Insurance Cover is a vital part of any Financial Planning, especially when you have loved ones you want to protect or assets you have worked hard to achieve that you do not want to lose. There are a few different Insurances you can consider when putting together your Financial Plan.
A Life Insurance policy will provide a lump sum payment upon the life insured’s death. This lump sum can be paid to the life insured’s nominated Beneficiary or to their Estate. It is our priority to ensure you are covered for a suitable amount of Life Insurance cover to help you pay off debts, provide funds to a surviving spouse, children and/or any other capital or ongoing expenses.
Total & Permanent Disability Insurance
Total & Permanent Disability (TPD) Insurance pays a lump sum to you if you become total and permanently incapacitated due to a serious injury or illness. TPD Insurance can be assessed under two different variables which will vary based on your occupation and also which insurer you apply under.
Your TPD Insurance can cover you for either:
Own Occupation – requiring you to be unable to work again in the role you were working in prior to your disability. This cover tends to be more costly and is only available outside of super.
Any Occupation – requiring you to be unable to ever return to work again in any role suited to your education, training or experience. This cover is more affordable as there is a higher threshold to claim so it is less likely to pay out.
Trauma Insurance also referred to as ‘critical illness’ or ‘recovery insurance’ can pay out a lump sum if you are diagnosed with or suffer from a major medical condition such as a heart attack, stroke or cancer.
Trauma Insurance can be used to help pay for:
- Medical Expenses
- General living expenses to help maintain your lifestyle
- Therapy, rehabilitation, nursing and special transport
- Covering debts including mortgage and other loan repayments
Income Protection Insurance is a monthly benefit paid to replace your income if you are unable to work due to illness or injury. You can be paid up to 75% of your pre-tax income once you have met the specific Waiting Period requirements. It is important to ensure you are aware of your Waiting Period so that you know how long you would need wait until you start receiving insurance benefits.
There are also a range of Benefit Periods you can select however there may be restrictions depending on your age, occupation or other personal or financial reasons.
Business Expenses Insurance
If you are self-employed Business Expenses Insurance can be handy to help replace fixed running costs if you are unable to work due to sickness or injury. This type of Insurance Cover can work similar to Income Protection as far as Waiting and Benefit Periods are concerned.
Some of the above insurances can be paid for either inside or outside your superfund and it is important that you speak with us to get the right cover for you that is both cost and tax effective.
Call us today on 07 4779 0555 to arrange an appointment with Jemmy or Laura to discuss your goals and objectives.