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Risk Management is an important, but often
overlooked component of any successful Financial
Plan.
We all have plans, hopes and dreams which we hope to
achieve in our lives. And we also often have
commitments such as large debts, children or other
dependents which we must meet.
What happens to all of these if you or your partner
were to suddenly be unable to work, become
permanently disabled, or even die?
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Could your family still achieve its goals and
dreams if suddenly the primary income-earner
could not work?
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Could you still repay the mortgage on the Family
Home if the primary income-earner dies?
If the answer to any of this is No, then you need to
carefully consider your Risk Management needs:
And Ward Financial Group can offer you products from
a wide range of Insurers. We are not biased towards
any one insurer, and will determine the policy which
offers you the best combination of cover and cost.
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Types
Of Insurance To Consider
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Provides a Lump Sum to your
beneficiaries in the event of your
Death. This is most often used to ensure
that surviving Family members can at
least pay off the major debts such as
Mortgages and Investment Loans, and also
to help meet living expenses such as
Education costs of children etc.
We can assess the appropriate amount of
cover for you, as well as the advantages
and disadvantages of holding your Life
insurance inside or outside of
superannuation. For many people it is
better inside Super as the Fund can
claim a tax deduction for the Premiums. |
Total Permanent Disability
Insurance |
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Similar to Life Insurance, except that
TPD provides a Lump Sum in the event
that you are permanently disabled and
unable to ever return to work. In many
ways this can be more of a financial
hardship on a Family then a death, as
the disabled person is still unable to
earn any income, but they will continue
to be a financial burden on the
surviving family for the rest of their
life.
We can assess the appropriate amount of
cover for you, as well as the advantages
and disadvantages of holding your TPD
insurance inside or outside of
superannuation. For many people it is
better inside Super as the Fund can
claim a tax deduction for the Premiums.
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This is the insurance that you will
always have an income coming to you.
Income Protection can be used to insure
up to 75% of your normal income. In the
event that you are injured or become ill
and are unable to work for an extended
period, then your Income Protection will
pay you this income for as long you are
unable to work (up to a Maximum period
of either several years or even until
Age 65, depending on the exact policy
taken)
We can assess the appropriate amount of
cover for you, as well as help you
determine the appropriate waiting
periods, payment periods and the other
intricate details of this type of
insurance. |
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Similar to TPD, Trauma insurance
provides a Lump Sum in the event that
the insured suffers or is diagnosed with
a major illness, heart attack, etc.
While the exact events covered vary with
each policy, they all generally provide
a lump sum which can then be used to
maximise the time you may have left,
allow you to make changes to your home
and lifestyle to assist in recovery, or
to even chase treatments from all over
the world. |
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Do you own a business? What would happen
if either you, or one of your partners
were to pass away?
• Could you afford to hire a replacement?
• Could you afford to buy them out?
• Would you want that partner’s family to become a shareholder in the
business?
Ward Financial Group can structure
insurance to cover off this complicated,
but important issue. |
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