Overall, Jonathon wants to ‘sort out’ his superannuation. As part of this, there are three overall recommendations you need to make:
1.Should he consolidate (combine) his superannuation funds?
2.What investment option should he use for his superannuation fund(s)?
3.Should he make additional contributions to superannuation?
4.What are his estate planning needs?
These are expanded on below. For completeness, please ensure any reasoning why / why not is included in the ‘advantages of strategy’ section below.
1.Should he consolidate his superannuation funds? Why / why not?
2.What investment option should he use for his superannuation fund(s)?
3.Should he make additional contributions to superannuation?
2.Total and permanent disability (TPD) insurance
1. Advise whether you recommend Jonathon take out TPD cover or not and why If recommending Jonathon obtain TPD insurance, please advise whether this should be:
own occupation or any occupation TPD and why; and
inside / outside superannuation and why
2. What should Jonathon do (if anything), with his current TPD insurance policy?
Provide any advantages / disadvantages with your recommendation
3.Income protection (IP) insurance
1. Advise whether you recommend Jonathon take out IP cover or not and why
2. If recommending Jonathon obtain IP insurance, please advise:
What level of cover he should obtain (e.g. what % of his income);
What his waiting period and benefit period should be;
Whether this should be held inside / outside superannuation; and
For each of the above points, please ensure you explain your reasons why.
Provide any advantages / disadvantages with your recommendations.
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