Risk insurance helps protect your income and assets in the event of illness, injury, permanent incapacity, death or a traumatic event. Many of us will insure our home and contents and our car; however, we do not consider what will happen to us and our loved ones if we lose our ability to generate income. Through personal insurance planning you are able to secure your family’s financial stability though different unforeseen events.
The types of considerations we should discuss in case of a trigger event are if you would like to have your mortgage repaid and / or be debt free; would you like funding for your children’s education; do you need lump sum medical or rehabilitation funding; would you like to leave a certain amount of income to your spouse. Risk insurance is a key consideration in your complete financial plan especially when you have dependants.
Different types of insurance that may be relevant for your situation:
- Life insurance
- Total and Permanent Disability insurance
- Income Protection insurance
- Trauma insurance
- Business insurance including key person insurance
Depending on your situation, funding your insurance through your superannuation may best be the most effective way to ensure your cashflow is not effected too heavily. Speaking with us can help provide you with the peace of mind that you and your family will have long term financial protection in place.