Personal Risk Advice
No one likes to think how they or their family will be affected if they were to experience a serious illness or accident or, even worse , if the event is fatal.
We strongly believe that the level and types of cover that you pay premiums for should directly relate to your needs and objectives.
This is why we spend the time during the initial discussions with you getting to know & understand those areas of your lives that are important to you.
A personal wealth protection strategy uses the different types of Cover – see below – available in the market to ensure that those goals are protected in the most efficient way, taking into account:
– Types of cover
– Level of cover
– Most appropriate insurance provider
– Ownership (Self, Spouse, Company, Trust, Superannuation)
– Estate Planning considerations
– Tax
– Premium Cost (Gross and Net of Tax)
Our advice is always provided via a formal document, a Statement of Advice, which will give you the peace of mind that once implemented your needs and objectives can still be met even in a crisis.
We also recognise that over time your circumstances will inevitably change and therefore are fully committed to reviewing our advice strategies on a regular basis to ensure they continue to remain relevant to you.
Life Insurance
Life or Term Life Insurance pays a lump sum amount if you die or are diagnosed with a terminal illness.
Purpose
The objectives of taking out a life cover policy can be a combination of the following goals :
– To protect the family home by clearing outstanding debts.
– To protect children’s education by providing ‘earmarked’ funds at the right time.
– To ensure that family lifestyle and goals can be maintained by providing sufficient capital to replace lost income.
– To provide for disabled dependents by establishing the capital and income to meet their needs over time.
– To equalise estates where assets are difficult to realise or split. e.g. farming concerns.
Total & Permanent Disability Insurance
Total & Permanent Disablement (TPD) Insurance pays a lump sum benefit if you suffer an illness or injury which results in a permanent disability and means you are unable to work in your usual occupation again.
Purpose
The objectives to consider when establishing a TPD policy are, generally, as follows:
– To protect the family home by clearing outstanding debts.
– To protect children’s education by providing ‘earmarked’ funds at the right time as earned income ceases.
– To ensure that family lifestyle and goals can be maintained by providing sufficient capital to replace income.
– To provide for disabled dependents by establishing the capital and income to meet their needs over time.
– To provide additional financial help towards medical expenses which can be significant both upfront and over time.
Trauma Insurance
Trauma Insurance (sometimes referred to as Critical Illness or Living Insurance) pays a lump sum benefit if you suffer from one of a range of specific medical conditions. The main illnesses covered are cancer, heart conditions or stroke but there are also other, less common events such as loss of limb, organ transplant and Parkinson’s disease, plus approximately 35 further conditions.
Purpose
The proceeds of a trauma policy are often used as follows:
– To protect the family home by provision of funds for either full or partial repayment of debt.
– To protect children’s education by providing ‘earmarked’ funds at the right time as earned income ceases.
– To provide an income to enable the client to concentrate on their recovery rather than being pressured to return to work
– To provide additional financial help towards medical expenses which can be significant both upfront and over time.
Income Protection
Income Protection Insurance provides you with a monthly income if you are unable to work as a result of accident or illness.
Purpose
We view this type of protection as one of the most important covers as it is used to protect your biggest asset, that is, your ability to provide an income both now and in the future.
Most clients goals and objectives for both themselves and their family, are generally tied to their ability to continue to produce an income and with this income suddenly gone all their aspirations are in jeopardy.
