Life insurance provides a lump sum in the event of death or terminal illness of the life insured. This lump sum can be used for the repayment of debts, future expenses and to generate income or becomes part of the ‘estate’. If your circumstances change you may need to review your cover.
Critical Illness cover pays a tax free lump sum if you are diagnosed with a critical illness or major trauma such as cancer, a heart attack or stroke. This can be used to compliment Life and Income Protection insurance. This lump sum can be used to pay for any expenses that will assist you like medical expenses, debt repayment, house/car modifications and financial independence.
Total & Permanent Disability
TPD is paid as a lump sum in the event that you are totally or permanently disabled and cannot return to your occupation. This is sometimes built into Trauma cover. This lump sum could be used for medical expenses, mortgage repayments, house/car modifications or long term medical care.
Income Protection is designed to cover you temporarily if you are unable to work due to injury or illness. Generally, income protection will cover you up to 75 percent of your normal income, giving you a regular income until you are able to return to work – or at the end of the prescribed benefit period as noted in your policy.
Our Advice Process
During our first meeting you can expect to discuss your financial goals and objectives so we can better understand how we can help. We’ll then do a financial health check by going through a series of questions so we can get a picture where you are today. This is also a chance for you to ask us questions about how we can help.
Once we’ve identified your goals, the next step in the process is for us to build a deeper understanding of your personal and financial situation. This information, along with our discussion about your goals and objectives, allows us to begin creating a tailored plan for you.
After finalising your tailored plan, we’ll present you with a Statement of Advice, explaining our recommendations and ensuring it meets your goals and objectives.
The strategies recommended in your Statement of Advice will now be implemented by us. This may also involve us working with our industry partners such as accountants, solicitors and mortgage brokers.
It is likely that your financial circumstances, goals and objectives will continue to evolve over time. That is why it’s important for us to contact you periodically to review your situation and update the strategies in place.
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