When it comes to personal (and business insurance), unfortunately the majority of Australians are underinsured. Not many of us like to think about what could go wrong with our life or health. However, discussing your family’s needs in the event of death, disability or loss of income and then putting in place the appropriate insurances, provides a vital financial “safety net” and peace of mind should something unforeseen happen.
At Sterling Planners, we believe if an unfortunate health event strikes, it is critical to ensure “the right amount of money, in the right hands, at the right time”.
Insurance is a complex, crowded space, and we help you make sure you and your family have the right protection strategies in place.
Life Insurance is crucial to your financial plan. It provides peace of mind knowing your family would have enough money to maintain their current lifestyle if you weren’t around. The ability to achieve life’s most fundamental goals – a house, food on the table, an education for your children depends on the combination of time and money provided by you and your partner. Mess with this equation and you put those crucial things at risk.
Total and Permanent Disability Insurance (TPD) If you had an accident and were unable to work again, how would you cover the cost of your rent or mortgage, let alone the cost of your rehabilitation, medical bills and the lifestyle changes forced upon your family by your condition? TPD pays a lump sum if you were totally and permanently disabled and were unable to work again.
Trauma Insurance means you don’t have to worry about expenses or lack of income while recovering from illness or injury. In order to make a full recovery after an illness or accident, you need the right medical help, time to recover and minimal stress. Medical bills and absence from work can be a major financial drain, not to mention stress. Trauma Insurance eases the financial burden because when you really need to rest – you can.
Income Protection Insurance pays you a monthly income benefit if you were unable to work as result of sickness or accident. The majority of Australians don’t think twice about insuring their car and home/contents, however they fail to insure their greatest asset …their ability to earn an income!
Even more surprising, many self-employed individuals do not have Income Protection Insurance, even though it’s tax deductible (to both employees and self-employed).
Few of us want to think about being injured or falling ill. And while, government benefits, Workers Compensation and sick leave may help alleviate some of the burden of illness or injury, they aren’t designed to replace an income, and certainly won’t sustain you and your family for long periods.
Key Person Insurance provides a cash payment to your company/business should the insured key person die, suffer a trauma or become totally and permanently disabled. The cash injection can be used to repay debt and provide cash flow assistance while the business secures a replacement key person.
Share Purchase (Buy/Sell) Insurance provides a cash payment to the policy owner (surviving business partner(s) or shareholder) should the insured partner/shareholder die, suffer a trauma or become totally and permanently disabled. In conjunction with a buy/sell agreement, the insurance benefit provides for the orderly transfer of business ownership/equity to the surviving business partner(s).
To discuss how Sterling Planners can assist you with your insurance needs, please contact us on 02 8904 9793.