Calculating the insurance gap
Mike Fitzsimons
Plum Financial Services has moved to help close Australia’s insurance gap by providing clients with a calculator that graphically reveals the degree to which they are underinsured.
Plum managing director Mike Fitzsimons said the calculator was an independent tool that highlighted a member’s position and helped them better understand any potential gap.
He emphasised that it was not linked to the sale of any insurance products.
Fitzsimons said the calculator estimated the amount of insurance a member might need in the areas of life cover, total and permanent disability cover, income protection cover and critical illness.
He said the calculator determined the gap between a person’s current cover and the level it estimated they required.
He said it also provided a general sense of whether a family would be able to continue to maintain their lifestyle and meet their financial commitments in the event of the death of a partner.
He said the calculator also had the ability to produce a report based on the data provided that could then be taken to a qualified financial planner to assist members in assessing their particular insurance cover.
AUTHOR
Mike Taylor
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