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SMSF Insurance – Tele Interview

Congratulations, you have decided to take the next step into securing your future and protecting your loved ones and your financial advisor has now processed your insurance application. Once an application is submitted by your adviser the next step will be scheduling an interview with the applicant.

As you should know by now, SMSF insurance is not black and white. insurance is a highly personalised product and should be tailored to every detail of your circumstance. It is for this reason, that a tele-interview has been organised for you.

A tele-interview is a confidential phone call between you and your insurer and its purpose is to gather details regarding your health and lifestyle. The information that they obtain from you will undergo a risk assessment and will then reinforce the quote that was given to you by your financial advisor. The key word is risk, the insurer will ask you numerous questions to understand any conditions or ailments you may have. This is similar to an online insurance quote for a car or house, there will be a questionnaire which details a number of important questions to help the insurer understand the “risk” of a claim, the same applies to your personal SMSF Insurance.

For certain individuals with Employer Sponsor funds, you may ask why your are going through a tele-interview now when you have insurance coverage and there was no tele-interview? This is generally termed “auto-cover” and may provide a risk at the time of claim – as you may have a condition that was not disclosed to the insurer.

A tele-interview will be scheduled at an appropriate time for you. Before you receive this call, you will have received confirmation of your appointment. As you will be discussing personal information, ensure that you are in an appropriate location and give yourself approximately 30 minutes for this call.

It is important that you disclose all your information as best you can (see duty of disclosure), so preparation for this call would not go astray! As such, the interview will consist but will not be limited to the following related topics:

  • Personal history – you will be asked whether you currently, or have ever, smoked cigarettes or used illicit drugs; your alcohol consumption; your height and weight; your hobbies and if you have any upcoming travel or residency plans.
  • Family history – details of any medical conditions of your immediate family (i.e. mother, father and siblings) including heart disease, cancers, diabetes, mental disorders, etc.
  • Medical history – details of any medical examinations, consultations, procedures or medications including stimulants or sedatives taken within the past five years. If you are unsure about any of your medical details, please contact your doctor for this information before the interview date.
  • Doctor details – including name, address, phone number and email address, together with the date of your last visit and how long you have been attending the surgery or practice.
  • Lifestyle – this section explores your likelihood of being exposed to the HIV virus.
  • Occupation – your job history including duties, average hours worked and location of your occupation.

After your interview, your financial advisor will then let you know whether your application was successful or if further information is needed within five business days. Please ensure that your information is correct and true. If your circumstances change, you will need to update your details with the insurer, or risk an invalid insurance contract.

Please note this article is for information purposes only and does not constitute financial product or legal advice. The content has been prepared without taking account of the objectives, financial situation or needs of a particular individual and does not constitute financial product advice

Ivan Filipovic is authorised through Dover Financial Advisers Pty Ltd – Australian Financial Services Licensee -License No. 30748 – Dover Authorised Representative Number 1244358

Redwood Wealth Pty Ltd – Dover Corporate Authorised Representative Number 1244359

Ivan Filipovic is a leading Specialist Superannuation and Property Advisor with Redwood. Ivan has almost 20 years experience providing a range of services across all sectors of Self Managed Superannuation, Property and Finance with an emphasis on long term wealth strategies. Ivan has been educating and coaching investors and has built a successful property portfolio with a number of positive geared properties across Australia. Ivan provides detailed strategies at https://redwoodadvisory.com.au/. Ivan is a Chartered Accountant, ASIC registered auditor, Mortgage Broker and Licensed Property Professional.  

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Ivan Filipovic

Ivan Filipovic is an experienced, independent Property, SMSF and Finance Expert and the founder of Redwood Advisory. Ivan has been educating and coaching investors for over 15 years and has built a successful property portfolio with a number of positive geared properties across Australia.  Ivan provides valuable and honest guidance by educating Australians on how to invest successfully protect yourself with knowledge, contact Ivan today for a complimentary consultation on 1300 790 110 or email ivan@redwoodadvisory.com.au

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