Personal Risk Planning & Asset Protection
The wellbeing of our family and the security of their quality of life is the highest priority for parents of all ages. Life can throw many challenges, none more than traumatic or tragic health events which have significant emotional impacts as well as serious financial consequences.
Life insurance can provide financial security to assist you and your family to cope with personal loss or major health emergencies. By ensuring your family is financially secure in times of uncertainty will provide peace of mind allowing you to concentrate on the well fare of your family.
We may not want to think about the likelihood of something happening, but it’s important to be prepared. Knowing which policy will offer you the best protection and provide the proper coverage is critical. Each of the following (or a combination of any) can help ensure you are protected. Seeking professional advice ensures this occurs.
Insurance Obligations for Trustees of Self-Managed Super Funds (SMSF)
As a trustee of an SMSF, it is critical that you are fully aware of your responsibilities in this role. Following amendments to the SIS Regulations in 2012/2013 financial year, the Australia Tax Office (ATO) mandated that SMSF trustees need to ascertain whether they should hold a contract of insurance that provides cover for one or more members of the fund. It is a Trustees responsibility to demonstrate that the fund has complied with this legislation.
Please note: This information is general advice only and does not consider your personal circumstances. Please seek professional advice before making any decisions.
If you have people who depend on you being alive to produce an income or you would like debt repaid in the event of your death, then you are likely to need life insurance. Life insurance (also referred to as term insurance) provides a lump sum payment upon death or terminal illness of the life insured.
TPD (Total and Permanent Disability)
Can you survive financially if you are totally and permanently disabled? In addition to the general cost of living, would you be able to afford any medical expenses associated in your ongoing living in this condition?
Total and Permanent Disability is an added protection benefit often offered with life insurance policies. Generally speaking it covers the insured if they are unable to work in their own or any occupation for which they are suited by training, education or experience
If you cannot live without your income for a prolonged period of time, you generally will need an income protection policy.
Income protection insurance pays up to 75% of your annual income, in monthly benefits, to cover your expenses should you become unable to work. Income protection allows you to maintain your lifestyle as you concentrate on getting better.
Trauma insurance offers protection by providing a lump sum payment in the event you are diagnosed with a major illness or injury. A serious medical event such as a heart attack, stroke or cancer will have a significant impact on you and your family’s life. Trauma insurance is designed to ease the financial impact of a critical illness on your lifestyle by assisting with medical expenses and rehabilitation, lifestyle changes and mortgage payments. Trauma insurance is not based on your ability to work but on whether you suffered the medical event
Child Trauma Insurance
Child Trauma will pay you a lump sum should your eligible child be diagnosed with an injury, illness or pass away. Receiving a lump sum when you need it most provides you with the means to pursue medical treatment, as well as providing financial assistance should you need to take time off work to care for your child.