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Would you drive your car without a spare tyre? That’s what insurance is a safety net. Providing cover when it’s needed most.
You wouldn’t dream of leaving your home, contents and car uninsured so why take a risk with your greatest asset –your ability to earn money.
Without adequate cover, your savings are quickly depleted which puts pressure on loved ones at an already difficult time. It’s precisely at this time you should be focused on recovery not worrying about how you’re going to pay your bills.
A good level of cover ensures:
- Mortgage payments are met
- Your standard of living is maintained
- Provision to repay debts
- Provision for an extra pair of hands if you have young children
- Funds to meet your children’s future education needs
Examples of personal insurance cover
| Income Protection | Provides a monthly payment of up to 75% of your income if you are unable to work due to sickness or accident. |
| Trauma/ Critical Illness | Pays a lump sum if you suffer a major illness such as heart attack, stroke or cancer. |
| Total & Permanent Disability Insurance (TPD) | Provides a lump sum if you suffer a total and permanent disability and are unable to work again. |
| Term Life Insurance | Provides a lump sum in the event of death. |
| Business Expense Insurance | Provides monies for certain regular business expenses generally for a period of up to 12 months. |
The amount of cover you need is dependent upon
- Current assets
- Current debt
- Number of dependants
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.
It can be tax effective to hold some cover through the superannuation environment however if it is not structured correctly an unexpected taxation liability may occur. This highlights the need to seek professional advice to ensure your insurance cover is structured correctly.
The hardest part is working out how much cover your need. That’s where we help. Our dedicated staff will assist in formulate a personal insurance plan which is tailored to your personal needs.
All financial planning services are provided through our licensee, Professional Investment Services Pty Ltd ABN 11 074 608 558, Australian Financial Services Licence Number 234951
