Insurance is a critical part of the financial planning process
Asset protection is just as important in ensuring that you have a holistic financial plan in place.
What happens to your home loan if you cannot pay the mortgage?
Do you fall into the “It will never happen to me” category?
If so, you have probably never considered risk insurance. Chances are you have already got home and car insurance, which begs the question – how much more is your life and the future of your family worth compared to your car?
You cannot predict accident, trauma, sickness or death, but you can plan for it and reduce the financial risk of such unfortunate, emotionally charged circumstances.
There are many different types of risk insurance including Life, Total and Permanent Disablement and Salary Continuance to name a few.
Knowing this, stop and ask yourself if you would like any or all of the following to happen in the event of your death or disablement:
All of these issues can be discussed and generally solved with some quality “risk” planning. This will involve detailing your goals and objectives and providing a solution to match those needs. Additionally, we will have additional conversations regarding:
Types of Insurance we can look at for you:
At some point, just about everyone, especially business owners and the self-employed have dragged themselves off to work with a raging case of the flu or a mangled finger or a bad back because not working means not earning.
Everyone knows of someone who has returned too early from an injury making a temporary problem permanent. If you have ever struggled through a day thinking that you shouldn’t really be there then you already know that Income Protection Insurance is a good thing.
Complete security for you & your family
This can come in many variations but generally works out to about 75% of your income after a set period off work.
Premiums and cover can vary based on things like;
Different companies offer different options. Goal Financial Services can help you with the best package to suit your individual needs
Money will never replace the loss of a loved one. Nor can it make being unable to ever return to your chosen profession more acceptable. This is the dark side of setting up a personal protection plan.
You hope you will never need it – and so do we!
But, if the unthinkable comes to pass, then a lump sum payout could:
In the event of Total and Permanent Disability, then a lump sum payout could include cover for the above expenses, in addition to covering:
Nothing but time can ease the pain or loss but financial security can make it easier to move forward.
Trauma (or Critical Illness) insurance pays you a lump sum payment in the event that you are diagnosed with a specified illness including; but not limited to, cancer, heart attack, coronary bypass and stroke.
Trauma insurance is designed to provide you with a lump sum payment when you need it most. It is generally the most expensive insurance product, reflecting the cost of a policy that is most claimed upon.
You do not have to die…
A trauma claim can be made once the diagnosis is confirmed – not if and when you die of the condition. It provides you and your family with a cash lump sum to use as you need – whether for medical care or to pay off debts (including your mortgage) to relieve financial pressure.
How much is your business worth to you?
If your business is a partnership it is even more important to plan. How would your business cope if one of your partners or a key employee did not turn up for work tomorrow and was unable to return for a length of time?
Would you suffer lost revenue?
Would you need additional funds to recruit and train someone to fill their place? In this instance there may be a solution by looking at a Key Person Insurance policy to cover the business against an unforeseen event.
Key Person Insurance is essentially life, total and permanent disability (TPD) and trauma insurance taken out by your business on your life of a person critical to the business. In the unfortunate event that the person dies or has to leave your business due to TPD or serious medical trauma, your business will receive a lump sum payment you can use at this critical time to: