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Australian Financial Planning – Insurance

Assignment Requirements
Background Information

Laura and John live in a long-term de facto relationship and are 33 and 36 respectively.
Laura is a chemical engineer and works full-time and John is a freelance journalist.
Laura is 4 months pregnant with their first child. Laura intends to take at least 2 years off work in a home-maker role not earning income to care for her child before negotiating a re-entry into the workforce with her employer.
They have a balanced risk profile from an investment standpoint.
Laura earns a gross salary of $85,000 and John is expected to earn a gross income of $53,000. Note: John’s salary has varied over the previous three years as follows ($66,000 – 3 years ago, $82,000 – 2 years ago, $51,000 1 year ago).
Laura and John rent their house and pay $640 per calendar week on rent.
John inherited a portfolio of shares from his grandmother valued at $320,000. He chose to set up a margin lending portfolio 2 years ago. His current margin loan is valued at $190,000 and his current share portfolio is valued at $529,000.
Laura has a personal loan on a car valued at $22,000
John and Laura have combined credit card debt of $13,000
Laura has a superannuation balance of $171,000 which is invested in a balanced fund. Note, Laura has Life Insurance and TPD Insurance (Any Occupation definition) of $200,000 held within superannuation.
John has a superannuation balance of $35,000 which is invested in a balanced fund.
John has existing insurance cover outside of superannuation of:

Greatcover Term Life insurance $350,000 (Stand Alone)

Laura has existing insurance cover outside of superannuation of:

AAA Term Life Insurance $100,000 (Stand Alone)
Easycover Term Life Insurance $210,000
Easycover TPD (Own Occupation definition) Insurance $210,000 (note: Bundled with Easycover Term Life Insurance)

Question 1
Refer to the information provided to you about Laura and John.
Assume now that Laura and John did not rent, rather they owned a house worth $980,000 and had an associated mortgage of $335,000. Assume they have a combined gross income of $90,000 and want to retire at age 60.
Re-calculate John and Laura’s Life Insurance and TPD lump-sum requirements using;
a)      The Income capitalisation approach
b)      Age to retirement lump sum approach
c)      What is the main advantage and disadvantage of using the ‘goals’ approach compared to the alternative ‘age to retirement lump sum’ and ‘income capitalisation’ approaches when determining a client’s required Life and TPD insurance?
Question 2
(Minimum word length: 200 Words)
If your client doesn’t have dependants, explain which insurance out of Life and TPD Insurance is still very important and why, and which insurance out of Life and TPD Insurance is less important and why? In your answer, explain why taking out insurance that has lesser importance, might still be worthwhile for future reasons (e.g. changes in personal circumstances) in the context of health and guaranteed renewability.
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