Insurance
Your exposure to risk is an important consideration in financial planning as unavoidable crises can impact on your longer term plans.
As advisers we are able to identify areas of risk, and their likely financial impact on you, your family, and your business. We can then recommend the most suitable products and level of cover needed to provide you with adequate protection and security.
In times of sickness, trauma or loss of life – the last thing you or your family want to worry about is financial survival.
It’s a sad fact of life; some people die while others are still financially dependent on them. Therefore whilst a tax-free lump sum payable upon your death to your dependents will not fill the gap you leave, it will protect those dependents from financial hardship.
Life insurance is generally required for two reasons:
- To settle financial commitments upon death;
- To provide for dependents upon death.
Trauma or Critical Illness Insurance
This type of insurance was developed to provide policy holders with a lump sum cash payment to help them cope when serious illness strikes. Also referred to as ‘living insurance’, trauma insurance benefits are paid to a client whilst they are still alive, upon the diagnosis of a specified condition – such as a heart attack, stroke or cancer. Such insurance may assist in reducing debt, making house alterations, meeting medical bills, in addition to the cost of settling life back into some form of order.
Total Permanent Disability insurance is designed to provide a lump sum upon becoming totally and permanently disabled.
Income Protection Insurance
Are your assets insured? Your house, car and contents?
Termed your most valuable asset of all – your income – is this insured? Without your income, what would happen to your quality of life, with bills to pay, a family to support, and maybe medical expenses to meet?
Income protection insurance cover is considered essential for anyone whose quality of life is dependent on their income. It is often referred to as ‘the protection that pays, when no-one else will’.
Such cover is designed to provide ongoing income if you become sick or disabled to the extent that you are unable to work or generate an income for yourself. This is generally represented by a monthly payment based on 75% of earned income that can be paid for a period of 2 years or up until age 65.
Health Insurance
Where the substantial risk lies in this area is in a major medical or surgical requirement. Surgical and specialist treatments are today becoming increasingly more expensive while at the same time, waiting lists in public hospitals are growing longer. ‘Surgical and Specialists’ cover is therefore worthwhile having to ensure you can afford to provide yourself and your family with private hospital treatment if this is necessary – at generally a much reduced waiting time.
