Secure your future with OakView Financial in Adelaide striking the perfect balance in insurance coverage, tailored to your evolving needs for optimal protection at every stage of life

Seeking professional advice when reviewing your insurance needs will save you time and money. By having your insurance needs assessed, you can have peace of mind knowing that you and your family are financially protected. With access to all major insurers across Australia, the team at OakView Financial will find the best value policy that matches your unique needs.

Give us a call for a complimentary insurance assessment, or send us a message, and we can call you back.

Personal Insurance

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For many residents of Adelaide, the family home is the most expensive purchase they will ever make. Protect the assets you’ve worked so hard to gain with an adequate insurance policy from OakView Financial.

However, if you were to be injured or become seriously sick, you may no longer be able to work. Protecting the assets you have worked so hard to gain with an adequate insurance policy will enable you to cover any excess costs while you focus on recovery.

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Insurance Advice

Asset protection strategies in Adelaide

Gaining an insurance policy is arguably the simplest and easiest strategy to protect your assets. You are paying (premium) the insurance company to take over part or all of the risk (policy) on your behalf.

From a personal or individual level, utilising a combination of Life, Total and Permanent Disability (TPD) and Income Protection insurance can protect you and your family in the event of an unexpected injury or sickness. In the worst-case scenario, Life insurance will pay out a lump-sum to your beneficiary to cover your mortgage.

Income protection in Adelaide

Income protection cover insures you against the risk you cannot earn an income for a certain period due to illness or an injury. It does not apply to redundancies or if you are stood down.

With IP insurance, you are paid up to 70% (not including super contributions) of your pre-tax income for the period specified in your policy. Receiving regular IP payments allows you to focus on getting over your illness or injury rather than having to worry about how to pay your bills.

IP insurance can be particularly important if you are self-employed, have large debts, or have a family or dependents that rely on your income.

Business property & asset insurance in Adelaide

Running a business is hard at the best of times, the last thing you would want is an unexpected shutdown due to factors outside your control. Everything from a natural disaster like flood and fire to theft can be devastating to your business.

Removing some of that risk via an insurance policy could be the difference between closing your doors forever and a small setback.

Life insurance in Adelaide

Life Insurance is to provide financial assistance to your dependents if you were to pass away. The aim is to replace the potential income you could have earned throughout your working life.

Generally, the need for Life Insurance will decrease with time, as we pay off debts and grow wealth over our working lives.

Life Insurance is especially important to a young family with a large debt like a mortgage on the family home.

Trauma insurance in Adelaide

Trauma insurance, also called ‘Critical Illness’ can pay a lump sum amount if you suffer a serious injury.

This includes but is not limited to; cancer, heart conditions, stroke, major head trauma or other serious debilitating injuries or illnesses.

Total and Permanent Disability in Adelaide

Total and permanent disability (TPD) insurance pays a lump sum if you become permanently disabled due to an accident or illness and are unable to work again.

It can provide a valuable source of financial security to you and your family, as well as help pay for your medical and rehabilitation costs.

Find quick answers to common questions using our helpful FAQs.

When you reach your preservation age and retire, you can access your super to fund your retirement.

You can also access your super:

  • when you turn 65 years old
  • under the transition to retirement rules (if you are eligible), while you continue to work.

You don’t have to cash out your super just because you’ve reached a certain age, however, you need to check if the rules of your particular super fund specify otherwise.

Your preservation age is not the same as your pension age. Your preservation age is the age you must reach before you can access your super and depends on when you were born.

The tax payable on super benefits depends on a number of things, including:

  • your age
  • the amount of the payment
  • whether you receive your super benefits as a super income stream or a super lump sum
  • whether your super comes from a taxed or untaxed source.

Some super benefits have a tax-free component and a taxable component. The tax-free component generally includes:

  • amounts you have contributed to your super fund without claiming those amounts as a tax deduction
  • certain other tax-free amounts you may have rolled into your super fund.

ASFA estimates that the lump sum needed at retirement to support a comfortable lifestyle is $640,000 for a couple and $545,000 for a single person. This assumes a partial Age Pension.

ASFA estimates that a modest lifestyle, which covers the basics, is mostly met by the Age Pension. They estimate the lump sum needed to support a modest lifestyle for a single or couple is $70,000.

However, this might not be enough for you, it is important to seek advice on this with a Financial Planner, the team at OakView Financial can sit down with you and work out your required balance to meet your retirement needs.

Non-concessional contributions have the advantage of zero tax on the money deposited into your super. The earnings will be taxed at the rate of 15% like the rest of your superannuation and will be tax-free upon retirement. There are caps to how much you can contribute each year and there is also a bring-forward arrangement you can utilise.

  • 3 times the annual non-concessional contributions cap over 3 years (that is, $330,000) if your total super balance on 30 June of the previous financial year is less than $1.48 million
  • 2 times the annual cap over 2 years (that is, $220,000) if your total super balance on 30 June of the previous financial year is above $1.48 million and less than $1.59 million
  • nil ($0) if your total super balance is $1.59 million or above.

These limits are based on the:

  • non-concessional contribution cap of $110,000
  • total super balance in relation to the general transfer balance cap of $1.7 million.

To qualify for the full or partial Age Pension you need to meet the Income and Asset tests limits:

Income Test – you and your partner’s income from all sources are assessed. This includes financial assets such as superannuation. To work out how much income your financial assets produce, the Government use deeming. Pensions have income and asset limits. If you’re over these limits, you get a lower pension.

Asset Test – all asset types are assessed as part of the assets test. How much you are paid depends on the value of your assets and if you’re in a relationship. There are limits on your total assets and the Department of Social Services reviews these limits twice a year.

Your assets include any property or possessions you own in full, in part, or have an interest in. This includes:

  • assets held outside Australia
  • debts owed to you.

To be eligible for Age Pension you must be Age Pension age and meet some other rules.

On 1 July 2021, Age Pension age increased to 66 years and 6 months for people born from 1 July 1955 to 31 December 1956, inclusive.

If your birthdate is on or after 1 January 1957, you’ll have to wait until you turn 67. This will be the Age Pension age from 1 July 2023.

The Department of Social Services reviews the eligibility for the Age Pension each year, increasing the upper limits to scale with inflation. Australian Parliament may also introduce policy changes to the limits, it is best to review your retirement strategy with your Financial Planner each year to ensure you are always taking advantage of the best outcome.

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