Family & Business Protection: Your Personal Insurance Sydney
Why do I need Risk Insurance?
Wealth preservation (risk insurance) helps you protect your ability to create this wealth – it is your personal insurance
Sydney. Your wealth creation plan will be based on the assumption you’d stay healthy and live to a certain age. But there may be unforeseen circumstances which can impact your plans. Risk insurance may help you to continue meeting your financial goals if you lose your ability to work or suffer a serious illness.
Why have Risk Insurance?
Risk insurance shifts the financial burden created by personal risks to insurers who can afford to cover them by pooling the premiums paid by their customers. It provides peace of mind that you and your family are financially secure by paying an ongoing income if you can’t work because you’re temporarily or permanently disabled, or if you die.
We offer different personal insurance in Sydney and nationwide for your different needs:
- Life Insurance
- Total and Permanent Disability (TPD)
- Trauma Insurance
- Income Protection
Inside or Outside of Superannuation?
You can potentially benefit from tax deductions and cheaper costs when you hold insurance within superannuation. For this reason many super funds now offer insurance as an option in their products.
But you should be aware that there’s a wider choice of insurance cover available outside superannuation.
Why Should you Understand the Insurance Cover?
When you take out insurance it’s important to understand what you are covered for. You should look through the Product Disclosure Statement and any policy wording and if there’s anything you aren’t sure about, ask your financial adviser to explain it to you. This may help you avoid any complications if you or your estate needs to make a claim.
Things you Should Consider
You need to be sure you aren’t over-insured – or worse still, under-insured. The type and amount of risk insurance you may need depends on a number of factors such as:
- your personal financial circumstances and objectives
- your lifestyle needs
- how many dependants you have
- your age.
As your wealth grows and personal circumstances change, your need for insurance cover may also change, so it’s important to review your insurance cover regularly.
