Frequently Asked Questions

What are your fees? How are you paid?

At Praesidium Life, we do not charge a fee for our advice or service. We are paid a commission by the recommended insurance company which allows us to provide this service free to you. Please refer to our Financial Services Guide for further information.

What are the tax implications?

Income protection premiums are fully tax deductible.

If your Term Life policy is owned separately to your superannuation fund, the premiums are not tax deductible and any proceeds recovered are not considered to be assessable income.

If your Term Life policy is owned by your superannuation fund, the premiums are tax deductible to the fund. Taxation of death benefits depends on who the benefits are paid to.

Everyone’s situation is different, so we recommend you ask your independent tax advisor for taxation advice.

Do I need to have a medical examination before taking out a policy?

In many cases a medical examination is not necessary. However depending on your age, height to weight ratio and previous medical history, etc., the insurer will determine whether or not you will need a medical. Our advisors will be able to assist you in this matter.

Am I locked into the cover for a certain period of time?

No. You are able to cancel your cover at any stage.

How do I pay my premiums?

You can choose from a range of methods such as credit card, monthly direct debit or cheque.