Kiran Nair - SOA 06.02.2019.

6 February 2019
Mrs Jeisree Varghese Moolan and Mr Kiran Nair

Benstead Street 3
Unit number 9
THE GAP NT 0870
Dear Jeisree and Kiran,
Statement of Advice
Thank you for the opportunity to advise on your financial affairs. We have pleasure in presenting your
Statement of Advice (SOA), which sets out our specific recommendations for your consideration.
This Statement of Advice is based on details of your relevant personal circumstances and forms the basis of
our recommendations. If any information in this report is incorrect, or if you have anything further to add,
please advise us before proceeding any further.
Several steps are involved in designing a strategy to reflect your personal circumstances. The
recommendations made in this Statement of Advice are the starting point of this process and therefore
should only be undertaken after consulting with us.
It is very important that you take full ownership of your financial decisions. To that end, we can assist you in
making the appropriate decisions, but those decisions remain yours. If necessary, please seek more
information and advice from us until you are comfortable to do so.
We look forward to being of service to you in implementing the recommended strategies and assisting you
in the attainment of your personal and investment objectives.
Should you have any queries in relation to the above or should you wish to fine-tune any aspect of the
recommended strategy, please do not hesitate to contact me.
Yours sincerely,
Tony Perich
Financial Adviser
Adv DFP
STATEMENT OF ADVICE
Prepared for
Jeisree Varghese Moolan and Kiran

Nair
Date: 6 February 2019
Prepared by
Tony Perich
TP Financial Advantage Pty Ltd
Level 32 101 Miller St North Sydney NSW 2060
Phone: 02 8019 7278 Fax: 02 8019 7070
Email: tony@tpfinancial.com.au
Authorised Representative of GWM Adviser Services Limited

ABN 96 002 071 749
AFSL 230692
105-153 Miller Street North Sydney NSW 2060
Statement of Advice for Mrs Jeisree Varghese Moolan and Mr Kiran Nair
Contents
The scope of our advice................................................................................................... 4
Your needs and objectives............................................................................................... 6
Your personal and financial position................................................................................ 7
Strategy recommendations........................................................................................... 10
Insurance portfolio recommendations...........................................................................15
Alternative strategies and products...............................................................................18
Better position statement.............................................................................................. 19
Projected outcomes...................................................................................................... 20
Fees, Costs and Disclosures........................................................................................... 23
Additional information.................................................................................................. 27
Actions required and next steps....................................................................................28
Authority to proceed..................................................................................................... 29
Appendix: Financial projections..................................................................................... 31
Appendix: Insurance Comparison Details.......................................................................32
Appendix: Understanding Series.................................................................................... 44
Private and confidential

The scope of our advice
The recommendations in this Statement of Advice have been prepared for your sole use and are current for
a period of 30 days from the date of the Statement of Advice. After this time you should not implement the
recommendations without further review from us to ensure they remain appropriate.
As discussed, the key advice areas you’re looking to have addressed are:
 Advice on insurance products for specific types and amount of cover you nominate.
As agreed, we are specifically providing advice on:

 E‌ nsuring you have adequate cover if you become sick or injured and are unable to work for a long
period.
Advice limitations
As our advice is limited to the areas outlined above, we can't accept responsibility for those aspects of your
financial affairs which aren't included in our advice. You should consider our advice with regard to your
overall situation.
It is important that you are aware that we have not provided advice on the following:
 Full personal insurance review - you have indicated that you are happy with your current levels of
Life and trauma cover. You have declined to complete a personal insurance analysis and have
requested we implement income protection cover for each of you, in line with your desired
requirements.
 Superannuation - you have not provided any details of your current superannuation arrangements
and indicated that you did not require any advice in relation to your existing super funds.
 Estate planning - you have indicated that you do not currently have a valid Will in place. You have
advised that you do not require advice in relation to your estate planning requirements.
We recommend you review your estate planning requirements at your next annual review meeting or
earlier if your circumstances change. We also recommend you review your insurance requirements at your
next annual review meeting or earlier if your circumstances change.
Limited Information Provided

We note that you have not provided certain information we requested. You are aware that by not giving us
details about assets (personal or investment), liabilities or living expense requirements, this limits our
ability to provide advice based on a complete understanding of your total position. Therefore, the advice is,
or may be, based on incomplete or inaccurate information relating to your relevant personal
circumstances. Because of this, before acting on this advice, you should consider the appropriateness of
our advice with regard to your objectives, financial situation and needs.
Taxation
We provide financial planning advice that includes considering the tax implications relevant to that advice.
This service is not intended to be a substitute for specialised taxation advice or a complete assessment of
your liabilities, obligations or claim entitlements that arise, or could arise, under taxation law and we
recommend you consult with a registered tax agent. Any tax estimates provided by us are intended as a
guide only and are based on our general understanding of taxation laws. Where we have used information
provided by your tax agent, we are not responsible for the accuracy of that information.
Credit Advice
We are not authorised to advise you on whether any specific credit product is suitable for your needs or
assist you to complete an application for credit. You should refer to a lender or Mortgage Broker to review
the suitability of any credit products.
Our Approved Product List

When selecting products for you, we’re generally limited to the range of investment and insurance
products on our Approved Product List (APL). Our APL is a list of what our Licensee considers to be sound
quality, fully researched products, but doesn’t include all possible products available in the market. If there
isn’t a product on our APL that’s appropriate for you, we have a process for considering other products that
may be appropriate.
The products on our APL are supplied by a range of providers, of which some are related parties to our
Licensee. We will only recommend a product from a related party, where we consider it to be in your best
interests to do so.
Your needs and objectives
In preparing our recommendations we have taken into consideration your personal and financial needs and
objectives. These are outlined below:
Need and Objective Priority Description When

You would like to insure yourself
against:
Insure yourself 1 - Very high  Sickness or injury Now
You would like to provide for:
 ‌Living expenses
Your personal and financial position
Below, we have provided a summary of the relevant aspects of your personal and financial details that you
have provided to us. We have taken this into consideration when developing our advice so if any
information is incomplete or incorrect, please advise us before proceeding as this may affect our advice.
Personal details
Description Jeisree Kiran
Age 28 31
Date of birth 2 May 1990 (28) 14 July 1987 (31)
Marital status Married Married
Benstead Street 3
Preferred Address Unit number 9
THE GAP NT 0870
Employment
Occupation (Insurance Type) Doctor Of Medicine Doctor Of Medicine
Job Title Doctor Doctor
Employment Status Full time
Health
Current state of health Good Good
Private health insurance
Smoker No No
Estate planning
Do you have a Will? No No
Enduring Power of Attorney? No No
Enduring guardianship? No No
Estate planning last reviewed
Dependants
Name
You have no dependants
Income
Description Owner Annual Amount
Ordinary Wages Jeisree $87,500
Ordinary Wages Kiran $124,428
Total $211,928
Expenses
Description Owner Annual Amount
Life Cover / 92077898 Jeisree $1,946
Life Cover / 92038944 Kiran $2,164
Personal Tax Liability Jeisree $22,298
Personal Tax Liability Kiran $37,566
Total $63,974
Net Cash Flow $147,954
Lifestyle assets
Description
You have no lifestyle assets or not provided details
Investment assets
Description
You have no investment assets or not provided details
Liabilities
Description
You have no liabilities or not provided details
Net Financial Position $0
Superannuation Contributions
Description
You have no superannuation or not provided details
Pension Income
Description
You have no pension income or not provided details
Insurance policies
Description Owner Life Insured Super Type Cover Premium
MLC Ltd. Jeisree Jeisree No Death $1,000,000 $1,946
Jeisree Jeisree No Trauma $500,000 Yearly
MLC Ltd. Kiran Kiran No Death $1,000,000 $2,164
Kiran Kiran No Trauma $500,000 Yearly
Strategy recommendations
We recommend you implement the following strategies to assist you achieve your needs and objectives.
For each of our recommendations we have stated the reasons why our advice is in your best interests, and
have detailed the likely risks and consequences of that advice. Additional information about these
strategies is available in the Understanding Series we have provided to you.
Strategy overview
1. To provide Kiran with an ongoing income if you are unable to work due to illness or injury, Kiran
we recommend income protection insurance on your life to pay a benefit of ($7,777 per month).
In addition, you should review your health and general insurance cover.
2. To provide Jeisree with an ongoing income if you are unable to work due to illness or injury,
Jeisree we recommend income protection insurance on your life to pay a benefit of ($5,469 per
month).
3. Jeisree and Kiran, we recommend you implement the recommended income protection
insurances utilising level premiums.
See the attached insurance quotations to see how your premium options compare over time.
4. In addition to your insurance recommendations, we suggest you seek Legal advice to review your
estate planning needs.
We have included details on the recommended strategies below.

Income protection insurance (self-owned)
To provide Kiran with an ongoing income if you are unable to work due to illness or injury, Kiran we
recommend income protection insurance on your life to pay a benefit of ($7,777 per month).
Kiran
Insurance Needs
Total Cover Required $7,777/m
Existing Cover $0
Surplus/Shortfall $7,777/m
Reasons
 Income protection cover will replace a nominated portion of up to 75% of your income if you are
unable to work for a period of time due to illness or injury to protect your lifestyle.
 This amount of cover is recommended this is the maximum you can select to cover.
 ‌Owning the policy in your own name is right for you because you have sufficient cash flow to meet
the ongoing cost of the premiums and you are able to better tailor your cover to suit your
individual requirements.
Risks and Consequences

 You can claim a tax deduction for the premiums but in return, the benefits that you receive for a
claim are taxable at your marginal tax rate.
 Access to the recommended level of cover is subject to underwriting requirements and acceptance
by the life insurance company.
 You should refer to the product disclosure statement and insurance policy schedule to understand
when your cover will end.
 Implementing less than the cover you need will expose you and/or your dependants to the risk of
financial hardship in the event you are unable to work for a period of time due to illness or injury.
This may result in having to sell assets, reduce living expenses, and/or rely on limited government
assistance to make ends meet.
Understanding Series
Please refer to the following Understanding Series accompanying this Statement of Advice for more general
information in regards to this recommended strategy:
 Insurance – Income Protection Insurance
To provide Jeisree with an ongoing income if you are unable to work due to illness or injury, Jeisree we
Jeisree
Insurance Needs
Total Cover Required $5,469/m
Existing Cover $0
Surplus/Shortfall $5,469/m
Reasons
 Income protection cover will replace a nominated portion of up to 75% of your income if you are
unable to work for a period of time due to illness or injury to protect your lifestyle.
 This amount of cover is recommended this is the maximum you can select to cover.
 ‌Owning the policy in your own name is right for you because you have sufficient cash flow to meet
the ongoing cost of the premiums and you are able to better tailor your cover to suit your
individual requirements.

 You can claim a tax deduction for the premiums but in return, the benefits that you receive for a
claim are taxable at your marginal tax rate.
 Access to the recommended level of cover is subject to underwriting requirements and acceptance
by the life insurance company.
 You should refer to the product disclosure statement and insurance policy schedule to understand
when your cover will end.
 Implementing less than the cover you need will expose you and/or your dependants to the risk of
financial hardship in the event you are unable to work for a period of time due to illness or injury.
This may result in having to sell assets, reduce living expenses, and/or rely on limited government
assistance to make ends meet.
Understanding Series
Please refer to the following Understanding Series accompanying this Statement of Advice for more general
information in regards to this recommended strategy:
Level premium structure
Jeisree and Kiran, we recommend you implement the recommended income protection insurances utilising
level premiums.
See the attached insurance quotations to see how your premium options compare over time.
Reasons
 The recommended premium structure is appropriate for your insurance needs because you intend
holding this cover for the long term.
 Reduce the total premiums paid over the term of the policy.

 Level premiums are initially higher than stepped premiums.
 For Level premiums to be better for you, you need to hold your policy until age 45 & 47.
Estate Planning
In addition to your insurance recommendations, we suggest you seek Legal advice to review your estate
planning needs.
Estate Planning involves managing the transition of wealth between generations. This may require setting
up Wills, Powers of Attorney, and possibly Testamentary Trusts in order to ensure your assets are dealt
with in accordance with your wishes.
Having a current and comprehensive Estate Plan ensures your finances and assets are managed or
transferred in accordance with your wishes in the event of death or incapacitation.
Insurance portfolio recommendations
Having considered your goals, circumstances, the strategies we have recommended, and any benefits that
will be lost and gained, we consider that on balance, the insurance we’re recommending is appropriate for
you. We’ve also considered your need for different types of insurance, the financial resources you have
available to meet that need, and the initial and ongoing costs of the insurance.
Recommendation
For each of our recommendations we have stated the reasons why our advice is in your best interests, and
have detailed the likely risks and consequences of that advice.
Insurer / Life Premium

Owner Type Cover Action
Product Insured (pa)
MLC Life /
Insurance –
Kiran Kiran IP $7,777/month Recommend $2,514
Income Platinum
w/ Extras
MLC Life /
Insurance –
Jaisree Jaisree IP $5,469/month Recommend $2,384
Income Platinum
w/ Extras
Premiums are subject to underwriting requirements and approval from the insurer.
Product design features

The product/s we have recommended also need to be tailored to suit your specific needs. We have
included the following design features as part of our recommendations.
Cover Features
Definition: Agreed Value
Risk Loading: 0%
Premium Style: Level
Income Protection Cover (owner: Kiran) Waiting Period: 30 days
Benefit Amount: $7,777/month Benefit Period: To Age 65
Selected Income Protection Options
Claims Indexation
Critical Conditions
Definition: Agreed Value
Risk Loading: 0%
Income Protection Cover (owner: Jaisree) Waiting Period: 30 days
Benefit Amount: $5,469/month Benefit Period: To Age 65
Selected Income Protection Options
Claims Indexation
Critical Conditions
Additional information has been provided below about a number of the key features and why they are
appropriate for you.
Reasons
These are the reasons why our advice is in your best interests:
 Implementing an agreed value policy means that the amount you receive at claim time will be
based on the sum you apply for instead of your income prior to the claim. You must provide
evidence of your current income when you apply for the policy.
 In the event of claim, your benefit will increase each year, in line with the consumer price index
(CPI). This means your insured amount will keep pace with inflation, ensuring you're able to
continue to meet the increasing costs of living.
 By utilising level premiums, you can reduce the cost of maintaining the cover over the long term.
 We have recommended a waiting period of 30 days in line with the available cash reserves and
leave payments you have indicated that you have available to self-fund in the event of sickness or
injury.
 We have recommended a benefit period to age 65 with an option to extend to age 70, as given
your current age, it is possible that you will be required to work at least to age 65 in order to meet
your long term financial objectives.
 The extra benefits option within the recommended policy allows you additional benefits such as
accommodation, advance payments, critical illness, home assistance, nursing care and
transportation benefits, which are generally not covered from an ordinary income protection
policy.
 The policy rates highly in terms of qualitative definitions and is competitively priced offering you
good value for money in terms of comprehensive cover and price.
 With the recommended provider, you have an opportunity to gain access to the “On Track”
program, which will reduce your premium costs by 5% pa. Please refer to the PDS for more
information.
 With an eligible policy from recommended provider, you and your family can access Best Doctors –
a service which connects you with a network of more than 50,000 leading medical specialists from
Australia and around the world for a second medical opinion when you need it most, helping to
ensure you have the right diagnosis and treatment plan.

These are the risks and disadvantages of our advice:
 Level premiums are initially higher than stepped premiums. You must hold the income protection
policies until age 45 for Jeisree and age 46 for Kiran, for cumulative level premiums to become
more cost effective.
Cooling Off Periods

Life insurance products have a cooling-off period during which you can check that it meets your needs.
Within this period, you can cancel the cover. Details about the cooling-off period are set out in the Product
Disclosure Statement.
Future Review
Over time, your circumstances and need for insurance can change. It is important to regularly review your
insurance arrangements with us to ensure you have the right cover in place to protect you and your family.
Your duty of disclosure

Please note the following information regarding your duty of disclosure to the Insurer. The key elements
are:
 The Duty rests with you.
 If you believe that something is relevant to the insurer’s decision to accept the application, you
should disclose it.
 The Duty could go beyond the questions in the applications.
 Disclosure of information that decreases the risk or is of common knowledge, is not required.
 The Duty continues until the policy has been issued.
If prior to policy issue, there is a change in the insured’s circumstances (health, occupation, pursuits, etc.)
and you believe this change would be relevant to the insurer’s decision to accept the application, details
should be disclosed.
Future claim payments could be affected if the requirements of the Duty are not followed. If the life
insured and the policy holder are different people, “you” refers to both of them.
Alternative strategies and products
Alternative strategies
We have considered and dismissed the following alternative strategies:
Utilising stepped premiums

This strategy involves utilising stepped premiums in order to reduce the cost of cover in the short term.
It has not been recommended because:
 Y‌ ou intend holding the recommended income protection for you whole working life and as such,
the cumulative premiums of paying level premiums versus stepped premiums are substantially
cheaper.
Indemnity Cover
This strategy involves implementing your income protection cover with an indemnity value.
It has not been recommended because:
 ‌ lthough implementing cover with an indemnity option is cheaper, it also means that your income
A
is assessed at the time of claim rather than your current level of income. If your substantially drops
before claim, you may not be able to access a true reflection of 75% of your income prior to claim.
Alternative insurance products

We have considered and dismissed the following insurance products for the reasons shown:
 Asteron Complete Income Protection Plus – it is more expensive than the recommended option
with less benefits; does not provide access to “Best Doctors” or “On Track” benefits which are
specific to the recommended provider; there is no lump sum TPD option.
 AIA Priority Protection Income Plus – it is more expensive than the recommended option with less
benefits; does not provide access to “Best Doctors” or “On Track” benefits which are specific to the
recommended provider.
Better position statement
Below, we have summarised our advice to you. We have based our advice on your objectives, financial
situation, and needs. We believe that proceeding with our advice is in your best interests, and will place
you in a better overall position.
Insure yourself
By implementing the recommended levels of income protection cover, you are
able to ensure you can continue to meet your living expense requirements by
providing cover of up to 75% of your current income if you were be able to
become sick or injured.
Summary
By paying for these benefits from your current cash flow, you are able to claim a
personal tax deduction on all income protection premium payments, thereby
reducing your personal tax liability for around $1,065 for Jeisree and $1,355 for
Kiran in the first year.
Can this goal be fully achieved with our advice? YES Priority: 1 - Very high
Our advice for you
To provide Kiran with an ongoing income if you are unable to work due to illness or injury, Kiran we
To provide Jeisree with an ongoing income if you are unable to work due to illness or injury, Jeisree we
Level premium structure
Jeisree and Kiran, we recommend you implement the recommended income protection insurances utilising
level premiums.
Projected outcomes
The projections provided are purely estimates, they are not guaranteed, and may vary with changing
circumstances. Details about the assumptions used in these projections have been included in the
Appendices.
Cash flow and taxation projections

Maintaining adequate cash flow to meet living expenses is fundamental to the success of your plan. Below
is a summary of your estimated income, expenses, tax, & overall cash flow after implementing our
recommendations.
Cash flow comparisons
The table below compares your estimated income, expenses, tax & overall cash flow in next 12 months
before and after implementation of our recommendations:
Current Feb 2019 Proposed Feb 2019

Date 1 Jul 18 1 Jul 18
Age - Jeisree 28.1 28.1
Age - Kiran 30.9 30.9
Inflow
Income
Jeisree
> Ordinary Wages 87,500 87,500
Kiran
> Ordinary Wages 124,428 124,428
Total Inflow 211,928 211,928
Outflow
Expenditure
Life Cover/ 92077898/Jeisree 1,946 1,946
Life Cover/ 92038944/Kiran 2,164 2,164
IP Cover /Jeisree 0 2,384
IP Cover/Kiran 0 2,514
Taxation
Jeisree
> Income Tax 22,298 21,233
Kiran
> Income Tax 37,566 36,211
Total Outflow 63,974 66,453
Net Cashflow
Total Inflow 211,928 211,928

Total Outflow 63,974 66,453
Net Cashflow 147,954 145,475
Surplus: Deficit
Amount available for living expenses -147,954 -145,475
Prior to implementation of our recommendations:
Date 1 Jul 18 1 Jul 19 1 Jul 20 1 Jul 21 1 Jul 22 1 Jul 23 1 Jul 24

Age - Jeisree 28.1 29.1 30.1 31.1 32.1 33.1 34.1
Age - Kiran 30.9 31.9 32.9 33.9 34.9 35.9 36.9
Inflow
Income
Jeisree 87,500 91,438 95,552 99,852 104,345 109,041 113,948
> Ordinary Wages 87,500 91,438 95,552 99,852 104,345 109,041 113,948
Kiran 124,428 130,027 135,878 141,993 148,383 155,060 162,038
> Ordinary Wages 124,428 130,027 135,878 141,993 148,383 155,060 162,038
Total Inflow 211,928 221,465 231,431 241,845 252,728 264,101 275,985
Outflow
Expenditure
Life Cover/ 92077898/Jeisree 1,946 2,004 2,064 2,126 2,190 2,256 2,324
Life Cover/ 92038944/Kiran 2,164 2,229 2,296 2,365 2,436 2,509 2,584
Taxation
Jeisree 22,298 23,792 25,510 27,305 28,310 29,989 31,743
> Income Tax 22,298 23,792 25,510 27,305 28,310 29,989 31,743
> High Income Contribution Surcharge 0 0 0 0 0 0 0
Kiran 37,566 39,833 42,188 44,649 45,331 48,019 48,935
> Income Tax 37,566 39,833 42,188 44,649 45,331 48,019 48,935
Total Outflow 63,974 67,859 72,059 76,446 78,268 82,773 85,587
Net Cashflow
Total Inflow 211,928 221,465 231,431 241,845 252,728 264,101 275,985

Total Outflow 63,974 67,859 72,059 76,446 78,268 82,773 85,587
Net Cashflow 147,954 153,606 159,372 165,399 174,460 181,328 190,399
Surplus: Deficit
Amount available for living expenses -147,954 -153,606 -159,372 -165,399 -174,460 -181,328 -190,399
After implementation of our recommendations:
Date 1 Jul 18 1 Jul 19 1 Jul 20 1 Jul 21 1 Jul 22 1 Jul 23 1 Jul 24

Age - Jeisree 28.1 29.1 30.1 31.1 32.1 33.1 34.1
Age - Kiran 30.9 31.9 32.9 33.9 34.9 35.9 36.9
Inflow
Income
Jeisree 87,500 91,438 95,552 99,852 104,345 109,041 113,948
> Ordinary Wages 87,500 91,438 95,552 99,852 104,345 109,041 113,948
Kiran 124,428 130,027 135,878 141,993 148,383 155,060 162,038
> Ordinary Wages 124,428 130,027 135,878 141,993 148,383 155,060 162,038
Total Inflow 211,928 221,465 231,431 241,845 252,728 264,101 275,985
Outflow
Expenditure
Life Cover/ 92077898/Jeisree 1,946 2,004 2,064 2,126 2,190 2,256 2,324
Life Cover/ 92038944/Kiran 2,164 2,229 2,296 2,365 2,436 2,509 2,584
IP Cover /Jeisree 2,384 2,456 2,529 2,605 2,683 2,764 2,847
IP Cover/Kiran 2,514 2,589 2,667 2,747 2,830 2,914 3,002
Taxation
Jeisree 21,233 22,828 24,454 26,218 27,351 29,001 30,726
> Income Tax 21,233 22,828 24,454 26,218 27,351 29,001 30,726
Kiran 36,211 38,791 41,115 43,543 44,192 46,846 47,862
> Income Tax 36,211 38,791 41,115 43,543 44,192 46,846 47,862
Total Outflow 66,453 70,897 75,126 79,605 81,682 86,290 89,344
Net Cashflow
Total Inflow 211,928 221,465 231,431 241,845 252,728 264,101 275,985

Total Outflow 66,453 70,897 75,126 79,605 81,682 86,290 89,344
Net Cashflow 145,475 150,567 156,305 162,240 171,046 177,811 186,641
Surplus: Deficit
Amount available for living expenses -145,475 -150,567 -156,305 -162,240 -171,046 -177,811 -186,641
Details about the assumptions used in our projections have been included in the appendix.
Important note: The rates of return and figures shown in this report are illustrations only and are based on
current taxation and social security rates and assumed earnings and inflation rates. The figures are not
guaranteed - the actual performance of the investments will depend upon economic conditions,
investment performance, future taxation and legislative changes over the period. The assumptions used in
these projections have been included in the Appendices.
Fees, Costs and Disclosures
Summary of your fees and costs
Below is a summary of the fees and costs payable in relation to the advice provided.
Fees and Costs Initial $ Ongoing $pa

What fees and costs you pay $4,898 $4,898
What we receive $3,771 $1,078
All fees and costs include GST if applicable.
Initial fees and costs

Amount What you pay What we receive
Advice Fees How paid
invested % $ % $
Implementation Fee n/app N/A N/A 0.00 N/A 0.00
Advice Preparation n/app N/A N/A 0.00 N/A 0.00
Total Advice Fees $0.00 $0.00
What you pay What we receive

Insurance Costs How paid
% $ % $
MLC Life - Insurance – Income
Via Direct Debit N/A 2,513.88 77% 1,935.69
Platinum w/ Extras
Via Direct Debit N/A 2,384.04 77% 1,835.71
Platinum w/ Extras
Total Insurance Costs $4,897.92 $3,771.40
Total Initial Fees What Fees you pay* What we receive
$4,897.92 $3,771.40
* Insurance premiums are treated as an ongoing cost, even if you make an initial payment.
Ongoing fees and costs
Amount What you pay pa What we receive pa
Advice Fees How paid
invested %pa $pa %pa $pa
No ongoing advice fees apply.
What we receive year

Premium Paid by you
Insurance Costs How paid 2 onwards
$pa
%pa $pa
Via Direct Debit 2,513.88 22% 553.05
Platinum w/ Extras
Via Direct Debit 2,384.04 22% 524.49
Platinum w/ Extras
Total Insurance Costs $4,897.92 $1,077.54
What Fees and Costs What we receive

Total Ongoing Fees
you pay pa pa
$4,897.92 $1,077.54
You should refer to the Product Disclosure Statement (PDS) of each product for a complete list of all
product costs and how they are charged.
Fees and costs descriptions
Advice Preparation Fee
This fee covers our initial meeting, data collection, analysis, preparation and presentation of the advice
contained in this document. This fee is $0.00 - n/app.
Implementation Fee
This fee is for the implementation of your Adviser’s recommendations. This fee is $0.00 - n/app.
Insurance Costs
 The cost to you represents the premium payable for your insurance products.
 If a premium loading applies to your insurance, your annual premium will be higher. This will
increase the amount we receive for that insurance.
 Any insurance commission is payable by the insurer to GWM Adviser Services Limited from the
insurance premiums and is not an additional cost to you.
 Where shown as a percentage, the amount paid will change depending on what your insurance
premium is at the time the cost is charged.
 No commission is paid on stamp duty (also part of your premium).
 Some insurers don’t pay commission on the policy fee (which is part of your premium).
 The Life Insurance Framework (LIF) reforms came into effect on 1 January 2018. If you submitted an
application after the 1st of January 2018 and your policy is cancelled, lapses or if you reduce your
cover to lower your premiums, then the insurance provider may clawback 100% of the
commissions paid to your adviser in the first year or 60% in the second year. From the third year
on, no commissions paid to your adviser will be clawed back by the insurance provider.
How we are remunerated

The advice fee(s) detailed above will either be paid directly by you to our Licensee or paid (on your behalf)
by the product issuer to the Licensee, as directed by you.
The Licensee will then collect the advice fee(s) and pay (on your behalf) 100% of the advice fee(s) to our
practice.
The advice fee(s) are then, in part, used to pay for adviser salaries and incentives.
Other benefits and interests

Other incentives
We do not receive any other benefits or incentives as a result of providing this advice to you.
Conflicts of interest
Aside from the relationships and referral arrangements noted, we do not have any other relationships that
may create a conflict of interest or potentially influence our advice to you. At all times, we will ensure that
our recommendations are in your best interests.
Other benefits
Please refer to the Financial Services Guide (already provided) for details of other interests and benefits we
may receive.
Our associations and relationships

GWM Adviser Services Limited is part of the wealth management business of the National Australia Bank
Limited (NAB) group of companies (NAB Group). GWM Adviser Services Limited is a wholly owned
subsidiary of the NAB Group. NAB does not guarantee or otherwise accept any liability in respect of the
financial advice or services provided by GWM Adviser Services Limited or its authorised representatives.
GWM Adviser Services Limited is associated with and may provide financial product advice on or deal in
financial products issued by other members of the NAB Group.
We have recommended financial products issued by companies within the NAB Group or companies in
which a shareholding is maintained by a NAB Group member (including MLC Limited).
These include products and services with the following branding:
 NAB / National
 MLC
Up to 100% of the fees listed in the Ongoing fees and costs section of this document may be payable to
members of the National Australia Bank Limited group of companies if you invest in underlying investment
options that are branded with any of the brands listed above. For more details about fees please refer to
the Product Disclosure Statements provided. For a list of the underlying investment options recommended
for you, refer to the Investment portfolio recommendations section of this document.
By recommending these branded products or services a NAB Group company or a company in which a NAB
Group member maintains a shareholding may benefit from our recommendation by receiving product and
management fees from you.
Please refer to the PDS and/or Offer documents for further information.
Additional information
The information in the following documents is an important part of this SOA, and will help you better
understand our advice. If you would like a copy of any of these documents, please ask us and we will send
them to you free of charge.
Information about us
This document provides a number of details including who we are, what we do and other benefits we may
receive.
Financial Services Guide – Version 13 – dated 01/11/2018
Information about the recommendation strategies

The following Understanding Series (Version 1.06) provide more information about our recommendations
and any associated risks. They may assist you to make your financial decisions.
These documents have been provided with this advice.
Information about your new products

The documents below set out the general risks, features and fees of the products and services being
recommended to you.
These documents have been provided with this advice.
Product Document Version

Insurance
MLC Insurance & MLC Insurance Product Disclosure Statement 30 June 2017
(Super) Supplementary Product Disclosure Statement 9 October 2017
MLC Super Fund – Retail Insurance in Super:
for MLC Insurance (Super)
Product Disclosure Statement 30 June 2017
Actions required and next steps
After you have carefully read this Statement of Advice and the associated information, you will need to
undertake the following steps to proceed with our advice:
Item Description Action Who When

Read the SOA and if you have
Jeisree and
1 Statement of Advice (SOA) any questions please contact Now
Kiran
us.
Read the PDS enclosed with
Product Disclosure Jeisree and
2 this SOA. If you have any Now
Statement(s) (PDS) Kiran
questions please contact us.
After you have
Read, sign and return the Jeisree and decided to
3 Authority to Proceed
Authority to Proceed page. Kiran proceed with
our advice
After you have
Complete, sign and return the
Jeisree and decided to
4 Application Forms enclosed financial product
Kiran proceed with
application form(s).
our advice
Authority to proceed
Jeisree Varghese Moolan and Kiran Nair
Benstead Street 3 Unit number 9
THE GAP NT 0870
Acknowledgement and declaration

We acknowledge and agree that:
 We have received your Financial Services Guide.
 We have read and understood this Statement of Advice (SOA) prepared by Tony Perich and dated 6
February 2019, including the section titled Fees, Costs and Disclosures associated with the
implementation and ongoing management of the recommendations.
 We confirm that the information provided by us and restated in this SOA accurately summarises
our current personal and financial position and our needs and objectives. We understand that if
any of this information is incomplete or inaccurate then the advice may not be appropriate to our
circumstances.
 We have received Product Disclosure Statements for all products recommended within this SOA
and any ‘Additional Information’ listed in this SOA (where applicable).
 Projections and assumptions have been based on current information. We understand that
projections are indicative only, as past performance cannot be taken as a guarantee of future
performance.
 We take full responsibility for our decision to retain a product which you have recommended we
sell or reduce. We understand that it may not be supported by the Licensee’s research function or
included within the scope of future advice.
 Where we have chosen to proceed on the same day, our adviser, Tony Perich has discussed with us
the key elements of this advice & any related document(s) including the benefits, costs and risks,
disclosure of fees, commission and other charges.
 The advice fee(s) relate to financial product advice given by our adviser to us or our adviser
arranging for the issue or sale of a financial product to us.
 Our adviser has an ownership in the practice and as such benefits from the profits of the practice
which could include revenue generated from fees paid by us.
 Our situation has circumstances that will need to be reviewed by a tax agent before implementing
the recommendations.
Authority to pay fees and costs

We agree to pay the advice fee(s) disclosed in the Fees, Costs and Disclosures section of this SOA, we
authorise and direct:
 The Licensee to collect these advice fee(s) (either paid by us directly or collected (on our behalf) by
the product issuer)
 The Licensee to pay the advice fee(s) to your practice on our behalf
 Your practice to collect those advice fee(s) and pay (on our behalf) a percentage (not exceeding
100%) of those advice fee(s) to our adviser.
Implementation instructions
 We accept the recommendations offered in this document and authorise Tony Perich to implement all
recommendations.
 We agree to proceed as varied below. We understand that by choosing to implement a variation of the
advice we risk making a financial decision that may be inappropriate to our needs.
This authority is signed on our own behalf or by our legal representative, and (if relevant) in our capacity as
director/trustee of our associated entities.
Jeisree Varghese Moolan
Signature Date
Kiran Nair
Signature Date
Appendix: Financial projections
The financial projections included in this Statement of Advice include various assumptions about likely
future economic conditions and investment performance. Details about these assumptions have been
included below. Important note: The rates of return and figures shown in this report are illustrations only
and are based on current taxation and social security rates and assumed earnings and inflation rates. The
figures are not guaranteed - the actual performance of the investments will depend upon economic
conditions, investment performance, future taxation and legislative changes over the period. The
assumptions used in these projections have been included in the Appendices.
Assumptions
Investment Assumptions
Economic
Rate
CPI 3.00%
AWOTE 4.50%
Life Expectancy Factor Client 56.92
Life Expectancy Factor Partner 54.96
Appendix: Insurance Comparison Details
Type: Income Protection (Agreed Value) for Kiran
Recommended Product: MLC Life - Insurance – Income Platinum w/ Extras
Premium Comparison Table

Insurer Package / Product Scenario Score Premium
Insurance
91 / 73 $209.49
Income Platinum w/ Extras
Complete
96 / 73 $238.83
Income Protection Plus Occ AA to A2
Priority Protection
96 / 78 $241.16
Income Plus Occ A1 to A4
Premium Comparison Charts
First Year Premium Comparison

Cumulative Premiums (To Age 65)
Stepped vs Level - Premium

Personal Details
Client Name: Nair, Kiran Gender: Male
Date of Birth: 14 July 1987 Smoker Status: Non-Smoker
Occupation: 1M - Medical Professionals Self Employed: No
Home State: NSW Annual Income: $124,450
Protection Details
General
Payment Frequency: Monthly Standard & Poor: Not Rated or Better
Illustrate premiums to 65 Weighting Profile: Neutral Weightings
age:
Product Details: MLC Life - Insurance - Income Platinum w/ Extras
Premium Frequency: Monthly
Income Protection (Agreed Value)

Monthly Benefit: $7,777 Ownership Structure: Non-super
Waiting Period: 30 days Benefit Period: to Age 65
The following options are selected:

Critical Conditions
Claims Indexation
Premium Table
Cumulative
ANB 32 ANB 37 ANB 42 ANB 47 ANB 52 ANB 57 ANB 62 ANB 65
Premium
Stepped $187,650.72 $132.19 $176.58 $234.36 $335.50 $513.67 $747.23 $882.87 $759.28
Level $85,094.76 $209.49 $209.49 $209.49 $209.49 $209.49 $209.49 $209.49 $209.49
Stepped premiums will first exceed Level premiums at Age Next 41

Cumulative stepped premiums will first exceed cumulative level premiums at Age Next 47
Compare differences
Insurance Complete Priority Protection
Income Platinum w/ Extras Income Protection Plus Occ AA Income Plus Occ A1 to A4
to A2
Premium $209.49 $238.83 $241.16
Income Protection (Agreed Value) Core
Provision
Ability to Work During the Waiting
Period
✔ ✔
Days returned to work do not extend wait
✗
period
Exclusions
Disablement from criminal acts is not excluded ✔ ✗ ✔

Supplementary Provision
Accident Benefit Optional Optional Optional
Accident Benefit is calculated from day 1 ✗ ✔ ✔
Best Doctors
Best Doctors Service available for IP ✔ ✗ ✗
Home Care Benefit
Home Care Benefit pays at least $150 per day ✔ ✗ ✔
Other Supplementary Benefits Optional Optional
Business Rehabilitation Benefit ✗ ✔ ✗
Child Care Reimbursement ✗ ✔ ✗
Involuntary Unemployment Benefits ✗ ✔ ✔
Maternity Leave Premium Waiver ✗ ✔ ✗
No Claim Bonus ✗ ✗ ✔
Return to Business Benefit ✗ ✔ ✗
TPD Lump Sum Option ✔ ✗ ✔
Superannuation Contributions Optional
Super Contributions Options available ✗ ✔ ✔
Waiver of Premium - Disability
✔
Waiver continues after expiration of the
✗ ✗
benefit period if still disabled
Type: Income Protection (Agreed Value) for Jeisree
Premium Comparison Table

Insurer Package / Product Scenario Score Premium
Insurance
91 / 73 $198.67
Income Platinum w/ Extras
Complete
93 / 71 $227.65
Income Protection w/ Extras
Priority Protection
96 / 78 $232.91
Income Plus Occ A1 to A4
Premium Comparison Charts
First Year Premium Comparison

Cumulative Premiums (To Age 65)
Stepped vs Level - Premium

Risk Researcher - Stepped vs Level
Personal Details
Client Name: Varghese Moolan, Jaisree Gender: Female
Date of Birth: 02 May 1990 Smoker Status: Non-Smoker
Occupation: 1M - Medical Professionals Self Employed: No
Home State: NT Annual Income: $87,520
Protection Details
General
Payment Frequency: Monthly Standard & Poor: Not Rated or Better
Illustrate premiums to 65 Weighting Profile: (unknown)
age:
Product Details: MLC Life - Insurance - Income Platinum w/ Extras
Premium Frequency: Monthly

Monthly Benefit: $5,469 Ownership Structure: Non-super
Waiting Period: 30 days Benefit Period: to Age 65
The following options are selected:

Critical Conditions
Claims Indexation
AIDS Exclusion
Premium Table
Cumulative
ANB 29 ANB 34 ANB 39 ANB 44 ANB 49 ANB 54 ANB 59 ANB 64 ANB 65
Premium
Stepped $213,053.16 $140.49 $172.66 $215.82 $296.24 $435.19 $688.27 $889.31 $992.78 $838.45
Level $92,035.20 $198.67 $198.67 $198.67 $198.67 $198.67 $198.67 $198.67 $198.67 $198.67
Stepped premiums will first exceed Level premiums at Age Next 39

Cumulative stepped premiums will first exceed cumulative level premiums at Age Next 45
Printed: 22/02/2019 9:34:18 pm Page 40 of 47

Risk Researcher - Stepped vs Level

Compare differences
Risk Researcher - Compare Differences
Insurance Complete Priority Protection
Income Platinum w/ Extras Income Protection w/ Extras Income Plus Occ A1 to A4
Premium $198.67 $227.65 $232.91

Income Protection (Agreed Value) Core
Provision
Ability to Work During the Waiting
Period
Days returned to work do not extend wait
✗ ✔ ✔
period
Exclusions
Disablement from criminal acts is not excluded ✔ ✗ ✔
Waiting Period Requirements
Wait Period has 0 day total disability
✔ ✗ ✔
requirement
Supplementary Provision
Accident Benefit Optional Optional Optional
Accident Benefit is calculated from day 1 ✗ ✔ ✔
Best Doctors
Best Doctors Service available for IP ✔ ✗ ✗
Death Benefit (Built In)
Death built-in benefit pays at least 6 months ✔ ✗ ✔
Home Care Benefit
Home Care Benefit pays at least $150 per day ✔ ✗ ✔
Other Supplementary Benefits Optional Optional
Child Care Reimbursement ✗ ✔ ✗
Involuntary Unemployment Benefits ✗ ✔ ✔
Maternity Leave Premium Waiver ✗ ✔ ✗
No Claim Bonus ✗ ✗ ✔
Return to Business Benefit ✗ ✔ ✗
TPD Lump Sum Option ✔ ✗ ✔
Superannuation Contributions Optional
Super Contributions Options available ✗ ✔ ✔

Appendix: Understanding Series
Important: This document contains general information about the benefits, costs
and risks associated with certain product classes and strategies. It has been
prepared without taking into account your objectives, financial situation or needs.
Because of this you should, before acting on any advice in this document, consider
whether it is appropriate to your personal circumstances.
 Hidden bullet point text to address bullet point merge bug
Important: This document contains general information about the benefits, costs and risks associated with certain 44
product classes and strategies. It has been prepared without taking into account your objectives, financial situation or
needs. Because of this you should, before acting on any advice in this document, consider whether it is appropriate to
your personal circumstances.
Insurance – Income Protection Insurance

Income Protection Insurance protects you by paying an ongoing income if you are unable to work due to
illness or injury.
Benefits
Income protection cover pays an ongoing monthly benefit to protect:
 your lifestyle by replacing your lost salary so you can continue to meet your living expenses and
debt repayments, and
 your wealth by reducing or removing the need to sell assets to generate cash.
Without insurance, you may need to run down your savings, sell assets, and/or rely on family or the
Department of Human Services for assistance. You may find it difficult to maintain your standard of living or
pay for the care and medical assistance you need. This can place extra stress on your recovery.
How it works
You can usually apply for cover of up to 75% of your earnings. For business owners this is income after
business expenses (which can be protected as well) but before tax. You may also be able to have an
additional amount paid as contributions into your superannuation account and other ancillary benefits to
help with your recovery.
The payments are taxable income but tax may not be withheld, so you should seek tax advice and make
sure you set aside money to pay your tax liabilities if this is the case. If paid through superannuation, tax is
usually deducted from each payment to help you manage this obligation.
The amount you receive may also be reduced if you receive payments from sick leave, social security,
workers compensation or other legislative sources.
Agreed Value or Indemnity

You can obtain your income protection cover under an ‘Agreed Value’ or ‘Indemnity’ policy.
Under an Agreed Value policy, you will receive the agreed monthly benefit at the time of a successful claim,
regardless of the amount you are earning at that time. With an Agreed Value policy you are required to
provide proof of income at the time you apply for cover. This may suit you if your income fluctuates over
time, you are able to substantiate your income and want peace of mind at time of claim.
With an Indemnity’ policy, the amount you receive at the time of a successful claim will be assessed on the
basis of your earnings in the 12 months prior to the disability. You will need to provide proof of income at
time of claim and if your income has reduced you may receive less than expected. This may suit you if you
have a stable income and are likely to be able to easily substantiate your income at the time of claim, your
occupation does not allow an Agreed value policy, or you have only recently established your business and
do not have two years of financial evidence available. The premium for an Indemnity policy is less
expensive than an Agreed Value.
Waiting and Benefit Periods

In the event of a successful claim, benefit payments do not start immediately; a waiting period will apply
during which no benefit is payable. The waiting period can be as short as 14 days or as long as two years.
When choosing a waiting period, it’s important to take into account any sick leave and related benefits
provided by your employer. The shorter the waiting period, the higher the premium.
The maximum period of time that payments continue is called the benefit period. A range of benefit
periods are available - some as short as one year, with the longest continuing through to your 65th or 70th
birthday. In general the longer the benefit period, the higher the premium.
Policy Ownership
Income Protection Insurance can be owned either in your own name or within your superannuation fund.
Self ownership
Owning the policy in your own name may allow you to better tailor the cover to suit your individual
requirements (e.g. to obtain more comprehensive benefits and ancillary benefits). With self owned cover,
you pay the premium from your cash flow. The premiums are tax deductible to you and benefits that you
receive in the event of a successful claim are treated as assessable income and taxed at your marginal tax
rate.
Superannuation ownership
You may also be able to purchase your cover in your superannuation fund. This allows the premium to be
paid by making contributions to superannuation or simply be deducted from your superannuation account
balance so it does not affect your cash flow. The premium is a deductible expense to your superannuation
fund and can reduce the tax payable on contributions and investment income. The benefit to you will
depend on your superannuation fund.
If additional contributions are made into superannuation to cover premiums it is important to ensure you
do not exceed the limits on how much can be contributed.
The proceeds in the event of a successful claim are paid from your superannuation fund as a temporary
incapacity benefit and will be assessable income that is taxed at your marginal tax rate.
In some circumstances, even if an insurer would otherwise pay a benefit to your superannuation fund, they
may not be able to do so unless a ‘condition of release’ is met. One example is if you are not gainfully
employed at the onset of the illness and injury, and another is if you reduce working hours but do not fully
cease gainful employment including paid leave such as sick leave.
For business owners it may be appropriate for the business to own the cover. This ensures any claim
proceeds are paid directly to the business so it can distribute the funds accordingly.
Optional benefits
Income Protection policies may offer important options including:
 an Increasing Claims option that ensures benefit payments are indexed in line with inflation
 a Superannuation Cover option that allows you to have contributions made to your superannuation
fund (above the level of salary cover)
 other ancillary and rehabilitation benefits.

 Funding the premiums from your superannuation balance will reduce the growth of your
retirement savings unless you make additional contributions to offset the premiums. These
contributions will count towards your contribution caps.
 Benefits are paid monthly in arrears so your first payment would be received one month after the
end of your waiting period.
 Benefit payment is usually excluded if you suffer sickness or injury as a result of war (or an act of
war) or a self-inflicted act.
 You should always carefully read the Product Disclosure Statement (PDS) and policy document for
your selected insurance policy and keep these documents in a safe place.
Version: 1.06

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6 February 2019

Mrs Jeisree Varghese Moolan and Mr Kiran Nair

Dear Jeisree and Kiran,

Jeisree Varghese Moolan and Kiran

Authorised Representative of GWM Adviser Services Limited

Private and confidential

As agreed, we are specifically providing advice on:

Limited Information Provided

Our Approved Product List

Need and Objective Priority Description When

Net Cash Flow $147,954

Net Financial Position $0

We have included details on the recommended strategies below.

Risks and Consequences

Risks and Consequences

Risks and Consequences

Insurer / Life Premium

Product design features

Risks and Consequences

Cooling Off Periods

Your duty of disclosure

Utilising stepped premiums

Alternative insurance products

Cash flow and taxation projections

Current Feb 2019 Proposed Feb 2019

Total Inflow 211,928 211,928

Total Outflow 63,974 66,453

Total Inflow 211,928 211,928

Date 1 Jul 18 1 Jul 19 1 Jul 20 1 Jul 21 1 Jul 22 1 Jul 23 1 Jul 24

Total Inflow 211,928 221,465 231,431 241,845 252,728 264,101 275,985

Total Outflow 63,974 67,859 72,059 76,446 78,268 82,773 85,587

Total Inflow 211,928 221,465 231,431 241,845 252,728 264,101 275,985

After implementation of our recommendations:

Date 1 Jul 18 1 Jul 19 1 Jul 20 1 Jul 21 1 Jul 22 1 Jul 23 1 Jul 24

Total Inflow 211,928 221,465 231,431 241,845 252,728 264,101 275,985

Total Outflow 66,453 70,897 75,126 79,605 81,682 86,290 89,344

Total Inflow 211,928 221,465 231,431 241,845 252,728 264,101 275,985

Fees and Costs Initial $ Ongoing $pa

Initial fees and costs

What you pay What we receive

Total Initial Fees What Fees you pay* What we receive

What we receive year

What Fees and Costs What we receive

How we are remunerated

Other benefits and interests

Our associations and relationships

Financial Services Guide – Version 13 – dated 01/11/2018

Information about the recommendation strategies

These documents have been provided with this advice.

Information about your new products

These documents have been provided with this advice.

Product Document Version

Item Description Action Who When

Acknowledgement and declaration

Authority to pay fees and costs

Jeisree Varghese Moolan

Recommended Product: MLC Life - Insurance – Income Platinum w/ Extras

Premium Comparison Table

Premium Comparison Charts

First Year Premium Comparison

Stepped vs Level - Premium

Premium Frequency: Monthly

Income Protection (Agreed Value)

The following options are selected: