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OUR SERVICES

INSURANCE

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LIFE INSURANCE

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Life Insurance for the clients enables you to protect you and your family in the event of a family member passing away.  Life Insurance is aimed to cover the mortgage so your spouse and children are not left to fund and carry the cost of the loan and in some cases, having to force sell the family home.

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Why you need Life Insurance

In addition, Life Insurance is also designed to cover the following:  

  • Provide a lump sum benefit to fund the ongoing lifestyle and education cost to the surviving spouse and your children

  • Provide a lump sum benefit to clear any other outstanding debts that you may have  

  • Provide a lump sum to cover any funeral cost

  • For families that rely on one working partner earning the income and the other partner looking after the children, provide a lump sum benefit so the working partner can have sufficient capital to fund the ongoing care of the children

 

The above highlights the importance of Life Insurance. More importantly, we assist clients in obtaining the correct structures to hold your life insurance policy for taxation and beneficiary payment reasons.  

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INCOME PROTECTION

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Income Protection Insurance for clients enables you to protect you and your family in the event of you suffering a sickness or injury and are unable to work.

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The Key Features of Income Protection

Income Protection Insurance has many features that you should be aware of and this is where we advise our clients based on their personal and financial situation. Some of these features include:  

  • Income Protection Insurance allows you to cover up to 75% of your salary

  • Income Protection Insurance is tax deductible should this be held in your personal name

  • Income Protection Insurance has various waiting periods (time to claim) such as 14, 30, 60, 90 or 180 days (premiums are cheaper as the waiting period increases)

  • Income Protection Insurance offers various benefit periods or ‘how long you can receive benefits for’

  • This includes 2 years, 5 years or up to 65 years of age

  • Some Income Protection providers offer a ‘redundancy option’ that will cover your mortgage repayment if you are made redundant

  • This means you can make a claim even if you do not suffer a sickness or injury

 

Income Protection Insurance has two features such as ‘indemnity style or agreed value style:  

  • Indemnity style option means that you have to prove your income at the time of claim

  • Agreed value option requires you to prove your income on application

  • As such, should your income decrease at the time of claim, you will receive the agreed amount insured at the time of having your policy approved

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TOTAL & PERMANENT DISABILITY

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Total & Permanent Disability (TPD) Insurance for our clients enables you to protect you and your family in the event of you suffering a permanent disability.  TPD insurance is aimed to cover the mortgage so your spouse and children are not left to fund and carry the cost of the loan and in some cases, having to force sell the family home.  

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Why you need TPD Insurance

In addition, TPD insurance is also designed to cover the following:  

  • Provide a lump sum benefit to fund the ongoing lifestyle and education cost to your spouse and your children  

  • Provide a lump sum benefit to clear any other outstanding debts that you may have 

  • Provide a lump sum to cover any potential renovation cost to your home due to the suffering of a permanent disability

 

The above highlights the importance of TPD insurance. More importantly, we assist clients in obtaining the correct structures to hold your life and TPD insurance policy for taxation and beneficiary payment reasons.  

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TRAUMA INSURANCE

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Trauma Insurance for clients enables you to protect you and your family in the event of suffering a significant trauma such as cancer, heart attack or a stroke.  Trauma cover with Income Protection is important.  Whilst the Income Protection policy will enable you to cover the income if a trauma event has occurred, trauma cover is designed to meet ongoing lump sum medical costs to treat the particular trauma.  

 

In addition, whilst Income Protection cover covers a maximum of 75% of income, should a trauma event occur that prohibits you from working for up to 2 years or longer, trauma cover can provide a lump sum benefit to meet the additional 25% loss of income to you and your family.  It is important to have trauma cover in place as this will give you the opportunity to recover in your own time and in addition obtain a lump sum benefit so you can fund and have access to the best medical advice and treatment for recovery.  

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KEY MAN INSURANCE

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If you are a business owner, Key Man Insurance is designed to protect you and your business should an unforeseen event occur.  If you are involved in a business with more than one business owner, Key Man Insurance is also important as part of executing a ‘Buy/Sell Agreement’ which is further explained below:

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For Individual business owners, Key Man Insurance is designed to provide your business a lump sum benefit to cover the following:

  • To employ a replacement so your business can continue in the event of a major disability or trauma 

  • This will enable your business to continue to operate should an unforeseen event occur

 

For Multiple business owners, Key Man Insurance is designed to provide your business a lump sum benefit to cover the following:  

  • If a business owner passes away or suffers a permanent disability, your company (subject to a Buy/Sell Agreement) will have sufficient capital to buy back the shares in your company from your business partner and the surviving spouse (in the event of a death)

  • Without a Buy/Sell Agreement in place, you run the risk of your business partner’s spouse becoming a director/shareholder in your company

  • Provide a lump sum benefit in the event of a significant trauma to employ a replacement to your business partner so your business can continue to carry on its functions and maintain its profitability 

 

Key Man Insurance for clients is extremely important as highlighted above. We work closely with solicitors with the preparation of a Buy/Sell Agreement so your business can carry its normal functions should an unforeseen event occur to you or your business partners. 

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Have Questions?

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