Most families and businesses are carrying significant financial risk should the unexpected happen. The big question you have to ask yourself is:
‘Would your family be able to maintain their lifestyle if you no longer earned an income?’
And, if you own a business:
‘Would your business be able to buy a departing owner’s share of the business if they died or suffered a serious illness or injury?’ And:
‘Would your business be able to cover the loss of revenue and goodwill, and re-pay the debts of the business, if an owner or other key person died or suffered a serious illness or injury?’
If your answer to these questions is no, you need to consider transferring that financial risk to life insurance companies. They have a range of insurances which can help you fund your risk mitigation plan and give you enormous peace of mind – all for a small fraction of the sum insured each year.
Insurance can help your family maintain their lifestyle if life doesn’t go to plan
Personal insurances worth considering include:
- Term life insurance - pays a lump sum on the death of the insured.
- Income protection insurance - replaces your income if you are unable to work due to sickness or injury. It provides a monthly payment of usually up to 75% of your pre-tax income.
- Trauma insurance - pays you a lump sum on the diagnosis of a specified non-pre-existing illness or injury, generally including heart attack, stroke, cancer, and paraplegia.
- Total & permanent disablement insurance - pays a lump sum if you are totally incapacitated because of sickness or injury and unable to work.
Insurance can help your business maintain its financial equilibrium should it lose you or other key people
Business insurances worth considering include:
- Buy/Sell insurance – pays your business a lump sum if you or one of your partners dies or suffers a serious illness or injury.
- Key person insurance – Pays your business a sum of money to offset the estimated financial loss to the business should an owner or other key person die or suffer a serious illness or injury.
Find a Financial Adviser near you
Australian Unity Personal Financial Services Limited (ABN 26 098 725 145) AFS
Licence No. 234459, 114 Albert Road South Melbourne VIC 3205.
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