Protect and Govern

31/03/2025

“What happens when we leave these trustees alone in the dark with our money?”

This quote from Michael Hodge KC as counsel assisting The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services back in 2018 referring to how superannuation fund trustees go about their business has always stuck with me. Today’s release by ASIC of Report 806 titled “Taking ownership of death benefits: How trustees can deliver outcomes Australians deserve” makes for dark, concerning reading. It strikes me that certain trustees continue to be alone in the dark too long with our money even after we die!

The role of ASIC in bringing issues like this to light is important and this report is to be commended. In my view it hammers home the importance of the following:

1. Choose wisely when it comes to who you trust with your superannuation and life insurance planning arrangements.

2. Regularly consider the pros and cons of lapsing, non-lapsing, binding/non-binding and reversionary nominations as to how your superannuation death benefit will be handled on your death and who you have nominated (or not nominated!).

3. Keep in mind your superannuated death benefits are not generally an estate asset so consider how your superannuation death benefit nomination planning interact with your broader estate planning arrangements in terms of expected vs actual flow of funds that will occur to particular beneficiaries you may want to benefit from your superannuation vs. your estate (including the taxation of certain benefits/assets).

4. Communicate with empathy and compassion!

I’ve spent 16 years+ considering these intricacies, as a specialist life risk insurance financial planner and now also as a lawyer.

Consider this post a ‘nudge’ to look at your own affairs and ask yourself:

a) Are my beneficiary nominations still valid and up to date across my life insurance, superannuation and estate planning affairs?
b) Is my strategy still appropriate?

If you need a second set of eyes to review your superannuation, insurance or estate planning strategy or arrangements, please reach out as I am happy to help.

09/07/2024

New blog update: PREMIUM COST INFLATION - THE IMPORTANCE OF REVIEWS!

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06/02/2024

Where there is a Will there is a way! New Estate Planning blog just posted here. Check it out and get yours sorted in 2024:

https://www.protectandgovern.com.au/blog/

09/01/2024

New blog: What is trauma insurance, why is it important and how much does it cost?

https://www.protectandgovern.com.au/blog/

06/01/2024

Where does my superannuation go when I pass away and will it be taxed?

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05/01/2024

Introducing Andrew Proudfoot, Managing Director, Protect and Govern.

Andrew provides strategic life risk insurance, succession, advisory and claims consulting solutions across a variety of domains, and has 16 years experience as a financial planner and life insurance specialist.

Andrew holds a Masters Degree in Taxation & Financial Planning (UNSW), a Bachelor of Laws (LLB - UQ) and a Bachelor of Economics (UQ). He is also a part-time MPhil research candidate at the NICM Health Research Institute (WSU) where he is studying endometriosis and insurance medicine to improve coverage/claims outcomes for women in insurance markets across Australia & New Zealand. Andrew’s empathy, passion, and expertise, coupled with unique relationship and project management skills is what drives the solution set he provides to referrers and clients.

Prior to founding Protect & Govern, Andrew was Head of Advice Succession & Claims at Personal Risk Professionals (PRP) and previous to that, Director of Risk & Succession at MGD Wealth Ltd. He has held holistic wealth management and life risk specialist advisory positions with NAB & Suncorp. In the past 6.5 years alone (to Dec2023), Andrew successfully triaged over $15Million in successful disability, critical illness and life insurance claims for clients and their loved ones with a 99% claims success/approval rate.

Specialist skills:
- Business life risk protection strategies – integrated buy/sell and key person insurance solutions for business owners and their stakeholders
- Group Insurance consulting (life, disability and salary continuance) for SMEs/Corporates/Trustees and their people
- SMSF member coverage and fund liquidity strategies
- Financial estate / business succession planning, consulting and triage
- Strategic personal life risk insurance management – life, trauma, disability and income protection
- Claims management
- Expert witness services (advice, life insurance and claims)
- Insurance and Education Bonds

Feel free to contact us for a confidential discussion on your needs.

05/01/2024

2024 for me is about continuing my unwavering commitment to reduce the financial toxicity caused by chronic illness, injury and premature death in the Australian community.

After 16 years advising, in June of 2023 I established my own specialist financial planning practice known as ‘Protect & Govern’.

We primarily advise on and manage the life, disability, and trauma insurance, investment and estate planning needs of more than 170 people (individuals, families, professionals, SMSF trustees and business owners). It equates to protecting over $12Mill of incomes per annum and over $110M worth of death/disability group and retail life risk insurance benefits (payable if they pass away or are disabled and can’t work). It’s sobering: but in the last 5 years I’ve helped people claim / access over $15Mill worth of insurance and superannuation benefits. At the same time, it is also immensely rewarding to use some of my niche legal, investment, tax and insurance skills to help people through some of the most vulnerable times of their lives.

This time of year is often a period of reflection on what may be ahead for the new year, and the wins/loses of the year just passed. You may be thinking about a plan: different ways to make and save money, investing for yourself, the kids or grandkids, or even sorting that Will or Power of Attorney or business succession plan you seem to never get around to doing!

Tips for first week of the new year:
• Write down your goal(s) - it increases the likelihood of you achieving them by about 42% - can be personal, work, family, financial, and health.
• Ask: based on debts, assets, incomes, health, family life stage (incl. ages of kids and pets) – for worst case scenarios have we got a good disability/terminal illness strategy? is it documented, structured tax effectively with good legal definitions (super vs non-super) and bequest planning? Are my interests and affairs well documented and able to be managed? Are our covers / plans up to date?
• sometimes we need a nudge to move things from that ‘to do’ list to the ’sorted’ pile – if that is you, whether its saving / reviewing personal/business insurance premiums (as these are rising well above inflation), investing more wisely, potentially claiming on insurance or making sure your estate / business planning wishes are documented if something happens, then feel free to book some time in with me to chat and scope out your ‘why’ (then how to get there and what to do).

If I can’t help, I’ll have someone in my network who can.

My best for 2024!

Andrew Proudfoot - MTax(FP), LLB, BEcon
Managing Director & Adviser – Protect & Govern
Mobile – 0426511944
Postal - PO Box 1981 Sunnybank Hills QLD 4109
Office - Central Plaza 1, Level 23/345 Queen St, Brisbane City QLD 4000
Web - https://www.protectandgovern.com.au
Authorised Representative of Bombora Advice Pty Ltd, AFSL: 439065

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