Provision for loved ones and protection against loss of income are the most requested guarantees sought by our clients. Financial business markets and environments change frequently meaning a regular review of your circumstances is essential. Knowing that your business, financial and family risks are fully protected will give you peace of mind.
The following areas should be reviewed at a minimum and structured plans put in place to reduce your risk.
Life – The level of cover will depend on your circumstances and the lifestyle needs of your loved ones. As a rule of thumb, we recommend around seven times annual income as a starting point and then personalise the plan depending on your needs. We also explore the possibilities for establishing taxation sheltered strategies, to ensure the largest amount possible is available for your family.
Trauma – This cover provides a lump sum payment in the event of serious illness such as stroke, heart attack or cancer. This lump sum is available at the time when the primary income earner is recovering from their illness.
Business Expense – This cover will pay for the cost of replacing key people within a business so that continuity of contracts, income and profits can be assured. Typically these key people possess skills, knowledge or experience that is costly to replace, even for a short time. Other business cover to protect guarantors, share purchase agreements is also available.
Income Protection – These plans provide income if you are unable to work because of accident or illness and premiums can be tax deductible. Work cover arrangements can be quite restrictive while Income Protection provides greater cover and flexibility.
Please contact us if you wish to have Frank Boggs, our qualified risk professional, help you understand and review your protection needs. A meeting with Frank can be arranged in our offices or at yours. The meeting is obligation and cost free.