Insurance and Risk Management
Income Protection (Sickness and Accident Cover)
Your greatest asset in life is your ability to earn an income – so why wouldn’t you insure it?
Imagine you stopped getting paid tomorrow. How long would you be able to cope financially? Bills won’t stop coming in and you may have significant medical costs depending on why you are not working. Also if you have any debts, the bank won’t stop charging interest. But accidents happen – so do illnesses.
In fact one out of every three Australians will be unable to work for more than three months at some stage in their lives because of sickness or injury (Source: Institute of Actuaries – Report to the Disability Committee, May 1995).
Benefits of Income Protection Insurance
Income Protection or Sickness and Accident Cover will pay you a percentage (up to 80%) of your pre-tax income if you can’t work because of sickness and injury. This money could go a long way to keeping your household, or your business, running while you concentrate on your recovery.
Did you know?
Income protection or Sickness and Accident Cover premiums may be tax-deductible, which could significantly reduce the effective cost of your insurance.
Life Insurance Cover
Life Insurance Cover can provide a cash lump sum or installment payments to your estate or in accordance with your directions if you die within the duration of your policy. The cash lump sum may also be advanced if you are diagnosed with a terminal illness, and have less then twelve months to live. We have proven experience in this area and will be there every step of the way in the unfortunate event of a claim.
How Much Cover is Enough?
Often people wonder how much Life Insurance Cover is enough. Well, this is a difficult question – how long will you live for? A simple approach is to plan for the worst case scenario and we can calculate how much your family will need to ensure their financial security if this was to occur.
Trauma Protection (Recovery Insurance)
Trauma Cover or Recovery Insurance provides a lump sum when you are diagnosed with one of several specified conditions, such as the big ones; heart disease and cancer.
We all know someone who has suffered such a condition however, what if you were the one who needed looking after?
Everyone has their own ways of trying to stay healthy. However, sometimes even the healthiest people suffer accidents or get diagnosed with diseases they had no chance of preventing – like cancer.
What if Something Happened to You?
Such sicknesses or injuries have wide-reaching repercussions for any family. It could stop you from working and also heavily impact your lifestyle and financial position, maybe even keep you in need of constant medical care.
A quality trauma insurance plan can give you the security of knowing you and your family will receive a lump sum amount if you experience any one of a defined list of medical conditions including cancer.
Disablement Protection (Total and Permanent Disablement Insurance)
Try as you might, some health problems just can’t be avoided.
And you can’t always count on getting better. If a serious accident or illness left you unable to work, where would the money come from to pay the bills and possible medical expenses?
What Disablement Cover Can Offer
Disablement Cover pays a lump sum if you are totally and permanently disabled. This money can help replace your income, cover your medical expenses plus rehabilitation costs, and generally keep you and your family running during a difficult time.
Total and Permanent Disablement Insurance (TPD Cover) – inside and outside superannuation?
You may be able to hold your TPD insurance cover inside a self-managed super fund or alternative super fund – meaning you can pay your premiums out of pre-tax dollars.
This won’t make your premiums any lower, but it could mean an effective saving of up to 46.5% (the top marginal tax bracket). There are often restrictions associated with holding TPD cover in super, however talk to us before you make a decision.