An often overlooked area is making sure you’ve protected your most valuable asset – YOU.
By incorporating appropriate levels of Personal Insurance into your financial plan CIFP can help you achieve peace of mind, by knowing that in the event that something unfortunate occurs, you can still achieve your financial goals.
CIFP Financial Advisers will assist you to remove the potential risk of not achieving your goals due to accident or sickness, and enable you to secure the financial future of your family through insurance policies that cater specifically to your individual circumstances.
CIFP adviser takes the headache and confusion out of choosing the right policy by doing the research and comparison for you. We have access to many personal insurance options including:
- Life insurance
- Trauma Insurance
- Income Protection Insurance
It seems strange that most people will insure their car and house but few will insure their most valuable asset - themselves.
What would happen if your income stopped because you become ill, disabled or, worst of all, you die? How will you, or your family be able to pay the mortgage, school fees. medical bills and other day-to-day living expenses?
Your ability to earn income in the future is one of your most important and largest financial assets.
- Just 55% of Australian's have life insurance.
- Only 32% of Australians have total and permanent disability insurance.
- Only 31% have income protection insurance.
- 23% of Australian's have trauma insurance.
Centre In Financial Planning helps you understand "What is personal risk insurance"
There are four types of personal risk insurance:
- Life insurance (or death cover) - Pays a lump sum to your beneficiaries in the event of your death - While money can never replace the loss of a loved one, it's comforting to know the people who depend on you will be financially assisted.
- Total and permanent disablement cover - Pays a lump sum if you're no longer able to work due to total and permanent disablement - This additional money could be used to repay loans, help meet day to day living expenses, fund medical expenses, meet rehabilitation costs and pay for any modifications required to your home.
- Trauma insurance - Pays a lump sum in the event you suffer, for the first time, certain specified medical conditions such as a serious heart attack, stroke, cancer, etc
- Income protection insurance - Income Protection Insures you against loss of income while you are unable to work because of illness or injury. Income Protection insurance pays up to 75% of your salary package from your employment. Income protection insurance can provide you with an income to meet day-to-day living expenses, loan payments, school fees and other expenses during times of illness or injury. It also assists in preserving your assets. Without it, assets and investments may have to be sold to help meet expenses during periods of illness or injury.
How much personal risk insurance is enough?
How much cover you need depends on your own situation. You need to take account of your income and expenses, assets and debts, your family situation and age.
Our financial planners will discuss this further with you and look at recommendations of level and type of cover that is appropriate for you and your family.
How can Centre In Financial Planning assist you:
Our insurance specialist can review your personal circumstances and advise you on the amount and type of personal risk insurance you need.
At no cost we will also review and provide a comparison on any personal risk insurance you may already have and advise you whether it is sufficient for your needs.We also assist you in finding an appropriate premium rate on your existing insurances.