You may have insured your home, contents and vehicles. But have you considered insurance for your lives, income and financial assets in the event of a serious illness or accident?
The benefit of a typical life insurance policy is that it gives your family financial security if you die or are seriously disabled. The insurer will pay out a cash sum to either the person paying the premiums or to the person’s family according to the terms of their will.
The importance of income protection insurance
Your insurance package should also include income protection insurance. This pays an agreed, regular amount (based on your average annual income), if you fall ill for a defined period and are unable to work in your current job or business.
These insurances are a necessary part of any robust financial plan. They protect your assets and ensure you continue to meet your liabilities, afford a quality lifestyle and protect your loved ones.
Income protection and trauma insurance case study
Having the right insurance in place to cover you in the event of an unforeseen accident or illness cannot be underestimated - it will protect you, your assets, your income and your family.
A colleague, aged 38 who is married with three children, was recently diagnosed with breast cancer. In 2009 she had put in place income protection and trauma cover policies to protect her family and to secure her future income. There was no family history of this disease. She used up all her sick leave and then decided to make a claim on both policies and have surgery and treatment. This allowed her income to continue, her husband to keep working and the children to continue with day care and school. Without insurance, her family’s future would have become uncertain and their standard of living would have deteriorated.
Want to protect your assets with tailored insurance?
You can protect yourself, your family and your assets with the right combination of tailored insurance set up by a professional financial adviser. By putting yourself in the hands of an expert, you can spend more time building wealth and less time worrying about the complex details of your insurance, investments, superannuation and other financial matters.
Good financial advisors will also take a genuine interest in your goals and aspirations. They can be an excellent sounding board to help you work out what you really want in life and strategically plan your insurance requirements so you are adequately covered without over paying or doubling up.
Click here for more information on Lantern Advisory's insurance services.
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