Protecting yourself, your family and/or your business
Our advice will give you piece of mind and answer the following common questions:
- How much cover do I need?
- Do I have enough already?
- Will my family be OK if something happens to me?
- Should I structure cover via superannuation or privately?
- Are the benefits taxable?
In order to answer these questions for you, we need to take into account:
- Your current financial position & desired clearance of debt if something happened
- Your lifestyle requirements (e.g. living expenses, childcare and/or kids private schooling)
- If you have a spouse whether they will cease work, return to work or work less if something happened
- Cash flow implications (e.g. impact of holding insurance within superannuation) and tax minimisation.
Once coverage is in place, regular reviews are important to ensure that the cover remains relevant for your circumstances.
The 4 types of cover available are:
- Life cover – a lump sum payable upon death
- Total & Permanent Disablement (TPD) – lump sum payable where individuals are ‘unlikely’ or ‘unable’ to ever work again
- Critical Illness (Trauma) – lump sum or partial payment payable on diagnosis of specified conditions ie. cancer, heart attack, stroke
- Income protection (salary continuance if in super) – monthly payment payable for a specified benefit period which replaces up to 75% of your income if unable to work due to illness or injury
For business owners you may have some additional requirements that need to be addressed to ensure your business can continue running and protect you from financial loss. This may include protecting:
- the business against the loss of a key person
- the owner’s interest in the business and facilitate a handover (may involve a buy/sell agreement)
- assets of the business by clearing liabilities
- fixed expenses of the business
Contact us to discuss further or arrange a meeting.