Who's got you covered

You spend your life helping other people who are sick or injured. So you know life doesn't always go to plan. 

But what if you were the one who needed support? Not just physically and emotionally, but financially?

Your health is your most precious asset. Without it there's no work, no income, and no way to pay the bills. 

IF YOU COULDN'T WORK BECAUSE OF SICKNESS OR INJURY...

• How would you replace your lost income 
• How would you keep up with your debt repayments
• How long would you savings last

YOU NEED A PLAN THAT COVERS IT ALL:

• COVER FOR YOU 
• COVER FOR YOUR BUSINESS
• COVER FOR YOUR FAMILY

IT COULD HAPPEN TO YOU

Sickness and injury can strike at any time. No one knows that more than a medical professional. You also know the time and cost that can be associated with recovery. 

Insurance can help ease the financial burden if you get sick or injured - giving you more options for treatment, and allowing you to focus on getting better. 

What are the reasons medical professionals claim?

Source: Income protection claims received by Asteron in 2010

STRATEGIES FOR YOU...

• You can protect your lifestyle by covering against the loss of your income - either on a temporary or permanent basis. 
• You can cover yourself against increased medical expenses associated with sickness or injury
• Look for policies with flexible features for medical professionals - like protection against needle-stick injuries for HIV, Hepatitis B and Hepatitis C. 

YOUR DEBTS...

• Personal debt protection can help ensure your debts are covered if you can't work again

...AND YOUR WALLET

• You may be able to claim income protection premiums as a tax deduction. 
• You may be able to take out, or top-up, lump sum Life and Total and Permanent Disablement (TPD) cover inside super - potentially reducing the effective cost of cover.

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Is Self-managed superannuation right for you?

It isn't news that self-managed super funds (SMSFs) are popular in Australia – in fact, the total number of SMSFs is just over 577,000, with total members over one million and estimated assets of $621.7 billion. This popularity isn't surprising given the benefits they offer, which include:

• flexibility – SMSFs can accept contributions and transfers from other funds and provide retirement benefits to members in the form of a lump sum, or a variety of types of pensions
• control – the trustee of a SMSF has a high degree of control over how the assets in the fund are invested

Many also argue that the self-managed option is more cost effective than other alternatives. However, this isn't necessarily the case. For it to be true, the fund needs to have a substantial balance – upwards of $300,000. There's a lot of administration required, funds need to be audited and annual returns submitted to the tax office – so the costs can certainly add up.
The benefits of self-managed superannuation come with at least some disadvantages that need to be considered:

• as already suggested, the self-managed option can be expensive for small balance funds
• Trustees (whom themselves are usually members) are subject to some fairly serious legal obligations. If not met, these can result in penalties such as fines or additional taxes payable by the fund
• the compliance and administrative tasks can be incredibly time consuming and require the trustee to be up-to-date with legislation
• Trustees need to be aware they're taking on the investment management responsibility for the fund. They need to establish an investment strategy and ensure that it's correctly implemented and maintained. Even if they outsource some or all of this, the ultimate responsibility lies with the Trustees.

On this last point, there's evidence of neglect. Of the total assets in self-managed superannuation, around 50% is held in either interest-bearing investments (cash and term deposits) or listed shares. That's a lot allocated to just two asset types, and is probably not fully reflective of the risk and return profile of the total membership.

Is self-managed superannuation right for you?

While there can be advantages to the self-managed approach, clearly it isn't for everyone. If you want more control over your retirement savings and have the time (and inclination) to allocate to the task, there are benefits to be realised. However, although it is possible to outsource much of what's needed to keep a SMSF functioning, the costs can add up – and unfortunately, it can start to look more like the superannuation options it's trying to avoid.

Source

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