Protecting your wealth is just as important as having a financial plan that builds your wealth.
Life is full of uncertainty and often the unexpected can occur. The sudden death, illness or injury of a loved one can place both an enormous emotional and financial strain on you and your family. Having a financial safety net in place can help ensure that you and your family are financially protected during a difficult time.
Most people probably don’t think twice about insuring their car and home and contents, as these products are designed to protect you from everyday risks. But often overlooked is the need to insure your most valuable assets – your health and your income.
The 4 main areas of Personal Protection are:
- Life Insurance – also referred to as term insurance and death cover, pays a lump sum if you die. It protects your family if you are no longer around to support them. While most people think that life insurance is only for the main income earner, the person who takes care of the family is also a large contributor to the home.
- Income Protection Insurance – Your earning capacity is probably one of your greatest assets. Have you ever thought about what would happen if you became ill or injured and couldn’t work for a long period of time? Income protection insurance provides a monthly payment stream to replace lost income if you are unable to work due to injury or sickness. It is designed to help you maintain a reasonable standard of living, while you are unable to continue earning your regular income.
Income protection insurance is an important consideration for anyone who relies on an income, but it is also very important for self-employed people, small business owners or professionals whose business relies heavily on their ability to work. - Total Permanent Disability Insurance (TPD) – Pays a lump sum to help support you if as a result of illness or injury you are unable to work in your usual occupation or chosen field of employment. Payments under a TPD policy are generally not made until the insurer believes that you are unlikely to work again.
- Trauma Insurance – Pays a lump sum to help support you if you are diagnosed with a specified major medical condition as outlined in the policy. This may include types of cancer, heart attack or stroke. Trauma cover is designed to assist you with medical costs and living expenses, during your recovery period.
At Bayside Financial Planning we understand that everyone’s needs are different and through using our industry experts we can tailor your insurance cover to meet your needs and budgets while aiming to maximise the level of cover possible.
We will ensure your financial plan is tailored to encompass all of your personal insurance needs.
If you do need to make an insurance claim, we are there to assist you and to take care of the claim process and deal with the insurer, enabling you to focus on your recovery.
If you are not currently covered by the above insurances, please call us on 3822 3437 to arrange a consultation with one of our Financial Planners.