Life Insurance
While many people insure their home, car and possessions, it is even more important to make sure your family and lifestyle are protected from financial misfortune. Losing your future earning power can be financially devastating. Without a regular income, it can be a challenge just paying for everyday household expenses like groceries and power bills. While ongoing mortgage repayments or school fees can quickly eat away any savings. Worse still, if you’re self-employed and can’t work because you’re ill or disabled, you could be faced with the added pressure of the business bills rolling in. The good news is that we can use Risk Insurance to structure a total financial protection package for you to protect against loss of income, disablement, serious illness and death. While car and home insurance are relatively straightforward, personal risk cover can be complex. With many different options and levels of cover to choose from. We can help you decide which cover is right for you and what issues you need to consider. For example, which family members would you insure? When does it make sense to insure a non-working spouse? How should the benefits of any payment be distributed? What benefits are available within your Superannuation Scheme? What are the tax implications of taking out insurance?
Because lives depend on it. We'd like you to take a moment and sit down and really think what life would be like for your family if you died. Where would the money come from to cover the mortgage, school fees, running the car, credit cards and everyday living expenses such as food,clothing, phone bills, gas, electricity and child care. Not to mention funeral expenses and other medical expenses that your health fund simply may not cover.
You may have money in a savings plan or investments. Perhaps equity in your home. But turning these into cash may mean your family has to sell assets, which could cause even more disruption at a time when they really need financial support and the time to adjust.
It is not a pretty picture. Finlife Advisers can assist you with your families Life Insurance requirements.
Life Insurance provides a lump sum on the event of death or upon diagnosis of a terminal illness.
In your plan for life you may now have a home, a partner and young children. You may also have your business up and running. In the event of your premature death, have you considered how your family will:
Most people believe the Life Insurance in their Superannuation Fund is adequate. While this type of insurance is cost effective, it very often leaves loved ones well short of what is really required to maintain the family financially.
Term Life Insurance.
Term Life pays a lump sum upon the death of the life insured should death occur during the term of the policy.This provides protection to your loved ones. In the event of the persons death the lump sum will assist in paying off any outstanding debts such as a mortgage. The sum insured should be greater than your debts to assist your family especially if you have children.
Some policies provide extra benefits, such as terminal illness benefit, where ,if you are diagnosed with a terminal illness, the amount insured is paid out upon diagnosis.
The cost of Term Life cover increases as you get older, however the older and more established your financial position is, the less insurance you are likely to need. Therefore it's possible to reduce your insurance over time to minimise cost but maintain protection for yourself and your loved ones.
Income Protection.After your health and happiness, your ability to earn an income is without doubt your most valuable asset. Providing for yourself or your family is your biggest responsibility.
What would happen if you had an illness or accident that prevented you from working?
Definitions and a company's philosophy is extremely important at claim time which is why you should seek advice in determining product and company.
Income Protection Insurance is probably the most crucial and flexible insurance as it is designed to replace your income if you are unable to work due to sickness or injury. Your most valuable asset is the ability to produce an income and this must be protected.
Income Protection is an extremely flexible policy, you choose the waiting period, this is how long you must be unable to work before the insurance begins to pay you. Variables are 14, 30, 60 and 90 days, 6, 12 and 24 months. Therefore it can be tailored to cover you once any accumulated sick and long service leave are used. The benefit period is how long the policy will pay you if you are unable to work, again this can be tailored: 2 and 5 year benefit, or to a specific age, 55, 60, 65 or 70
Importantly, the cost of income protection is generally a tax deduction.The cost varies significantly based upon the waiting period, benefit period, amount of income insured and the insured occupation. Income Protection Insurance will give you a monthly income when you are unable to work due to an illness or injury. You never know when something will go wrong. You are able to insure your gross income by up to 75% and you may choose a benefit payment period from 2 years till age 70.
The mortgage, school fees, living expenses & bills don't stop when you become disabled and cannot earn an income. You insure your house, your car and boat. Your ability to earn a income is your greatest asset.
There are many policies on the market today with many varied conditions and benefits available. We give you the choice based on your individual needs.
Ask yourself...
What would be your source of income if you had a car accident today and could not go to work for a time?
If you don't know, then you need to contact us.
Trauma Insurance.Trauma Insurance is a living benefit that pays out a lump sum amount on the diagnosis of a traumatic condition.
Major traumatic condition include Cancer, Stroke, Heart Attacks & Open Heart Surgery and also less common conditions such as Paraplegia, Quadriplegia, Blindness, Parkinson's deiese, Multiple Sclerosis, Major Burns etc...
Trauma insurance assists you at a time when you require the money the most. A lump sum payment after a traumatic event would enable you to:
Trauma policies pay a lump sum in the event of an injury or sickness as defined in the policy, for example cancer, heart attack, stroke. This can be taken as a stand alone policy, or attached to a life insurance policy.
There are basic trauma policies and there are extended trauma policies that cover a greater level of events (we only quote on the extended cover).
You are more likely to suffer a Trauma event than to die these days therefore it's not a costly Insurance to have, and it should form part of any complete insurance coverage. The important thing to remember is that with a trauma event you do not need as much cover as life insurance.
Our lifestyle and the pressures we face from day to day can present us with a serious illness. Most of us hear regularly about someone who has been suddenly diagnosed with cancer or a serious medical condition, who has suffered a heart attack or even died.
If you were diagnosed with cancer or suffered a heart attack, wouldn't it be great to receive a lump sum payment shortly after diagnosis to assist you in treatment and provide you with funds to consider your future. Take an extended holiday, pay off debt, funds available to consider alternative treatments, find the best Doctors and concentrate on recovering.
"Statistics show us that on average 1 in 4 women and 1 in 3 men will suffer from a cancer during their lifetime." Cancer in NSW, 1998
"Cardiovascular disease was the leading cause of death among Australians in 1998, accounting for 40% of deaths." Aust Heart Foundation, 2001
Medicine today is constantly being upgraded and developed and many people who would have passed away 10 to 20 years ago, are today being treated and cured.
A trauma policy is similar to a Life Insurance policy - the advantage is that you do not need to die to receive the funds. Many companies will offer cover for these illnesses. (guide only please see company PDS for exact coverage).
Trauma insurance is another component for an overall risk protection plan. Please contact our office for an information kit to be sent to you with detailed information.
How would you cope financially if you suffered a traumatic event today?
If you don't know, then you need to contact our office.
Total & Permanent Disablement Cover (TPD)TPD cover offers the life insured protection and financial peice of mind if they become Total & Permanent disable. In the event that you are unlikely to work again due to sickness or accident, then a claim is paid. This money can be used to:
How would you cope financially if you were totally and permanently disabled today?
If you don't know, then you need to contact our office. |
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