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You protect your health but what about your income?

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Insurance

Planning is the essence of any financial strategy. If you've planned properly, then you've left nothing to chance.

Effective planning also means having a strategy in place to deal with life's unexpected events. One of the best forms of protection against these circumstances is adequate insurance protection. There are several forms of insurance available to protect you and your family's financial security against life's misfortunes, the most common being;

Most people believe their greatest asset is their home, car or investment portfolio. However, if you stop and think what life would be like if you were no longer able to earn a wage, your most important asset is probably your earning capacity.

If you're prepared to insure assets like your car and home, don't forget to protect your ability to earn an income.

For advice from our friendly staff please call toll free 1300 73 7526. We will be happy to assist you. Or use our Insurance Enquiry Form.

Income Protection Insurance

You insure your car, the family home and even your health - so why not your ability to earn an income?

Have you ever thought about what would happen if you became ill or were injured and couldn't work for an extended period of time? Would you be able to meet your financial commitments without your regular income? If not, it's time you considered income protection.

When you think about what life would be like without your regular income, your earning capacity becomes possibly your greatest asset. Chances are, you've based the achievement of your goals and ambitions on having a regular cash flow. If you became ill or had an accident and were unable to work and maintain that cash flow, your goals may no longer be achievable.

What is income protection?

Simply, income protection insurance protects your earnings if you're unable to work due to injury or illness. It offers a regular payment (up to 75 per cent of your average monthly income) to ensure you and your family can maintain your standard of living until you return to work.

Income protection acts as a safety net to ensure that financial hardship doesn't accompany the physical hardship caused by your injury or illness. If you're unwell and unable to work, the last thing you're going to need on top of concerns about your health, are concerns about your financial security.

How do I know if I need income protection?

Really, the question is 'who doesn't need income protection?' If you have financial commitments that would be difficult to meet in the absence of your income, then you should look seriously at taking out income protection.

As an added incentive, the premiums for income protection are considered an expense in earning your income and are usually tax deductible - something you may want to discuss with your financial planner or accountant.

But I'm already covered?

You may think, 'I'm covered by Workers Compensation insurance and my superannuation offers me disability cover, so I don't really need income protection.' This is a conclusion many people make, but unfortunately, it's only partially true.

Worker's compensation only covers you for work related injuries. In most states throughout Australia, you're also no longer covered by Workers Compensation whilst travelling to and from work.

In regards to the insurance offered by your superannuation fund, you're usually only covered if your injury creates some form of permanent disability that stops you from working in your current job and generally has a benefit period of only 2 years.

For example, if you fell ill with a long-term illness unrelated to your job, or if you were injured whilst playing sport, you certainly wouldn't be covered by Workers Compensation. Sick leave may cover the first few weeks, but after that, it may be difficult to make ends meet. You may even have to start eating into your savings or other investments just to survive.

However, if you had income protection, you could take comfort from the fact that you'd still be receiving a regular income. Financial concerns would be the least of your worries.

If you have debts that are serviced primarily from your salary, and if your family depends mainly on you for financial support, the importance of income protection cannot be understated.

Life Insurance

A life insurance policy provides financial assistance in the form of a lump sum to your family or other dependants in the event of your death. At a time when your family won't want to be worrying about money, this lump sum can be used to meet their ongoing financial commitments, such as the mortgage, and to maintain their standard of living.

You may be thinking 'who needs to purchase 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 look at taking out life insurance. Obviously, the greater your financial obligations and the more dependants you have, the bigger a life insurance policy you'll need to protect your assets and your family's financial security.

There are different types of life insurance available to you. For example, term life insurance only provides death cover and has no real investment value, but whole life insurance is a cumulative investment that has a monetary value at the end of the policy. You'll need to explore your options to make sure you have the type of life insurance cover which best suits your needs and personal situation.

Most superannuation funds also offer some form of life insurance protection if you invest your retirement savings with them. However, don't assume this cover alone will be adequate. It will be entirely dependent upon your current needs, debts, other obligations such as your own business, as well as the number of family members financially dependent on you.

Ensuring you have adequate life insurance given your individual circumstances can be a difficult task. We can sit down with you and discuss your current financial situation to ensure that in the unfortunate event of your death, the last thing your family will have to worry about is their financial security.

Trauma Insurance

Where nearly all guilty of saying, "It'll never happen to me!"

What if a major trauma was to happen, like a heart attack, the need to undergo coronary bypass surgery or even malignant cancer. Wouldn't it be comforting to know you had your own plan…… well you can! We call it a Trauma Protection Plan.

Trauma Insurance provides a lump sum payment upon suffering one of twenty or so pre defined illnesses and life threatening conditions, including stroke, heart attack and cancer. Purchasing a Trauma Protection Plan is about providing a financial cushion - it's about staying in control.

This may be an invaluable contingency plan to ensure your family's financial security is not affected in the event of your long-term illness.

Business Expense Insurance

If sickness or injury temporarily kept you from work , would your business survive?

Even with a partner or associate, you may still be responsible for your share of wages and expenses.

A plan that pays your day to day running costs is essential so you can focus on getting better is a must for any self employed person.

 

Testimonials

Ever since AFPG and I formed an alliance to service my clients' needs, it has been a rewarding outcome for all concerned. Feedback received from my clients has always proven to be extremely positive, with my clients able to attest to receiving the same (highest) level of service from AFPG as is afforded to them from myself.

AFPG have proven time and time again to act professionally, competently, and with care each and every time with all my clients. Highly recommended !

-Frank Giacomello, Accountant

I recommend AFPG without reservation for these reasons:

I know from experience that Matt Carter and his team work quickly and efficiently to bring positive solutions to my clients. I know once any initial business is transitioned there will be regular monitoring and follow up both directly and through our practice to ensure a holistic approach to the needs of the client.

Recommending AFPG is a no-brainer for this practice.

- Jeffrey Banks,

BANKS CONSULTANCY

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AFPG Pty Ltd

NSW Office
Level 13, 227 Elizabeth St
Sydney NSW 2000
T: 02 8268 7000
F: 02 8268 7099

VIC Office
Level 2, 437 St. Kilda Rd
Melbourne VIC 3004
T: 03 8866 0000
F: 03 8866 0099

AFSL: 247430
ACL: 247430
ABN: 66050139850