There are many different types of insurance available to help protect your assets and support yourself or your family should you suffer an event.
Protecting loved ones is a natural instinct, but how can you protect them if you're not around? Life Cover helps your family maintain their financial position in the event of your death by providing your beneficiaries with an agreed lump sum.
Total and Permanent Disability insurance offers financial security for the unexpected by providing you with a lump sum benefit if you suffer Total and Permanent Disability and are unable to earn an income again.
"Around half of all Australians aged over 30 will suffer at least one of the seven health conditions that can lead to long-term disability and, consequently, a long-term loss of income." Source: NATSEM, Health and Income in Australia, 2003.
How would your family or loved ones cope if you suffered a stroke or were diagnosed with cancer? Not only might you lose your income through not being able to work, but you might also have to tap into your savings, sell your home or face major costs for medical treatment and rehabilitation. Trauma insurance can help remove many of your financial worries and concentrate on getting better if you became critically ill.
Who will look after your finances if you can't work due to sickness or injury? Health insurance may cover a proportion of your medical bill, but it won't cover your rent or mortgage and living costs. With Income Protection insurance you can receive up to 75% of your regular income if you can't work due to disability.This means you can concentrate on recovering and getting back to work, rather than watching your investments and savings slowly diminish. In addition your premiums may be tax deductible, depending on your individual circumstances.
Business Expense Insurance reimburses certain business expenses when you are unable to work due to total disability. Running a successful business takes time, money and lots of hard work. So insuring your business should be at the top of your mind when you're thinking about what might happen if you were totally disabled and couldn't work. If you're self-employed or in a small partnership, it's even more important to keep the business going, and therefore you need to not only insure your income but the fixed, regular expenses of the business, as well.
Should you wish to discuss your insurance requirements, please contact one of our qualified financial advisors today.
*Alpha Consulting Group (FP) Pty Ltd offers financial advice as an Authorised Representative of Count Financial Limited ABN 19 001 974 625, Australian Financial Services Licence Number 227232 ("Count") using Count's Approved Product List. Count is a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124. Please note that any taxation and accounting services are not endorsed nor the responsibility of Count Financial Limited.