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Financial planning is more than just about saving money, it is also about managing future risks. The common belief that 'it won't happen to me' often results in many people having a sound plan for wealth creation but not an adequate plan to protect the very thing that generates the wealth - themselves!
How death or illness affects your ability (or your family's ability) to realise your lifestyle goals and objectives will depend on the wealth protection strategy you have in place.
By taking out insurance you can provide some financial protection for your family's personal needs. Insurance can be structured to provide for such things as the repayment of your debts upon death or disability, financial assistance for dependants, and protection against the loss of income.
Life Insurance - Life Insurance can be critical for a secure financial future. In simple terms, you insure yourself for a partiular amount, and in the unfortunate event that you die, the insurer pays that amount.
The lump sum payment can be used to help with the repayment of debts, the covering of future needs (eg. the cost of children's education or long term care), and providing funds for investment to generate an income, or to keep your business afloat.
Total & Permanent Disability Insurance - Total and Permanent Disability (TPD) Insurance will provide a lump sum payment should you suffer an illness or injury which totally and permanently prevents you from working again.
Critical Illness Insurance - Critical Illness Insurance (also known as Trauma Insurance) provides a lump sum benefit in the event that the life insured suffers a "critical condition" as defined by the insurance provider. Critical Illness Cover is designed to help you financially recover from a trauma or crisis, such as a heart attack, stroke, cancer or other lie threatening conditions.
If you would like to discuss this service further please contact us or call your local Ellerfield office
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