Insurance – Don’t just leave things to chance
Many Australians are not adequately protecting themselves from unexpected illness or injury – which, in turn, means they are failing to protect their family and lifestyle. It’s not easy to contemplate how misfortune could affect you or your family but the issue is best not avoided.
“Unforeseen circumstances crop up all the time,” says Mark, as the risk adviser or insurance broker from CLY Financial Planning, ”Unfortunately, it is often only when something unexpected occurs that people realize the importance of protection.”
Expenses result from illness
Insurance provides financial protection for you and your family in the event of serious illness, injury or death. The financial stress of surviving a serious illness, such as a heart attack, may be even higher than expected due to the associated medical costs and lost income while recovering.
Some expenses that may result from a serious illness include:
- Paying for specialist or international medical attention
- Covering the cost of related modifications to your home
- Paying outstanding debts, bills and daily living expenses while recovering
- Having to use your savings to replace income whilst off work.
Risk Planning Strategies
Risk planning provides emotional security for both you and your family, and among other things, ensures your long-term financial goals are maintained – whether you are retired, nearing retirement or still working.
As professional risk advisor / insurance broker, we are many types of risk protection options to protect you and your family in the event of serious illness, injury or death. These include life, total and permanent disablement (TPD), trauma and income protection.
Life Insurance / Life Cover
Life insurance is also knows as term life insurance or death cover. It pays out a set amount of money in the event of the insured person’s death.
Total and Permanent Disablement Insurance (TPD Insurance) / TPD Cover
Total and Permanent Disablement insurance (TPD insurance) provides a tax-free lump sum if you are unable to work again due to illness or injury. Income protection is also important because it protects one of your most valuable assets – your ability to earn an income.
Trauma Insurance / Trauma Cover
Trauma insurance provides a tax-free lump sum, or instalments, to be paid on the diagnosis of a range of specified conditions including major illnesses such as cancer, heart attack and stroke.
Income Protection Insurance / Income Protection Cover
Income protection insurance protects one of your most valuable assets – your ability to earn an income. Income protection can provide up to 80% of your regular income as a monthly payment, if you are unable to work due to illness, accident or injury.
Risk planning provided by our risk adviser helps you cover the things that are most important to you and is therefore an essential part of any financial plan. Protecting your wealth, and in turn you and your family’s lifestyle can be addressed in many ways. Please Contact Us if you are interested or want to know more about risk planning or personal insurance. Our financial adviser from CLY Financial Planning can help you work through the different types of policies and can guide you on which protection will suit your needs.