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The
financial planning process is like a road map outlining the steps
that will take you from ‘where you are now’ to ‘where you want to
be’ at some point in the future. However, “what if” something
happens unexpectedly that detours you from your main destination?
Wealth protection covers the “what if” factor.
- What
if you die or become permanently disabled?
- Will
your family have the financial resources to provide for
themselves?
- Will
they have the means to maintain the mortgage
repayments?
- Would
they be forced to sell assets or the family home?
- What
if you are unable to work for an extended period due to illness or
injury?
- Can
you maintain your lifestyle in the absence of an
income?
These
are just some of the issues that many Australians will have to
face. It takes a lot of time and hard work to accumulate wealth and
that's why it's extremely important it's protected.
How do
you protect yourself?
A
properly prepared Wealth Protection Plan will address these issues
with strategies specific to your individual situation. Using
personal risk insurance products such as Life, Trauma, Income
Protection and Total
& Permanent Disablement Insurance, a personalised wealth
protection plan will provide the best strategies for your
protection.
Some
of these strategies include:
- Eliminating
debt, such as mortgage, on death or disability
- Providing
ongoing care for your family on the death of either
parent
- Access
to a lump sum of money in the event of serious injury or critical
illness to fund medical treatment
- Protecting
your greatest asset – your income
Personal
insurance products include:
- Life
Insurance –
Provides for payment of a lump sum on Death or Terminal
Illness.
It can
help pay out a debt, leave funds for a family to live on, meet day
to day living expenses, meet funeral expenses, business key person
replacement and business buy-out.
- Total
& Permanent Disablement Insurance (TPD) –
Provides a lump sum payment in the event that the insured person
becomes totally and permanently disabled.
It can
help pay out a debt, provide money to maintain an
appropriate standard of living, cover medical costs, fund home
renovations, etc.
- Critical
Illness (sometimes called Trauma) insurance –
Provides for payment of a lump sum benefit in the event of
diagnosis of one of the serious medical conditions defined in the
policy.
It can
help pay out debt, fund medical expenses, the cost of lifestyle
changes, home renovations and a back-up income stream.
- Income
Protection Insurance (also known as Salary
Continuance) –
Protects
your ability to earn an income should you suffer illness or injury
- providing financial security for you and your
family.
You
can insure up to 75% of your regular income including fringe
benefits, and premiums are usually tax deductible. Benefits will be
paid for so long as the insured is unable to work, up to the
expiration of the benefit period.
- Business
Expenses Insurance –
for self-employed individuals, provides a reimbursement of
certain regular business expenses such as rent, utilities, lease
costs etc, while the insured person is temporarily unable to work
due to illness or injury.
Contact
us today on (03) 9813-0133 to find out more about Wealth
Protection Insurance and how Pentad can help you achieve your
financial goals. |
