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.