Insurance
Creating peace of mind
Insurance is the third building block of wealth creation. Whatever your stage in your career or personal life, if you are building or have built an asset base and your wealth is increasing, you need to protect it against the risk of the unexpected.
An alarming statistic is that 50% of Australians over the age of 30 will suffer a major illness at some stage in their life that can lead to a long-term disability, and consequently, a long-term loss of income.
Could you afford to take several months off work without pay? If you are self-employed, could your business survive if you weren’t around?
If you are unable to work are you still able to meet any mortgage commitments? If the answer is no, then it is important to look at protecting yourself against these risks.
The Right Advice
Professional advice is essential as insurance is not a ‘one size fits all process’, as policy definitions, exclusions, terms and conditions are complex. It’s hard to compare ‘apples with apples’. As a member of Count Financial we have access to a range of insurance choices and it is our job to understand the fine detail so that we can help you choose the right insurance for your particular circumstances
We can also advise on ways that policies can be structured to save you money and how you can utilise any tax advantages.
Regular contact with your financial advisor is important so your life insurance can be periodically reviewed to make sure your policy/is gives you the right protection. Regular check-ups also mean that your policies can be altered to reflect any changes to your circumstances, needs and objectives.
Types of Insurance
Health Insurance
Health insurance is constantly changing, and comparing what each fund offers in terms of value for money is difficult. The funds are also including or excluding benefits to shore up their profits and legislation regarding health insurance changes regularly. Unexpected health care costs can rapidly wipe out years of saving and wealth creation so it is important to make sure you have the right cover, suited to your needs. Count Financial does not offer health insurance but we emphasise the benefits of having appropriate health insurance cover.
Life Insurance
This is the most common insurance but also one of the most complex in terms of what is offered under different policies so it is important to discuss your policy options with your advisor to make sure you have appropriate cover.
A policy can be for small amounts up to millions of dollars. You can insure to cover outstanding loans and debt, and provide for the future well being of your beneficiaries.
Total and Permanent Disability (TPD) Insurance
TPD insurance covers you in the event that illness or injury means you are totally and permanently disabled and can no longer work. You contribute to a policy as a periodic renewal and if TPD occurs you will receive a lump sum payment. Your advisor can compare different policies with you to determine which is the most appropriate for your needs.
Income Protection Insurance
Income protection covers part of your income if you suffer illness, an accident or injury and are unable to work. You contribute to a policy as a periodic renewal that provides a monthly payment of up to 75% of your income while you are unable to work. Your advisor can compare different policies with you to determine which is the most appropriate for your needs.
Trauma Insurance
Trauma insurance protects you and your income from serious medical conditions and life threatening illnesses. You contribute to a policy as a periodic renewal and if trauma occurs you will receive a lump sum payment.
Business Protection Insurance
If you are self-employed or the primary income generator in a small business, business expense insurance covers any ongoing expenses of your business in the event you are unable to work as a result of illness or personal injury. It covers things such as rent, salaries, electricity and loan repayments, or bringing in a locum to run the business while you are incapacitated. You contribute to a policy as a periodic renewal and if events trigger the policy, your costs are covered.
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