Don’t Overlook Insurance!

(Contributed Article)

Insurance is an important, yet often overlooked, component of a quality financial plan. One of the greatest variables is our own health and mortality. So it makes sense to arrange adequate insurance to protect your family or business, rather than risk losing everything you’ve worked hard for.

Life insurance – How much cover do you need?
Add up your outstanding debts, add a lump sum which can be invested to provide an income for your family, subtract your existing life cover, (including superannuation), and the difference is how much insurance you need.

‘Term’ insurance (where almost all the premium goes towards death cover) is one of the most costeffective ways of providing this vital protection.

Protecting your income
The other side of the picture is ‘income protection insurance’, which will pay you and your family an ongoing benefit if you’re unable to earn an income through accident or illness. Generally income protection will pay up to 75% of your income. Income protection is an absolute necessity if you have debts such as a mortgage or business loan. Your ability to earn an income is your most important asset — so don’t leave it unprotected!

Trauma insurance
Trauma insurance pays a lump sum on diagnosis of a variety of serious illnesses including heart disease, cancer, heart attack, stroke or severe burns. This lump sum can be used for any purpose.

Depending on your personal and financial situation, you may put it toward general living expenses, additional medical or hospital expenses, home nursing care, or even a holiday to help you recuperate.

If you haven’t reviewed your insurance cover recently, ask us how personal insurances such as life, income protection and trauma insurance can enhance your family’s financial security.

For more information, please contact :
Kirsten Long at Planwell Financial Group, 35 Myers Street Geelong VIC 3220
P: (03) 5222 2577 F: (03) 5222 2210
E: [email protected]
Kirsten Long is an Authorised Representative of Charter Financial Planning Limited,
ABN 35 002 976 294. Australian Financial Services Licensee, Licence Number 234665

This editorial provides general information only. Before making any financial decisions, we recommend you consult a financial planner to take into account your particular objectives, financial situation and individual needs. Charter Financial Planning and its Authorised Representatives do not accept any liability for any errors or omissions of information supplied in this editorial.


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