Rebated commissions on income protection needed

Omniwealth income advisers

28 June 2016
| By Jassmyn |
image
image
expand image

Protecting income needs to be part of a greater strategy and workers need to find advisers who can rebate the commissions on this advice, according to Omniwealth.

The non-aligned wealth advisory group said while 83 per cent of Australians had car insurance, only 31 per cent had income protection insurance.

The firm said this was significant as income was the largest income producing asset.

Omniwealth senior financial planner, Andrew Zbik, said clients needed to find an adviser to advise on income protection insurance that would rebate the commissions so that it was not just about selling a product.

"It's about protecting your income as part of a greater strategy," he said.

Zbik said income protection insurance would replace up to 75 per cent of monthly income in the event that a worker was injured or ill and could not go to work.

He said his average client would be able to last three to four months before they would run out of cash if they were unable to work.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

15 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

4 days 20 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 2 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 4 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

3 days 18 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

2 days 21 hours ago