To help you prepare for a confidential conversation, below is some suggested information to have available when you call, to help speed the process along.
Young male P plate drivers? Young Tradies? Army Reserve personnel? Single mothers? No.
The Australian LGBTQI+ Community is one of the most underinsured and underserved markets with financial services.
This of course then leaves them and their families at greater vulnerability than their straight counterparts.
As most super funds have Life Insurance attached to their members account in some way, this ever increasing pool of wealth is hard to ignore.
So if you're an LGBTQI+ Australian with a Superannuation account, the next logical question is;
'Who's your Super Beneficiary?'
This is another one of our most asked about questions.
You probably already know that when you take out a typical Life Insurance policy, you have the option to nominate anyone you like as the beneficiary(s) to the policy, so they can receive any future payout, if you unexpectedly pass away.
But did you know that if the Life Insurance policy is paid from a super fund, you are restricted to who you can nominate as a beneficiary, and there may be significant taxation complications too?
Do you have an existing Life Insurance policy or perhaps a Super account with insurance you've lost touch with?
If this sounds like you, it sounds like you could benefit from our Update My Life & Super Beneficiary Nominations Service.
Making a beneficiary nomination, is something you can do today that will make a significant difference to your loved ones. It can give your chosen beneficiary a level of protected financial security outside the reach of any relatives and biological family members who may try and challenge a Will and seek to erase your partners rights.
Most people know that a Will takes care of your estate assets; like a house, vehicle, personal assets and artworks and collectables etc.
Anyone you want.
Your super can only be paid out to an eligible beneficiary.
To be able to prove a person is financially dependent upon you and eligible to receive you super death payout tax free, they have to show they are ‘financially dependent’ upon you - at the time of your death.
Without expert assistance from the specialists at Unusual Risks, this can be very difficult.
When past relationships have ended, sometimes it can take longer to unwind ourselves from their effects and we simply may have forgotten to update our legal documents and policy nominations.
If you've changed Partners since your last nomination was made and you haven't yet updated your nomination, your former partner (and not your current one), could be entitled to the balance of your super fund payout.
Each LGBTQI+ person may have differing levels of support from their own biological families.
Some may even seek to deny next of kin rights to our partner or even attempt to erase our existence or our partners existence, should we unexpectedly pass away.
We have seen some straight families who appeared initially supportive of their LGBTQI+ children, change overnight when opportunistic siblings decided to challenge their absence in a Will, after their LGBTIQ+ relative unexpectedly passed away.
Terry separated from her former husband and took the children interstate to start a new life in a same-sex relationship leaving her old life behind in a small narrow-minded country town.
The eventual divorce was traumatic as was the move interstate away from her support network of friends and her children began to experience difficultly integrating into a new school and explaining the fact of their now having two mums.
The following morning, Terry transferred her existing life insurance policy to Unusual Risks Insured to manage for her using the Transfer & Manage My Existing Life Insurance Policy service and immediately updated her Life Insurance Beneficiary nominations naming Francine and the children as sole beneficiaries.
A potential disaster averted, and a new relationship protected. With this issue now off their mind, they can work together helping the kids settle down into a happier life.
Life is busy and navigating relationships can be complicated.
Add to this the ever-changing tax laws and you can accidently find yourself leaving a life insurance policy payout to someone you no longer want to. And you can also forget to make allowances for the potential tax bill involved.
Relax. We have a solution for these types of problems.
Getting your beneficiary nominations sorted is just one more thing you can do to bring more certainty and equality to your relationships, and at Unusual Risks Insured, we’d love to help you with that.
When it comes to being single in the LGBTQI+ community, there's really no such thing as average.
And it's your single life, so live it your way.
When it comes to being partnered in the LGBTQI+ community, there's really no such thing as average.
There's no right or wrong way to live a purposeful life, just what works for you both.
When it comes to parenting in the LGBTQI+ community, there's really no such thing as average.
However you're doing it, Love makes a family.