Different insurance policies have different structures and attract tax deduction or offset in a different level, through inside or outside superannuation funds.
A right strategy for Risk Insurance means, you may not need to pay the high premium but you can receive insurance benefits at your desired level.
An important aspect in planning for your future and building financial security is to ensure that you are protected against the unexpected. The only way that you can be 100% certain of having a lump sum paid to your loved ones in the event of your death is by having appropriate life insurance.
Term Life Insurance provides a lump sum to your family, should you pass away during the term of the policy.
As our income is generally seen as our biggest asset, it is extremely important that this asset is protected. Income Protection is designed to replace income in the event of illness or accident, you are unable to work.
Income protection is especially important for those with high income and has many geared investments; a protection of your income will ensure income is guaranteed in the unexpected event.
Total and Permanent Disability Insurance
You should also consider having a Total and Permanent Disability Cover (TPD), to maintain your family’s lifestyle in the event of your disablement. The definition and application of total and permanent disablement varies from insurer to insurer. However, three general variations are applied.
The variations relate to the insured’s inability due to disability to perform:
- their usual occupation
- an occupation for which they are qualified by reason of education, training and experience
- any occupation
With the remarkable advances in modern medicines, more and more people are now surviving major traumas such as heart attack, cancer, coronary artery surgery etc. However, the recovery period and the cost of care associated with such illnesses normally places extreme financial strain on the person suffering the illness.
For this reason a relatively new form of insurance, “Trauma Insurance”, or “Crisis Care”, has been developed. This insurance pays a lump sum to the insured person upon diagnosis of one of a number of specified conditions. Such a payment will assist you and your dependants to be financially secure. While the payment may be used in any way that you like, you may wish to pay for medical expenses not covered by Medicare or your health fund, to clear any liabilities/mortgage you may have, or to take care of bills and expenses.
You are very welcome for the first consultation to discuss your insurance needs.
This information is of a general nature only and does not take into account your personal situation. We advise that you seek advice from a professional adviser before making any decisions about a financial product.