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@ Tony
I agree with your comments to TJ but there is even more sting in the tail with the "Best Interest test".
ASIC expects every adviser to calculate if you put Stepped Term insurance into superannuation, how much the account balance may be depleted by doing that,.... to retirement.
It also expects advisers to do a comparison of Stepped v's level rates over the life of the contract.
I wonder how many advisers actually show the figures in some weird cashflow analysis predicated on the fact that it does not consider
1. Potential premium movements up or down or how long the client may even retain the contract in the first place.
2. Possibly new and better contracts that may come on the market.
3. Whether or not client circumstances may change and the need for Life cover either in the amount being insured for will alter, remain the same, increase or decrease, throughout the term of the original contract.