Personal Risk Insurance
Did you know that 60% of Australians with children don’t have enough life insurance cover to allow their partner to support their children for more than a year if they were to die. If you don’t have a plan that can cover your costs if your health fails, it’s worth preparing one.
Personal risk insurance is a vital part of any financial plan. Even the best financial plans can come unstuck following an illness, disablement or death.Insurance cannot help with the emotional stress of losing a loved one, being diagnosed with a major illness or losing your ability to earn an income, but it can protect you and your family against the financial stress of these situations. We can assist you in determining the appropriate amount and type of cover, as well as the appropriate structure for it to be held. We have the ability to recommend cover from a wide range of insurance providers to ensure that you receive the best cover that suits your personal circumstances.
There are various types of personal insurance cover to consider, but most common are:
- Life insurance (or death cover)– Pays a lump sum to your beneficiaries in the event of your death- important to consider if you have dependants
- Total and Permanent Disablment cover – Pays a lump sum if you’re no longer able to work due to total and permanent disablement – important to consider if you have any large ongoing debts, such as a mortgage, and family to support
- Trauma or Critical Illness insurance – Pays a lump sum if you suffer a specific illness or event such as heart attack, stroke or cancer – provides peace of mind for you and your dependants
People readily insure assets such as their house and car in case of a loss, but they often overlook the need to insure their most valuable asset – themselves.
- Strategies to financially protect you, your family and your business in the event of illness, death or disablement.
- Review of existing policies & strategies.
- Ongoing review and advice to ensure you continue to have an appropriate policy and level of cover for your personal circumstances.