March 2017

CHAIRMAN'S MESSAGE

This is the first time I have written to all our valued members as Chairman, and what an honour it's been so far.

I believe that it’s an exciting time to be a part of the BankVic family with a number of things on the horizon to look forward to over the next month.

This month, all members that have an existing insurance policy, or take out a new policy, have the chance to win a Kia Sportage. With Autumn upon us, it’s the perfect weather to walk for a cause, with a number of charity walks to look forward to over the coming months. More details on these are enclosed in your March edition of Member Matters.

Finally, you spoke and we listened at Member Focus Groups held throughout February at our Head Office.

- Wayne Taylor



BANKVIC IN OUR COMMUNITY

Victoria Police & Emergency Services Games

The Victoria Police and Emergency Services Games are ready to commence for another year with friendly competition across 40 different sports. Beginning the first official day of the competition, Friday 24 March, with the shooting event, there’s an array of exciting events to follow taking place around various venues in Victoria. The final day of competition ends Sunday 2 April and concludes with darts.

We are proud to support this very worthy event which enables our Police and Emergency Services workers to take time out from their highly stressful roles to come together, participate and compete in a wide variety of sports.

Be sure to stop by and support your colleagues, and for more information and sporting schedules, please visit: emergencyservicesgames.org.au.

Best of luck to all competitors!

Walk West

The annual Walk West Walk/Run is back for another year, taking place at Footscray Park on Sunday 26 March. This family fun-filled day is organised by the Western Health Foundation and will raise funds for the new Joan Kirner Women’s and Children’s Hospital. For more information, visit: walkwest.com.au

Walk With Me

A very early 6am start at Lilydale train station saw the beginning of the second annual Walk With Me for ovarian cancer awareness. There was plenty of enthusiasm from all involved, including our own ‘BankVic Walking Tribe’ of over 20 employees, family and friends. Lead by the ever inspiring Sue Contarino, our 2016 Community Hero Award winner, the team conquered the 42km walk to Warburton.

Sue began fundraising for the event in December 2016 with a goal to raise $5,000 to go toward developing early detection tests for the disease. The fundraising efforts of everyone involved was exceptional. Amazing effort. Congratulations to all involved!

 


UNLOCK A WINNING INSURANCE DEAL

We want to protect what matters to you. So whether it's home, contents, landlord, car, motorcycle or travel insurance you're looking for, we can arrange the cover that suits you.

WIN A CAR!

Plus if you take out a new general insurance policy before June 30 2017, you can win a car. That's a winning deal!

Simply take out any home, contents, landlord or car insurance with BankVic, for the chance to win a Kia Sportage worth $37,000 and a car insurance policy worth up to $1,500.  

Even existing policy holders can win a car

We also want to take the opportunity to thank all our BankVic members who already have general insurance with us, so in addition we will be giving them all a bonus entry into the draw!

So don't delay, contact us today for an obligation free quote. Call us 13 63 73, visit a branch or apply online at bankvic.com.au/winacar. Our team members will be happy to help you get the right cover.

  


EVERYDAY FINANCE AND YOU

The financial effects of divorce after 50

With Australians marrying later in life and staying married for longer, the median age of divorce has risen over the last 20 years. It now stands at around 44 years for males and 42 years for females. Couples who remain together into their 50s experience a lower divorce rate than younger age groups, but even so this age group still represents around 30% of all permanent splits.

While divorce carries a heavy emotional burden at any age, the financial stakes for older divorcees can be greater, and the prospect of starting over more daunting than for younger people. The over 50s have often accumulated significant wealth. They tend to be focused on that final sprint to retirement, maximising super contributions before putting their feet up and commencing a superannuation pension. Retirement may also entail downsizing a home or a move to the coast or the bush. At all points along this path through later life, the financial consequences of divorce are substantial.

Given the major upheaval created by this event it’s critical to obtain professional financial advice right from the start. This will help to ensure the smooth separation of finances and a reduction in any unnecessary emotional pain. This doesn’t just apply to the end of formal marriages; the issues are largely the same when de facto relationships come to an end.

The checklist

At the end of a marriage or long-term relationship some issues require immediate attention while others can be left until a bit later. Urgent items include:

  • Resolving living arrangements and ensuring access to funds for daily expenses.
  • Establishing individual bank accounts and giving new bank details to employers. 
  • Securing an adequate income and working out a budget.
  • Changing life insurance and superannuation death benefit beneficiaries.
  • Revising wills and powers of attorney.
  • If dependent children are in the picture, their living arrangements and financial needs must be taken care of.
  • If property is held in a partner’s name, legal action may be required to prevent it from being sold prior to a property settlement.

Once these pressing issues are addressed attention can be given to:

  • Dealing with the family home – will it be retained, by whom and for how much?
  • How will superannuation balances be split?
  • How will the division of personal property be managed, taking into account both the financial and personal aspects of this difficult task?
  • In the case of a family business, will the business relationship continue?

Conflict or Co-operation

Many couples manage their divorces cooperatively. For others it is a time of rejection, blame and conflict. But, even if a divorce can’t be amicable, it can often be handled in a mutually respectful way. Minimising the involvement of lawyers will help to avoid substantial legal costs, preferably to the benefit of both parties. 

The next chapter

Many late-life divorcees will re-partner and establish happy new relationships. The financial aspects of re-partnering are many and complex, and even with the best of intentions, poor decisions, or even a failure to act, can have major financial consequences. For others, remaining single will prove more attractive. Either way, when life slips into a new and stable pattern, it’s time once again to seek out expert advice. We will be here if you need us. 



BSB: 704 230

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