👋 Hello to the 1,463 of you who trust me with your email in exchange for the Insurance Needs Calculator, 29 Mistakes Guide, or those of you who have allowed me to help protect you and your family. I appreciate the support! We are 29 more than last month!
Today is the business version of NYE being the end of the financial year.
This is a good time for us to reflect on what has been accomplished and also look ahead to next year's goals that we have set in place together with you.
I wanted to start by saying thank you so much from everyone here at True Pride for your continued support this past year!
Anyway, let's jump into this months update!
Insurance Market Update 📈:
Big changes to Income Protection from 1st October 2021 are coming soon. Below you will find out what to expect and the questions that need answering in order for you to plan ahead.
This is a taste of what's to come with a new video dropping next week, so stay tuned!
In December 2019, the Australian Prudential Regulation Authority (APRA) put rules in place to ensure that retail Income Protection policies are sustainable.
The Australian Prudential Regulation Authority (APRA) makes sure that insurance premiums remain stable so that more people stay with their policy and the insurers are profitable. In the 12 months to June 2020, Australian insurers lost $1.3 billion from Income Protection cover.
Although many people disagree, if insurers can’t remain profitable then they stop doing business either by being taken over or going bankrupt. This is problematic because you as a policyholder would be left unprotected and we could end up in a monopoly situation, among other concerns.
Insurance providers collapsing and/or selling out of their companies is not a good thing.
These changes are complex so I have spent time breaking down each of these changes in detail and will be releasing a video on these next week.
If you have questions about the impact of these changes on your situation, please grab a time via this link and we can discuss it personally.
This Month @ True Pride 🦁:
I shared a post on LinkedIn and Facebook last week as I recently earned my Jiu-Jitsu Blue Belt after about 3 years of training.
Whilst I understand that I still have a long way to go with my training I am pretty proud of this.
In a lot of ways, I have found the training to be a lot like running the business. There are times when I feel everything is going well and other times I feel like giving up.
But I have learned that no matter what, sticking at it, turning up every day and having a crack is the only way to get better.
Another way in which I find training to be similar to business is that you cannot get better without good training partners. Whilst I talk about a pretty dry topic being insurance, I am really lucky to have met and spoken with many awesome people.
My mission is to work as hard as I can for you to make this complex world of insurance as simple as it came to be so you can make the best decisions possible for you and your family.
I am very fortunate to be able to have such good "training partners" for the business as well - thank you! ✌🏼
Insurance Tip Of The Month:
Are you paying for part of your Income Protection from your bank account/credit card?
It's the end of the financial year and that means it's also tax return time!
If you are paying for part or all of your Income Protection policy from your bank account or credit card (ie not all from super) make sure you remember to include these premiums as deductible expenses in your Tax Return.
Just FYI, most of the insurance companies send out their annual tax statements towards the end of July.