A
The cap for Non concessional Contributions for FY 2017/18
$100,000
The fund provider have the discretion to follow the stated wishes of the member or direct the entitlements to another person or the estate
An underwriting decision wherein loadings or exclusions are placed on an insurance policy
REVISED/AMENDED TERMS
An income protection benefit which is based on the maximum monthly benefit, even if the insured person’s income subsequently falls, the amount won’t be reduced because of a change in earnings
AGREED VALUE
A unique number assigned to individual taxpayers by the Australian taxation Office for tax administration
TAX FILE NUMBER
An insurance cover that pays you a lump sum in the event that you are diagnosed with a specified illness including but not limited to cancer, heart attack, stroke etc
TRAUMA
It is the potential for your investment to decrease in value
INVESTMENT RISK
It is a non-profit organization that ensures Australians have access to professional financial advice, allowing them to enhance their financial wellbeing, promotes ethical and professional behaviour amongst its members
FINANCIAL PLANNING ASSOCIATION OF AUSTRALIA
A concessional contribution wherein you and your employer agree to pay a portion of your pre-tax salary as an additional contribution to your superannuation
The income stream automatically continues to a dependant of the member after the death of the member who is in receipt of an account-based pension
REVERSIONARY NOMINATION
A multiplier that may be applied to your premium depending on your health evidence, therefore, increasing the premium
LOADINGS
The period you must wait before you become eligible for an income protection benefit
WAITING PERIOD
The cap for Non concessional Contributions for FY 2021/22
$110,000
The cap for concessional Contributions for FY 2021/22
$27,000
The percentage employers contribute for SG for FY 2021/22
$10%