The most important financial asset you will ever have is you! It is your ability to earn an ongoing income that is the key to building wealth and without this valuable asset you will not be able to achieve the financial freedom that you desire. That is why it is so important to ensure that you have the appropriate insurance on your life and income.
People with debt and families need to ensure that they do not leave themselves and their dependents in financial difficulties due to illness, disability or death. We have a large range of insurance companies and different products available to ensure that we can find the right product for your needs. Insurances which we are able to assist with are, Life Cover, Total and Permanent Disablement Cover, Income Protection and Critical Illness (Trauma) Cover.
It is not something that any of us like to think about but if you were to die tomorrow, what life would you leave behind for your family? How would they pay the mortgage, school fees, and everyday living expenses?
You may have money in cash savings, or shares, or equity in your home, but turning this into cash may mean your family having to sell assets to survive, which will ultimately affect their lifestyle.
Life Insurance won’t ease the pain your family feels because of your premature death, but it will ease the financial burdens placed upon them. Life Insurance provides a lump sum payment to your nominated beneficiaries in the event of your death or to you upon medical diagnosis of a terminal illness, money which can be used to extinguish debt and leave a cash reserve for those left behind.
“60% of Australian families will run out of money within one year if a main breadwinner dies” The sum of life – June 2007. Comminsure Newsletter August 2008.
Does your family fit into the 60%? Life Insurance, can your family afford for you not to have it?
Total Permanent Disablement (TPD)
TPD cover pays a lump sum if you become totally and permanently disabled due to illness or injury. You may need it if you are unable to work again and need money to survive; or fund disability related expenses (ie, home modifications), or to help maintain your family’s lifestyle if you can no longer work.
A TPD policy can often be provided in conjunction with a Life Insurance policy.
Income Protection Insurance
One of your greatest assets outside of your family and your health is the ability to earn an income. What would the effects be on you and your family if through accident or illness you couldn’t work for an extended period of time?
Income Protection Insurance will pay you a monthly income equal to 75% of your gross income if you are unable to work due to sickness or injury. Income Protection Insurance is very flexible with choices on waiting periods and benefit periods. The premiums you pay for Income Protection are generally tax deductible.
Ask yourself these questions, if you couldn’t work for 6 months
Do you have cash reserves to fall back on?
How long would those reserves last?
Do you want to rely on social security payments?
Could you maintain the life style you currently provide your family?
With Income Protection there are a lot of options available to suit each individual’s needs and circumstances.
Trauma Cover targets a specific range of medical conditions that you may suffer in your lifetime and pays you a lump sum upon medical diagnosis of such condition/s by a registered medical practitioner.
Trauma events like cancer, heart disease, stroke, coma, loss of limbs, blindness, burns, major head trauma and many other critical illnesses, injuries and diseases can be covered by trauma insurance.
Why would I need Trauma Cover?
Australians aged between 30 and 64 have a 1 in 3 chance of suffering a major medical illness (e.g. cancer, heart disease). General Cologne Life re Australia 2002. Comminsure Newsletter August 2008.
A lump sum payout trauma cover claim would assist you to clear debts, cover medical expenses and give you some financial breathing space to allow you to recover.
If you would like any further information about any of these insurance cover options please Contact Us