Securing your financial future by protecting what you have now.
Whatever you build will not stand for long without a firm foundation. The same is true for your finances. Its important to protect what you have, your lifestyle and your family by considering personal and business insurances.
Types of insurances you might want to consider:
Life Cover – provides a lump sum in the event that you die or are diagnosed with a terminal illness. This cover provides financial security for your family by covering debt and lost income and providing for extra expenses if either you or your spouse pass away.
Life cover is often very cost-effective and premiums can be paid from super, so there is no out of pocket expense for you.
Total and Permanent Disability Insurance – pays a lump sum in the event that you are totally and permanently disabled and it is determined that you will never work again.
The lump sum pay out is typically used to replace some lost future income and to meet the additional medical and rehabilitation expenses. Again the premiums may be debited from super.
Critical Illness – provides a lump sum amount in the event that you are diagnosed with a major medical trauma, for example, cancer, heart attack, stroke, or any one of a number of listed conditions.
Typically these funds are used to meet additional medical expenses and allow you to spend time with your family, doing what you enjoy, while you recover. Whilst the Australian health system is arguably one of the best in the world, there are many drugs and treatment options that are not yet available via the public system and the costs of self-funding these alternative approaches can be prohibitive. Having access to a lump sum pay out at this time can ease financial pressure at an already difficult time.
Children’s Trauma Insurance – when taking out an adult trauma insurance policy it is also possible to extend cover to include any children (under 18). Looking after a very sick child is an emotional and traumatic process. Whilst the cost of medical care may be covered under the public health system and your private health insurance, additional costs, such as getting extra help at home and giving up work to care for your child, won’t be.
Income Protection Insurance – pays a monthly benefit if you are unable to work for an extended period of time due to sickness or injury . This type of insurance is generally regarded as forming the foundation of your risk mitigation strategy. It is required by people in every stage of their working life. Whether you are single, partnered, have just got your first mortgage or have a number of investment properties, this insurance ensures you are able to continue to meet your expenses and keep your wealth accumulation goals on track. The premiums can be deducted from your super balance, or are tax deductible if you elect to pay them from your cash flow.
Business Risk Insurance – as a business owner, you and perhaps a few staff, are responsible for the day-to-day running and income generation of your business. The illness or death of any of these key people could have a devastating effect on your business and your financial future. There are a number of business risk insurances designed to mitigate the risk of financial loss to your business if one of these events occurred.
Different people have different insurance needs
Your need for cover depends on many factors such as your life stage, your personal circumstances, whether you are a business owner or whether you have a mortgage. Purely FP will work with you to understand the specific risks you face and identify any gaps in your existing insurance arrangements.
We are able to broker a competitively priced deal for you with the provider that best suits your individual needs, before managing the application process on your behalf. And if the worst happens, we are there to help when you need to make a claim.
Insurance is about buying peace of mind and insurance with Purely FP is about peace of mind with friendly, personal service and people who will be with you every step of the way.
We can also refer you to Estate Planning lawyers who can ensure that your hard-earned wealth and assets are passed on to your spouse, your children or other foundations such as charities. They can assist you by preparing or updating your will, attending to Powers of Attorney and establishing Guardianships for your children.
Book a complimentary 15-minute phone appointment today.