Manage your financial risks. Get a safety net for your family.
Reviewing your financial risk is usually the last thing on your mind when you’re fit and healthy. But it's those unexpected life events, such as a friend getting sick or a death in the family, that can catch us off guard.
The various forms of life insurance continue to protect families just like yours all over the world. It works just like a financial safety net, you use it to manage your financial risks and to catch you when you fall. When used as a strategic tool, it will provide for those you love and will help you hang on to the things you've worked so hard to attain.
Your life is your most valuable asset - but it isn't the answer that usually comes to mind when you think about your assets. But like all the other valuable assets in your life, such as your home, your car, or even your jewellery - you should protect it so that if something happens to you your family is looked after. Life Cover can help do this by paying a lump sum in the event of your death or diagnosis of a terminal illness. This money can help with your mortgage payments, education expenses for your kids or to go towards creating an income for your family’s future.
Total and Permanent Disablement (TPD) Cover
If you’re totally and permanently disabled, TPD Cover can help ease the financial pressure on you and your family by providing a lump sum payment which can be used to pay medical bills, make home modification or generate an income if you can't ever work again. It can even help with ongoing expenses like paying off the mortgage.
Trauma Cover will pay you a lump sum payment if you’re diagnosed with a serious medical condition like cancer, heart condition or a neurological disorder. You can use the payment to help with the cost of your medical treatments, and for everyday expenses like your mortgage or rent so you can focus on getting better.
Like Trauma Cover for adults, Child Cover can help relieve the financial pressure on families if a child becomes seriously ill. Child Cover is available for a list of defined events including serious medical conditions, and can be used to pay for medical treatments, or give you the financial means to take time off work to be by your child’s side.
Income Protection is designed to replace a portion of your income if you’re unable to work in your normal duties due to sickness or injury. You'll still be able to pay your bills and expenses while you’re getting your health back on track.
Business Expenses Cover
Running your own business can be stressful, especially if you have to take time off work if you’re sick - that’s why Business Expenses Cover was developed. It’s there to help you pay for fixed business expenses like equipment finance, bills or rent by providing a monthly benefit if you’re unable to work due to sickness or injury.
Business Buy/Sell Cover
Do you have a business partner? If you were totally disabled or died, who gets your share of the business, how would this transfer happen - and most importantly, who would pay for it and how? This is a complex area which deals with many unintended outcomes - but can be made very straightforward. You need a good Legal Professional to draw up a Buy/Sell Agreement and your Financial Adviser will use insurance policies so that either business partner has the funds to 'buy' out the other's share of the business. The insurance benefit pays for your share of the business - this means that your family gets paid. And in exchange, your business partner gets full control of your share of the business. Consider this a Will for your business.
Contact me if you've got any questions about how to protect your family against financial risks.