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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?

• Would you need to sell your home?
• What would happen to your home loan if you were no longer able to obtain an income?
• Would you need to sell the house in order to repay the debt?
• If the worst were to happen, who would provide finances to your family if you die?

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:

• Eliminate all your liabilities
• Provide a lump sum to cover lost income
• Have the same lifestyle before the incident
• Cover your children’s education expenses

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:

• Do we hold the policy inside or outside of Superannuation?
• What are the pros and cons?
• Any or Own occupation for TPD cover? What is the difference?

Types of Insurance we can look at for you:

Income Protection

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;

• Your age and gender
• Whether you are an office worker or perform manual based labour
• The period you choose to wait between not being able to work and receiving payment
• How long you will continue to receive payments if you remain unable to work
• Whether or not you smoke
• Any additional benefits within your policy

Different companies offer different options. Goal Financial Services can help you with the best package to suit your individual needs

Life and Total & Permanent Disability Insurance

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:

• Clear your mortgage and other debts
• Meet ongoing household expenses
• Look after your children’s education

In the event of Total and Permanent Disability, then a lump sum payout could include cover for the above expenses, in addition to covering:

• Make home modifications or pay for rehabilitation
• Cover nursing or other medical care
• Allow retraining in another field if possible

Nothing but time can ease the pain or loss but financial security can make it easier to move forward.

Trauma Insurance

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.

Business Protection

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

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:

• Replace lost revenue and/or cover
• Cost to recruit and retrain
• Provide capital to help business to remain in operation and cover business against loss of key clients, income and goodwill.

Business Expense Insurance

• Business expenses insurance helps business owners pay fix monthly expenses in eh event they are totally disabled and noble to work and due to their disablement the business does not have sufficient funds to cover ongoing expenses.
• Expenses such as employees’ (non-income earnings) salaries, business loan repayments, rents rates, and electricity, water, and gas bills can quickly mount up and be financially crippling for a business when one of its owners is noble to work. You can be confident that you will be recommended a competitive policy which is right for you, your family and business.

Succession Planning

• A Succession Plan is vital for your business. You work hard to build a business asset that you and your family enjoy the fruits of, but one day you will leave the business. You may decide to sell or retire but the unexpected could happen and you may become disabled or die.
• A Succession Plan is about planning for when you leave the business it is not just about insurance and the plan will require expert legal advice and involvement of your Accountant. Goal Financial Services will work either with your existing Accountant or Solicitor or can introduce you to new contacts, should you need them.
• If your business is a partnership it is even more important to plan.