Every great financial plan takes into account the threats and risks that you face and uses tools and strategies to reduce and manage those risks. For most of us there is no greater risk than the collapse of a financial plan due to premature death, illness or injury. Efficient insurance planning is the most economical and effective way of dealing with these risks at every stage of life.
When you start to earn income you need to protect your ability to earn that income. As you move through life and perhaps get married or have children, there are new responsibilities that need a secure protection strategy. There are also specific financial risks that need attention when you take on new financial responsibilities, such as starting a business or taking out a mortgage.
In later life you may want to adjust your insurance plan to take into account grandchildren or extended family, so that you can properly fund and allocate benefits.
Our expertise in risk planning gives you an edge in finding the most efficient insurance solutions, so that your financial plans are appropriate at every stage of life. This can include a range of cover options.
How much are you worth to your family? Of course it is impossible to quantify in emotional and relationship terms, but it is measurable in financial terms. Think of how much you earn and how many years you will be earning it – and then think of what your family would do without that income.
We can help you create a life insurance plan that pays a cash lump sum to pay debts, cover education and living expenses and to allow your family to invest for ongoing income, if you were to die prematurely and your dependents could no longer rely on your income.
Total and Permanent Disability (TPD) insurance
Have you considered how you would manage without an income? If you become permanently disabled you could suffer devastating financial impacts, when your focus should be on your rehabilitation.
TPD insurance is typically an additional benefit added to your life insurance that pays a lump sum amount if you become permanently disabled (as defined in the policy). You can use it to eliminate debt, pay for treatment and maintain your living expenses, leaving you to focus on your own wellbeing.
Are you in a high risk category for suffering a heart attack? Of course not all serious medical conditions result in permanent disability, but they can still result in serious financial impacts. Imagine suffering a heart attack or learning you have cancer.
What would you want to do to ensure a strong recovery and to de-stress your life?
- Fund the best possible medical treatment?
- Pay off the mortgage?
- Take an extended holiday?
- Leave your job or scale down hours?
- Trauma insurance can be the ideal solution with a lump sum benefit payable if you are diagnosed with a specific illness or injury covered by the policy. This includes cancer, stroke, heart disease, blindness, severe burns and a host of other medical conditions.
Income protection insurance
Could you manage financially if you no longer earned an income? Some injuries or illnesses may result in temporary loss of income that cannot be covered by savings and will outlast any sick leave you may have. Income Protection insurance gives you broad based illness and accident coverage that pays up to 75% of your gross annual income, to spend for a period you nominate (usually up to age 65).
You can use it to cover living expenses, debts, education costs and other essential spending until you are able to return to work. Premiums are generally tax deductible too, making it even more attractive.
Business expenses insurance
Are you self-employed? Business Expenses insurance is particularly useful for you to cover fixed business expenses should you be unable to work due to illness or injury. This can keep your business active while you recover and can be used to reimburse costs such as:
- loan repayments
- equipment leasing costs, and
- utility expenses.
Child trauma insurance
Are you a parent? What would you do if your child became seriously ill? Child trauma insurance provides you with a lump sum payment in the event of your child suffering from a range of specified medical conditions, so that you have the resources to enable you to devote your focus to their recovery. The insurance can be used to pay for medical treatment, rehabilitation, or as replacement income if you need to take time off work to be with your child.
Do you have a business partner whose expertise, reputation and assistance you rely on? Business insurance considers the continuity of your business if it is ever hit by the impact of losing a key employee or a business partner.
A business can insure its key employees, so that if they die or become disabled the business receives a cash lump sum to fund the financial losses the business may incur. This could be due to loss of customers or know-how that the key person delivered. It can also be used to repay debts or to train a replacement, so that the business can continue to thrive.
Business partners can also insure each other to ensure a smooth transfer of ownership to the surviving partner if one partner should die prematurely.