Risk Insurance
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 can 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 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 and Key Person insurance
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