I trust everyone is keeping well and warm, or escaping this winter chill and chased the sun to a warm location. 

We have noted a number of our clients being required to fund their children’s Insurance issues which is disturbing when you are retired.
Three retired clients over the past two weeks have had their children unfortunately experience major health events, cancer, heart attack, and another cancer. Their children were not correctly insured with adequate life insurance or life trauma cover in place.  All three have young families and are now coming back to Mum and Dad for assistance as a result.
The best advice, is to ensure your children have an adequate Wealth Protection Strategy in place, including an appropriate Will, especially if they are divorced, separated or living with a partner, as typically the first point of call to sort out any financial, or legal mess is you as Parents even though this is most unfair.
If we can help in any way to assist your children with the appropriate advice, please let us know so we can assist the family.


Mark Dunsford & Bruce Billson
Recently caught up with a Frankston boy who also happens to be the Minister of Small Business - Bruce Billson. As always am impressed with his enthusiasm, work ethic and understanding of small business needs.

We discussed the major issue in our industry, that of under insurance and not how the advice is delivered, which unfortunately has been pushed by the big end of town and reported poorly in the press.
How to move your SMSF into Pension Phase
Moving accumulated superannuation benefits to pension phase is a common way to fund retirement income. If you have a self managed superannuation fund (SMSF), there are a few things you should think about when starting a pension.  
read more
A boost to small business - how to benefit from tax cuts!
One of the most talked about changes in this year’s budget was Treasurer Joe Hockey’s announcement of an immediate deduction for small businesses for acquired assets up to the value of $20,000, a generous increase from the current $1,000 threshold.  From July 1, small businesses tax will also be cut to 28.5%.  
read more
Are there options for SMSF trustees who fail to meet minimum pension payments?
A trustee is able to self-assess and continue to claim the earnings tax exemption for pension assets, if they meet specific conditions.  Additional conditions also apply. Where a trustee doesn't meet these conditions, they can make an application to the ATO for an exception.

read more

Trauma Insurance and the Big 4

The very first successful human to human heart transplant was performed in 1967 by a team of specialists including Heart Surgeon Dr Marius Barnard. Not only was Dr Barnard part of the team that changed medical history, but he’s also responsible for the introduction of Trauma insurance in Australia.

Dr Barnard noticed that improvements in medical care meant that many more patients were now surviving and recovering fully from their medical conditions but in doing so were suffering from financial stress and the financial burden associated with the cost of treatment and recovery, not to mention time out of work.

So in 1983 Dr Barnard launched an insurance product called “dread disease insurance” which covered four major medical conditions being heart attack, stroke, cancer and coronary artery bypass surgery, also known in the industry as the “Big Four” medical events.

The policy was designed to pay out a lump sum at the time of diagnosis to help ease the costs associated with being treated for these four medical conditions.

Over the years, trauma insurance policies have expanded in offering and now provide a much greater level of cover which can vary in terms of definition and range of medical conditions covered. Most policies offer two types of cover: standard and plus cover with the standard cover providing a more limited style benefit and lesser range of medical events covered than a plus policy. Typically a trauma policy could now cover anywhere between 15 and 50 specified medical events.

Whilst the trauma insurance product has evolved significantly since 1983, the Big Four (heart attack, stroke, cancer and coronary bypass surgery) still remain some of the most commonly claimed medical conditions.

Statistics show that more than $621 million was paid out in Trauma claims in Australia in 2013 *. This is likely to increase with the Cancer Council of Australia forecasting 149,990 new cases of cancer to be diagnosed in 2020, up from just 47,388 cases diagnosed in 1982.

Recent statistics also show that for women, the most common claim for a trauma policy is Cancer, with around 81% of trauma claims being paid out for this condition. Men have slightly different claim potential with 48% of trauma claims being for cancer and around one third arising from heart-related issues.

Calculating the exact level of cover needed will be different for everyone. A trauma policy can provide funds to help prepare the unexpected.  It can assist by providing funding to pursue top-level medical treatment, travel to seek medical assistance or allow a partner or spouse to take some time off work to provide care. It could also cover medical and treatment costs and out of pocket medical expenses, replace income in the event that you can’t work and go towards reducing or repaying debt.

To work out an appropriate sum insured for Trauma cover, typically a needs analysis will be required to take into consideration your own personal and financial requirements.

DFP - Wine of the month

A long time friend of DFP - Paringa Estate Winery was established by owner / winemaker Lindsay McCall in 1985 and is situated Red Hill
Located in the heart of Victoria's beautiful Mornington Peninsula wine region, the home property has 10 acres (4.2 ha.) of vines planted with Pinot Noir, Chardonnay, Shiraz and Pinot Gris.  

Paringa Estate is one of the most awarded wineries in Australia particularly for Pinot Noir and Shiraz. The incredible list of awards that Paringa Estate has collected with their wines over the past 10 years are testament to the quality of the wines and the passion of the people who have made them.  

We highly recommend a visit!

With this chilly Melbourne winter taking it toll - wrap yourself up on the couch with a bowl of some of our sure fire tummy warmers.

Jerusalem artichoke 
These knobbly, underground ugly sisters to the blooms of the true artichoke are harvested from late autumn and have a reputation for causing gale-force wind in some individuals. But - hello, Cinderella - they're a cinch to trick up into what is arguably winter's swankiest soup - subtle, nutty and satin-smooth. his is a Text Block.

Potato and Smokey Bacon Chowder
The smoked paprika and bacon adds a whiff campfire smokiness to this chunky chowder. You can replace the milk with sour cream, creme fraiche or cream before serving if you prefer. 

These and more recepies shared here
End Of Financial Year, in the past has come and gone, and with many changes in our hallways of late - thought it would be a good chance to stop and reflect, welcome the NEW, acknowledge the OLD and celebrate the NOW here at Dunsford Financial Planning.  

So firstly a big welcome to the "NEW" of our team, 

Our "OLD", Through all these years, there have been many tears, laughs, wins, losses and importantly friendships... Many thanks;
  • Georgia Malcom for your 19 years with us, we send you nothing but all our love, thoughts and positive thoughts to you and your family and the times ahead.
  • Brit O'Rouke for your 19 years, we've seen marriage, babies - a brief hiatus saw you return to the fold,  now we wish you the best with future endeavours.
Dave Williams celebrating 12 years this coming October, thank you - your steady ways show you as very much the team player.  There is a new energy in our office and I look forward to the future of the "NOW" DFP!
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