Personal Insurance
What is insurance? It’s all about risk
Risk is the chance of an event resulting in loss – something valuable getting stolen or a person suffering injury. Insurance doesn’t remove the risk of accident, illness or injury but it provides compensation and financial security for the policyholder – you and/or your family – if something bad happens.
There is a significant underinsurance problem in Australia. Industry bodies such as IFSA (the Investment and Financial Services Association) believe much of this underinsurance is the result of a poor understanding of how insurance works and of the financial risks we face throughout our lives.
Selecting the right insurance cover is an important exercise; and as an adviser we can help.
The table below outlines some of the basics.
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Need |
Suitable insurance cover? |
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How could I pay the bills and care for my family if I was injured and had to stop working? |
Disability Income Insurance could give you a monthly payment of up to 75% of your income if you became disabled and unable to work. |
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Who would take care of my family financially if I wasn’t around? |
Life Insurance can provide your family with a lump sum payment to help them maintain their financial position in the event of your death. |
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How could I take care of myself and my family if I was injured and wasn’t able to work again? |
Total and Permanent Disability Insurance can pay you a lump sum if you suffer total and permanent disability and are unlikely to be able to work ever again. |
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If I were to fall ill, how could I focus on getting better, and not worry about my finances? |
Trauma Insurance helps reduce your financial worries by paying a cash lump sum if you develop certain conditions or suffer certain medical events. |
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How could I Protect my Business from unplanned events? |
Business Insurance ensures Asset, Revenue & Ownership Protection at the time of an unplanned event. |
All Covered?
Insurance is an important part of your overall financial plan within your investment plan. Professional advice on insurance has a number of benefits:
- An adviser can make recommendations about insurance that complements your investment decisions as part of your overall financial plan.
- An adviser can help you clarify the right mix of insurances - which ones you need, which ones you don't, and how much cover for each.
- An adviser can help you take a holistic view - devising an insurance strategy that takes into account your family's needs as well as the right insurance strategy for a business parter.
- Superannuation and insurance play complementary roles in a financial plan, and an adviser can ensure that they do so successfully.
- Insurance payouts have some unique tax and estate planning features. An adviser can help you manage these and can also make sure you enjoy any tax deductions available on your premiums.
- An adviser can speed up much of the paperwork and administration involved in applying for and reviewing your policies.
If you would like to know more about insurance, please see the links to the right.
Do not hesitate to contact our Risk Specialist, Anjum Bhatia on 02 62854188 or at Anjum_Bhatia@godfreypembroke.com.au if you have any queries or would like to discuss your current insurance and risk management strategies.