Protecting what matters most
Most people wouldn’t dream of leaving their motor vehicle, home or contents uninsured so why take a risk with your greatest asset – your life and your ability to earn income. Without adequate cover, the wealth you have built up or have the potential to build can deplete quickly which puts more pressure on your loved ones at an already difficult time.
It’s not only you who gets hurt in an accident
Choosing a level of personal insurance cover suited to your financial situation will provide you with peace of mind that your family will be provided for should the unexpected happen. An appropriate level of cover will ensure that:
- Mortgage payments are met
- Your standard of living is maintained
- There is provision to repay debt
- Provision for childcare, a housekeeper/nanny if you have young children
- Funds to meet your children’s future education needs
The following types of personal insurance cover are available:
Term Life Insurance
|Provides a lump sum in the event of death.|
Total & Permanent Disability Insurance (TPD)
|Provides a lump sum if you suffer a total and permanent disability and are unable to work again.|
|Pays a lump sum if you suffer a major illness such as heart attack, stroke or cancer.|
Income Protection Insurance
|Provides a monthly payment of up to 75% of your income if you are unable to work due to sickness or accident.|
Business Expense Insurance
|Provides monies for certain regular business expenses generally for a period of up to 12 months.|
The amount of cover required depends upon your level of assets, your level of debt and how many dependants you have. It is important that you accurately calculate how much cover you need because this is what you and your family will have to live on in the future.
Holding all or part of your cover through your superannuation fund can often prove to be a tax effective strategy for many or simply a way to lower out of pocket expenses by funding your insurance premiums from your superannuation, however if it is not structured correctly an unexpected taxation liability can occur. This highlights the need to seek professional advice to ensure your insurance cover is structured correctly.
Your Lifespan financial adviser will be able to assist in formulating a personal insurance plan which is tailored to your personal needs taking into account lifestyles issues, your cash flow requirements and your existing asset base.