Wealth Protection

If you died today, would you want your family to be better off, worse off, or at least as well off financially? Whilst most of us don’t want to think about unpleasant events such as death, disability, unemployment or property loss, it’s important to do so for personal and family well being.

A Wealth Protection plan can ensure that your family is financially secure, rather than left to struggle if you’re not around. For example, for every home lost to fire, there are about 48 lost due to disability.

Even if you’re fit and healthy today, insurance is important to help you protect your lifestyle, your independence and cover your debts, in case of accident or illness. In our experience insurers do pay legitimate claims, and insurance suited to your needs can be more affordable than you think.

Do you have insurance in your super fund? Many people don’t understand the type and levels of cover that they have available in their fund. You may already have some cover through your fund, but it’s best to check whether it meets your needs. You should contact your super fund, or check your annual statement, to see what level – and types – of cover you already have. Then speak to us about whether this is right for your needs.

Are You Covered?

Do you have your car insured? Your house? Your income? Many people don’t insure their income – which is generally their most important asset.

In the event that you couldn’t work for a prolonged period of time, ideally how much of your income would you want replaced, from 0%-100%? Income Protection cover can help you cover the bills, pay your rent or mortgage, cover medical expenses and continue to fund your lifestyle if you can’t work because you get sick or injured.

Private health insurance provides valuable protection against the medical expenses associated with sickness and injury. But this is where it starts and stops: it’s for medical expenses only. It won’t cover your bills, debts or replace your lost income if you have to take an extended period off work due to illness or injury. Private health insurance also may not cover the total cost of your treatment, or rehabilitation – potentially leaving you with a ‘gap’ that needs to be paid out of your own pocket.

In addition the Government, through Centrelink, provides financial assistance for people who suffer a serious disability. But the Disability Support Pension doesn’t go far and there are rules around who is eligible for it. This could leave you with a funding gap when it comes to covering the bills, your rent or mortgage, medical expenses and your lifestyle.

If you’re making decisions about protecting yourself and family’s financial well being, then you need a comprehensive wealth protection plan in place. Talk to us to find out more.