You can’t always protect yourself and your loved ones from life’s uncertainties.
Although we don’t like to think about it, we know that traumatic and tragic events may not always only happen to other people.
It is important to protect your home and car. And most people do. But it is also important to protect your life, your ability to earn an income, your health and your business interests.
Protecting loved ones from financial hardship should be an integral part of any financial plan.
At Powe Financial Advice Pty Ltd we can help you develop a comprehensive risk management plan and decide how much is enough to keep you and your family’s lifestyle, dreams and future financially secure.
Life Cover is also commonly known as ‘term life’ or ‘life insurance’. It provides a lump sum on your death or on the diagnosis of terminal illness.
Life Cover provides financial support when it’s needed most, giving your loved ones financial security and freedom to make choices about their future.
The right amount of Life Cover differs from person to person. We can help you calculate an appropriate sum insured for your circumstances which will reflect your debts and the ongoing income requirements of your dependants.
Some life insurance companies offer added features and benefits, so be sure to ask us about extras such as a funeral advancement benefit and grief support services.
Total and Permanent Disability (TPD) insurance
TPD insurance provides a lump sum if you suffer an illness or injury that leaves you totally and permanently disabled.
TPD insurance benefits are often used to eliminate debts, pay for medical expenses or fund any permanent lifestyle changes resulting from disablement.
TPD definitions can vary depending on the particular product and insurance policy. Most companies allow you to choose whether you want coverage against being unlikely to be able to work in your ‘own’ occupation or in ‘any’ other occupation again, after suffering an illness or injury.
We can help you consider what definition is most appropriate for your personal circumstances as well as calculate the appropriate level of cover to protect you and your family.
Trauma insurance – or Recovery insurance – provides you with a lump sum on the diagnosis (or occurrence) of one of a list of specified serious medical conditions and procedures. Each insurance company maintains their own list, but they generally include serious medical conditions such as cancer, heart attack or stroke.
Trauma insurance is designed to provide you with money when you need it most. You can generally use the money however you choose, for example to cover medical costs and treatment or to reduce debt. Some people choose to make a permanent lifestyle change, such as reducing their working hours, so they can spend more time with family.
We can help you accurately assess your circumstances and calculate the appropriate level of cover to protect you and your family.
Income Protection pays a monthly amount while you are unable to produce an income as a result of illness or injury.
Many policies will cover up to 75% of your salary if you are totally or partially disabled.
By replacing your regular income, Income Protection payments can help you and your family maintain a level of financial normality. Income Protection gives you the financial freedom to focus on your recovery or treatment, without worrying about regular expenses.
Income Protection policies are very flexible and can be tailored to suit your individual and family circumstances.
We can help you choose the most appropriate ‘waiting period’ – the time between becoming unable to work and receiving your first income protection payment – and ‘benefit period’ – the period during which you receive your income protection payments.
Business Expenses Insurance
Business Expenses insurance pays a monthly benefit to cover fixed business costs if you suffer an illness or injury and are unable to work.
It works on a similar principle to income protection, as it pays a monthly benefit. However, its purpose is significantly different.
Business Expenses insurance is designed to cover the fixed day-to-day costs (up to the monthly benefit) of running your business in your absence, such as the cost of a locum, rent, staff salaries, equipment expenses, loans and other business overheads like electricity and cleaning bills.
Like Income Protection, Business Expenses policies are very flexible and can be tailored to suit your individual needs and circumstances.
Need More Information?
Go to our contact page, and we’ll answer any questions you may have.