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Protecting Insurance within Your Superannuation

We hope that the financial year has treated you, your Family & your business well.

As we all approach the end of the financial year there are many items that need to be reviewed and considered.  One of those items is the changes to insurance cover contained in superannuation that will come into effect 1st July 2019.

The attached bulletin relates to the upcoming changes in the Superannuation Legislation that may affect you directly.

We strongly recommend you review the information and act accordingly.

We take this opportunity to wish you well for the end of the financial year and we look forward to working with you in 19/20

Super Reform Flyer


Steps to a faster and easier claims process

At MGIB, the products and services we offer provide peace of mind that not only will you be compensated in the unfortunate event you need to make a claim, but the process in settling your claim will also be as stress-free as possible.

To make that happen, we have Rose.

Rose has been our Claims Manager here at MGIB for the past five years.

Her work is often very well received by our clients and Rose is often thanked for her efforts with kind gestures like delivered flowers.

Settling a claim, depending on the complexity of the situation, can involve suppliers, underwriters, repairers and a raft of other people.

Rose streamlines the process for our clients by providing them with one point of contact – us!

She acts as a liaison between all parties.

But even with Rose on your side, there are some things you can do yourself to help speed up settlement of a claim.

  • Take photos of your possessions, particularly more valuable items such as jewellery. This helps with proof of ownership. Keeping receipts is a good habit too.
  • Let us know immediately of any damage or loss. Don’t wait too long, the sooner you get the ball rolling the better.

What is that cheap insurance really costing you?

These days, buying insurance CAN be like purchasing a snack from a vending machine with all kinds of global big brands offering cheap, fast, direct-to-market policies.

The BIG question you need to ask yourself when presented with these ‘fast food’ options is: Why are they cheaper?

And new research on consumer behaviour shows many people are doing just that AND deciding that cheaper is NOT always better.

Make no mistake, for some people, in some circumstances, these cheap (often online or over-the-phone) policies will do just fine. And who wouldn’t want to save a few dollars each year on their insurance bill?

We want to make sure when you accept that policy, you understand WHY it is cheaper. The ANSWER is usually because of additional exclusions and reduced customer service.

So when comparing a more expensive policy with a cheaper version, make sure you are comparing apples with apples.

Ask yourself exactly what you are covered for. Under what circumstances would I not be covered?

If I had to make a claim, would I want help from an expert broker used to dealing with these situations or would I be happy to navigate the paperwork myself?

Online news source reported many new entrants to the insurance market offering lower-cost products were having trouble retaining customers.

In other words, consumers were purchasing the cheaper option, but quickly realising it didn’t suit their needs and deciding against renewal after the first 12 months.

A spokesman from Allianz said many consumers had come to realise there was more to the overall value proposition of insurance than price.

“The survey indicates that for home insurance, the customers of some smaller, newer insurers are less likely to renew a policy with their insurer than the customers of larger, more established insurers.”

If you need help comparing policies, phone us at MGIB. We’re happy to help.

Do you REALLY need a broker?

People who get help from an insurance broker are much more likely to be satisfied in the event of a claim than those who decide to go it alone, according to annual dispute figures from the insurance industry’s referee.

Of 39, 479 disputes between customers and their financial services provider that ended up with the Financial Ombudsman during the 2016/17 financial year, less than 1.5 per cent (or 216) of them involved a general insurance broker.

So in answer to the question…do you REALLY need a broker?

Well, only if you intend on making a claim! And how would you know the likelihood of that happening when you first take out your policy?

Based on the above figures of claims that end in dispute, is it worth the risk?

It’s true, we do live in a world of 1800 numbers, online applications, email, messaging and constant pursuit of ‘quick’ and ‘convenient’.

But some things, like your future, are just too important not to pay the appropriate amount of attention, so you really understand what you’re buying.

The very best way to achieve that, since the beginning of time, is to speak with someone in person. And better still, someone who knows your history.

Admittedly, it’s not easy these days to find a company willing to invest in its customers with personal, face-to-face service.

That is what makes MGIB different. Real people, with real experience and real answers.

On top of that we also have real solutions. That’s because unlike other insurance companies who will offer you one-size-fits-all ‘vanilla-flavoured’ option, MGIB has a range of flavours to choose from so we can find you one that will suit your individual preferences or circumstances perfectly.

Have your heard of ‘Business Pack’ Insurance?

If you’re a small business owner, it can be hard keeping up with all the different types of insurance available to you.

Working out which ones apply to your business and which ones don’t can be a minefield.

On top of that, you might find you’re wasting time and money trying to keep track of several different business policies when in fact, you could combine them ALL into one policy.

This option is called Business Pack Insurance.

Insurers usually offer what is referred to as a ‘standard’ Business Pack policy, which includes a handful of the most common types of cover.

Some insurers offer a Business Pack product designed specifically for small businesses while others will also offer fully customised options.

In addition to making your insurance paperwork simpler, your insurance premium could even end up being lower under a Business Pack option as underwriting several risks together tends to work out cheaper than purchasing individual policies.

The other bonus of a Business Pack is you might find you are able to plug a few identified liability holes in your insurance policies.

Types of insurance policies often offered under a Business Pack product can include:

Property (this usually includes buildings, contents and stock that are accidentally damaged by a defined event)

  • Public and Product Liability
  • Machinery breakdown
  • General property (usually tools and professional equipment that are not stationary)
  • Computers and electronic equipment
  • Equipment breakdown
  • Glass
  • Business Interruption
  • Theft
  • Money
  • Employee dishonesty
  • Tax Investigation
  • Personal accident
  • Marine and cargo

To find out more about the options available through a Business Pack, contact MGIB today.