What you earn each year Details Amount Brad’s annual net income (after tax) $63,903 Zara’s annual net income (after tax) $16,000 Payment from Centrelink (Family Tax Benefit) $1,896 Total annual income (after tax) $81,799 What you spend each year Details Amount Mortgage repayments (principal and interest, 4% interest rate) $25,000 Living expenses $45,000 Total annual expenses $70,000 Estimated annual surplus cash $11,799 Your $45,000 living expenses includes $1,200 for income protection insurance (see the following table). You are happy living in your current house and currently have no immediate plans to move or renovate. You have no major expenditure planned. Your current personal insurance Cover and product Insurer Owner Amount Annual of cover premium Income protection (Brad): Mantra Mantra Financial Brad $5,350 $1,200 Income Protection cover 90-day Services Pty Ltd per month paid from cash waiting period until age 65, agreed (Mantra) plus $642 value, level premium, super super contribution option Life and total and permanent First Corporate Super $200,000 $615 disability (TPD) (Brad): Superannuation paid from super First Term Life and TPD Fund (provided by ABC Insurance) Life and TPD (Zara): OZ Industry Super $200,000 $280 OZ Life and TPD Superannuation paid from super Fund (provided by XYZ Insurance) Total annual premium n/a n/a n/a $2,095
What you earn each year Details Amount Brad’s annual net income (after tax) $63,903 Zara’s annual net income (after tax) $16,000 Payment from Centrelink (Family Tax Benefit) $1,896 Total annual income (after tax) $81,799 What you spend each year Details Amount Mortgage repayments (principal and interest, 4% interest rate) $25,000 Living expenses $45,000 Total annual expenses $70,000 Estimated annual surplus cash $11,799 Your $45,000 living expenses includes $1,200 for income protection insurance (see the following table). You are happy living in your current house and currently have no immediate plans to move or renovate. You have no major expenditure planned. Your current personal insurance Cover and product Insurer Owner Amount of cover Annual premium Income protection (Brad): Mantra Income Protection cover 90-day waiting period until age 65, agreed value, level premium, super contribution option Mantra Financial Services Pty Ltd (Mantra) Brad $5,350 per month plus $642 super $1,200 paid from cash Life and total and permanent disability (TPD) (Brad): First Term Life and TPD First Corporate Superannuation Fund (provided by ABC Insurance) Super $200,000 $615 paid from super Life and TPD (Zara): OZ Life and TPD OZ Industry Superannuation Fund (provided by XYZ Insurance) Super $200,000 $280 paid from super Total annual premium n/a n/a n/a $2,095
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