Omnium has developed a new Needs Analysis tool for our Life Risk Research solution - OmniLife. Based on adviser feedback and our own research, we are excited to release what we believe is the most comprehensive, yet flexible Needs Analysis tool in the market.
It boasts an incredible level of flexibility, such as when you’re entering liabilities and expenses that need to be paid off in an insured event, you can choose what percentage each liability and expense you want paid off in each insured event. This caters for a wide array of scenarios for your client, e.g. they might want the whole of their home loan paid off in the event of death, but only 50% in the event of Trauma. See example below:
Furthermore, for the first time in a Needs Analysis tool you now have the capability to add in the amount of tax that the client will have to pay if claiming out of a super-fund. We’ve heard from advisers that they add this amount of tax into their recommended sum insured amounts, when they write risk insurance under Super. Our needs calculator will automatically add this amount to the sum insured total if you elect this option, saving you the time from calculating it yourself.
When you’re done with the needs calculator simply click on “Send to OmniLife” and the calculated sum insured amounts will be automatically pre-populated into OmniLife, already showing you quotes from major insurers.
If you want a run through of how this new Needs Analysis works, contact us.