Families may be stressed and worried, and the financial choices involved can have long-term consequences that are difficult, and sometimes impossible, to undo. 

Yet many Australians are navigating aged care with incomplete, confusing, or simply wrong information.

“Aged care decisions are often made during some of the most emotional and stressful times in a family’s life. The right advice isn’t just about understanding the rules and fees—it’s about helping families make informed decisions with confidence, knowing they’ve considered all the options available to them.” – Ursula Boorman, Managing Director, Direct Advisers

Decisions may look deceptively simple

Australia’s aged care system is complex. Fees, contributions, pensions, the family home, estate planning and cash flow are all interconnected.

On the surface, it can feel like you’re choosing between a few payment options or financial decisions. In reality, small decisions can affect: 

• How much do you pay for care over time
• Whether you keep or sell the family home
• Pension entitlements
• The financial security of a spouse
• What’s ultimately left as an inheritance for the family.

These are some of the biggest financial decisions many people will ever make, and they may be forced to make them during a crisis. Paying for help at this time is crucial.

Information isn’t the same as advice

Many families rely on information from government agencies, aged care providers, placement services, or other well-meaning services. These people mean well. But information is not the same as advice. And not everyone has the expertise to help you.

Information tells you how the system works. Advice looks at your actual situation (your income, your home, your objectives) and helps you to decide what makes sense for you. Advice also looks beyond the immediate issues to consider your whole situation and how this may change over time.

The problem is that the line between the two can become blurred. Families may not realise when guidance has crossed into advice, or that the person providing it may not be licensed or accountable for the outcome.

The risk of unlicensed aged care advice

Unlicensed aged care advice may sound confident and reassuring, but it comes with real risks. Unlike licensed advisers, unregulated providers aren’t required to:

• Act in your best interests
• Hold professional qualifications specific to financial advice
• Carry professional indemnity insurance
• Belong to an external complaints authority, or
• Be accountable for the advice they give.

If something goes wrong, the consequences can be serious and you may have nowhere to turn. We’ve worked with families who have:

• Sold the family home unnecessarily
• Paid higher aged care fees than required
• Missed out on Centrelink entitlements
• Locked themselves into poor long-term outcomes
• Had to untangle decisions made in a rush
• Created legal disputes within the family.

These mistakes are rarely obvious at the start and may only become clear months or years later.

What licensed aged care advisers do differently.

Licensed aged care advisers operate under an Australian Financial Services Licence. That matters because it brings important consumer protections with it.

A licensed adviser must:

• Act in your best interests
• Meet strict education and professional standards
• Hold insurance that protects you if something goes wrong
• Belong to an independent complaints scheme to help you resolve issues
• Be accountable for the advice they provide.

Importantly, licensed advisers are required to consider how aged care decisions interact with pensions, tax, estate planning, cash flow and future care needs.

It’s the bigger picture that is so important.

Having an experienced adviser in your corner means you’re not navigating the system alone.  Professional advice does cost money. But what you’re paying for is someone who can steer you calmly through the complexities when you’re overwhelmed and help you avoid expensive mistakes. 

You Don’t Have to Navigate Aged Care Alone

Aged care is one of the most significant financial and lifestyle decisions many families will ever face. With ongoing changes to legislation, funding arrangements, and care options, understanding what is best for you or a loved one can feel overwhelming.

At Direct Advisers, we know that aged care isn’t just about numbers—it’s about people, families, and ensuring the right support is in place at the right time. Whether you’re planning ahead, responding to a health event, or helping a parent transition into care, having access to licensed aged care advice can provide clarity, confidence, and peace of mind when you need it most.

As Ursula often reminds clients:

“The best aged care decisions are rarely made in a rush. Taking the time to understand your options today can make a world of difference to the choices available tomorrow.”

Need help understanding your options?

If you or a loved one are considering home care, residential aged care, or simply want to understand how the recent changes may affect you, we’re here to help.

Reach out to the Direct Advisers team here for a confidential conversation and take the next step with confidence, knowing you have experienced guidance by your side.

The post Why licensed aged care advice matters more than ever appeared first on Direct Advisers.

But alongside the emotional toll, there are often practical responsibilities that need attention. Important documents need to be found. Financial matters need to be understood. And decisions sometimes complex ones need to be made.

It’s during these times that things can easily be missed.

Policies may exist that no one knew about. Key information may not be where it’s expected. And in some cases, financial benefits that were meant to support loved ones may never be claimed.

That’s why having your financial affairs clearly documented and ensuring your family and adviser know where everything is can make such a meaningful difference when it matters most.

The Hidden Risk: Unclaimed Life Insurance

It may come as a surprise, but there is a significant amount of unclaimed money in Australia.

According to MoneySmart, there is around $2 billion in unclaimed money, including lost shares, bank accounts and life insurance policies.

In many cases, this money goes unclaimed not because it isn’t needed but because no one knows it exists.

There are several common reasons why life insurance benefits may be missed:

• Beneficiary nominations haven’t been updated
• Loved ones were unaware a policy existed
• Contact details are out of date
• Policies are held across multiple providers or through superannuation

These aren’t uncommon situations, they’re simply the result of life moving on and details not being revisited.

Where Does the Money Go?

Life insurance providers will generally hold unclaimed benefits for a period of time. If they are unable to locate beneficiaries, the funds are eventually transferred to the Australian Securities and Investments Commission (ASIC) as unclaimed money.

While the money doesn’t disappear, accessing it later can take time, effort, and additional stress for families already navigating loss.

How to Check for Unclaimed Life Insurance

If you are managing the affairs of a loved one, there are a few practical steps you can take:

1. Review personal records
Look through paperwork, emails, bank statements and employer benefits for any reference to insurance.

2. Contact known providers
If you are aware of an insurer or super fund, reach out directly with the relevant details.

3. Search via MoneySmart
The MoneySmart website provides access to ASIC’s unclaimed money search, where you can look up policies using a name or reference number.

The Role of Advice: Bringing Everything Together

While these steps are helpful, the most effective way to avoid missed opportunities is to ensure everything is structured and documented well in advance.

At JBS Financial, we see our role as more than just providing advice, we help bring all aspects of your financial life together so that nothing is left to chance.

This includes:

• Ensuring your insurance policies are known and appropriately structured
• Keeping beneficiary nominations up to date
• Aligning your insurance with your broader estate planning
• Helping your family understand what exists and where to find it

Life insurance is ultimately about protecting the people who matter most. As highlighted by the Council of Australian Life Insurers, it plays a critical role in helping families maintain financial stability during some of life’s most challenging moments.

“At a time when families need clarity and support the most, having everything in order can make an enormous difference. It’s not just about the financial outcome, it’s about reducing stress and uncertainty for the people you care about.”
— Jenny Brown, CEO, JBS Financial

A Simple Step That Makes a Big Difference

One of the most powerful things you can do is ensure your loved ones and your adviser, have a clear understanding of your financial position.

This doesn’t need to be complicated. It might include:

• Keeping key documents in one secure location
• Letting your family know what policies exist
• Reviewing your arrangements regularly
• Working with a trusted adviser to keep everything aligned

These small steps can make a significant difference when it matters most.

Final Thought: Protecting More Than Just Finances

Life insurance is designed to provide support at a time when it’s needed most. But for that support to reach the right people, it needs to be visible, accessible, and understood.

At JBS Financial, we help ensure that nothing is overlooked—so that your plans work as intended, and your family is supported when it matters most.

If you haven’t reviewed your insurance or estate planning recently, now is a good time to start the conversation. Contact our team here.

Sources

• MoneySmart
• Council of Australian Life Insurers
• TAL, how to find and claim unclaimed life insurance monies

The post When the Unexpected Happens: Making Sure Nothing Gets Missed appeared first on Direct Advisers.