Whatever life sends your way, it’s important to know that the financial wellbeing of you, your family and your business interests are secure. Insurance is a vital (but often overlooked) element in the financial planning process. Our Financial Planners can provide advice on the right insurance mix to provide the peace of mind and adequate coverage to protect the things that matter to you the most.
If one of life’s ‘what if’ moments happens – such as loss or interruption of income, injury of death – it’s critical that your income and assets are protected by the right level of personal insurances.
With many Australians either failing to have adequate levels of insurance or having no insurance at all, our Financial Advisers will ensure you have the right cover that will protect your family and your assets through life insurance (including total permanent disability), trauma and income protection insurance. Appropriate insurance cover is also a key element in many of our recommended estate and succession planning strategies.
The most common type of insurance cover is term life insurance, which provides a lump sum benefit to the policy owner in the event of death of the person who is insured. This cover financially protects families and/or businesses from the financial challenges arising from death and can provide important peace of mind and security during difficult times. This lump sum can help with areas such as repayment of debts, covering future needs such as the cost of children’s education or long-term care, providing funds for investment to generate an income stream or to keep a business afloat.
Total and permanent disability (TPD) insurance will provide a lump sum payment should you suffer an illness or injury which causes permanent disability (as defined in the policy). Generally, a permanent disability means that you are unable to work in your current occupation, a job that you’ve worked in, or a job that you could do as a result of previous training or study. There are many specialised definitions of TPD, and our Financial Advisers can recommend the one most suitable for you.
Income protection (or salary continuance) insurance is designed to provide a regular income in the event that you are unable to work due to sickness or injury. Income protection insurance generally provides a regular income during a period of disablement, up to a pre-determined and agreed benefit period. The benefit amount payable is up to 75% of your income (net of business expenses but before tax), and many policies will also cover your super guarantee payments into your super fund.
Trauma insurance (or critical illness) cover provides a lump sum benefit on diagnosis of a defined specified event. Trauma insurance is designed to help people financially following a trauma or crisis, such as a heart attack, stroke, cancer or other life-threatening condition.
You’ve worked hard to build a successful business – so it’s important to ensure that your hard work and assets will be protected if an unfortunate event does occur. Our business solutions provide further protection for business operators beyond personal insurance, if they become disabled, ill or pass away.
Our Financial Advisers can provide advice on the right insurance solutions for your business, including:
With many businesses investing significant amounts of money in physical assets and infrastructure, could your business afford to replace them in the event of loss, damage or theft? Business insurance insures your buildings, machinery, shops, tools and materials through standard asset protection policies.
If you suffer an illness or injury and are unable to work, Business Expenses insurance can help to cover your fixed business costs and keep your business afloat while you are recuperating. This type of cover generally pays a monthly benefit to reimburse you for certain regular fixed business expenses such as rent, utilities, lease costs, or a locum. However, it’s important to note that not all expenses will be covered, so speak to your Financial Adviser to make sure that you have the right level of cover.
Key person insurance can be implemented to minimise the impact on your business in the event of the loss of a key staff member through injury, illness or death. This cover can be used for a number of purposes, such as providing money to compensate for a loss of revenue or to cover the cost of replacing the employee. Alternatively, the cover can provide funds to repay or reduce debt, personal guarantees or settle loan accounts.
Ownership protection helps business owners put in place a plan of action that can be implemented should one of them pass away or be unable to continue participating in the business due to disability, injury or illness. Business continuation plans (including buy/sell agreements) can provide protection and security for business owners in these situations by ensuring the continuous smooth running or ownership transfer of the business.