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Wealth Protection - Risk Insurance
Wealth Protection - Risk Insurance
One of the most important parts of your ongoing financial plan is Wealth Protection. Saving and building wealth is of course very important, but all your hard work could be jeoparised without adequate risk insurance in place. Appropriate risk insurance can ensure that you and your family are well looked after should an unforseen event occur.
What would happen if you are injured, fall ill or die? Would you be able to meet the medical expenses involved? How would your family cope without you?
Livingstone Wealth Management Advisers are risk Insurance specialists who can review your situation to determine your risk insurance requirements and arrange appropriate cover, such as Income Protection, Life Insurance, Total & Permanent Disability (TPD) and Critical Illness (Trauma).
Income Protection
Income Protection insurance will pay you a regular income stream in the event that you are unable to work for a period of time due to illness or injury. Income Protection insurance is extremely important as it can ensure that you:
- Are able to continue meeting your living expenses, should you be unable to work for a period of time
- Can continue meeting interest repayments on loans, such as a mortgage or investment loan
- Are not forced to sell down some of your assets to meet expenses
Income Protection insurance can replace up to 75% of your gross salary income and may continue paying you until age 65 (depending on the terms of your insurance contract). Some policies even allow you to insure your Superannuation Guarantee (employer) contributions, so that you have funds paid into super whilst on claim.
Income Protection premiums are usually tax deductible, so paying for the peace of mind that Income Protection provides can be surprisingly affordable.
Life Insurance
Life Insurance will pay your dependants (or Estate) a lump sum in the event of your death. Life Insurance can be used to protect your loved ones by:
- Allowing them to repay any outstanding debt
- Providing them with funds that can be invested to generate an ongoing income
- Provide funds to children to meet future costs, such as education expenses or a home deposit
Life Insurance can give you the peace of mind that your loved ones will be protected should you pass away.
Total & Permanent Disability (TPD) cover
Total & Permanent Disability (TPD) cover will pay you a lump sum in the event that you are unable to work again, due to permanent disability. TPD payments can be used to:
- Meet medical expenses incurred on permanent incapacity
- Pay down outstanding debts, such as mortgages
- Provide funds that can be invested to generate an income steam
Permanent disablement can be one of the most stressful times in a person's life and TPD cover can give the reassurance that you can remain financially secure, should this happen to you.
Critical Illness (Trauma) insurance
Critical Illness (sometimes called Trauma cover) will pay a lump sum in the event that you suffer a specific illness, such as heart attack, cancer or stroke. Critical Illness can be used to:
Meet medical expenses incurred on illness. Many people think that their Health Insurance will be sufficient to meet medical expenses, however the medical and hospital costs on serious illness can be very high. Critical Illness insurance can ensure that these medical expenses do not become a financial burden.
Pay down outstanding debts, such as mortgages
Provide funds that can be invested to generate an income steam