance is based on a multiple of income factors plus;
- Real time cost of living
- Superfund account balance
- Personal Savings
- Personal Assets
- Redeemable Assets
- Redeemable Investments
- Personal Property
- Personal Liabilities
- Personal Guarantees
Using the above data the system then considers two options of claim positioning
1. Total single lump sum payment and full payment of Debts
2. Investment of monies based on a deemed return rate (currently 3%) with the income overlay on the client cost of living.
The calculator then produces an outcome based on 'client welfare need' period, that is, the time between claim to requiring additional income of welfare.
You can select;
- Multiple of income
- Auto generated ideal level of cover
- Clients current level of cover
- Custom level of cover
You have the option to SAVE or Re-Calculate on any of your preferred options
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