Life’s What If’s
You may be thinking ‘who needs life insurance?’
Simply, if you have a family who is financially dependent on you and/or have debts that are serviced from your income alone, you should consider the peace of mind life insurance may bring. Obviously, the greater your financial obligations and the more dependents you have, the more insurance you may need to protect your assets and your family’s financial security.
Life is full of uncertainty and often the unexpected can occur. The death, injury or illness of a loved one can place an enormous strain on a family both emotionally and financially. Have you considered how your family would cope financially, if something were to happen?
Having a financial safety net in the event of sickness, disability or death can help ensure you and your family are protected during a difficult time.
The types of Protection available:
Life Insurance offers financial protection to your benefactors in the event of your death. A balance must be reached between affordability and the best policy conditions available. Cover required is determined by several factors, your assets and liabilities and the income needed to maintain your family’s current standard of living.
Total and Permanent Disability
TPD is designed to provide a lump sum in the event of an illness or injury that totally and permanently incapacitates you and prevents you from working.
TPD is used to repay debts, cover capital gains tax liabilities and to cover dependents from the loss of an income provider.
Income protection insurance pays you an income in the event that you’re unable to work because of a serious illness or an injury. Income protection insurance usually pays up to 75% of your income for a certain time period.
Trauma & Critical Illness Insurance
Trauma insurance is paid in a lump sum and paid to those who suffer a traumatic event such as the diagnosis of cancer or a coronary disease. Importantly, trauma insurance is paid on the confirmation of a diagnosis. The treatment required to fight and recover from life threatening conditions often means work is not an option. Trauma insurance is targeted to pay for care, cover debts and living expenses, relieving stress on the household budget in a traumatic time. Our insurance experience brings the understanding needed to select the appropriate policy and provider for your financial circumstances.
When selecting insurance providers, Milestone Financial Planners always considers the following:
- The strength of each policy
- The claims-paying capacity of the provider
- The provider’s history of paying claims
- How the policy is worded by the insurer
- The premiums charged by the insurer