Why buy life Insurance?
Life insurance is one of the foundations of a successful financial plan because it offers protection – for your family, your business, your assets and everything that you have worked so hard for all of your life.
Protecting your family
Life insurance protects your family in a variety of ways:
Loss of income — providing for your family by replacing your income.
Capital provision — covering any emergency and unforeseen expenses.
Education — ensuring that your children’s education is funded.
Taxes — covering any taxes, such as capital gains tax, which might be triggered if you die.
Asset protection — ensuring that your family doesn’t have to sell any assets.
Protecting your business
Life insurance can protect your business:
Bank guarantee — funds to cover a business loan guaranteed by a director or shareholder.
Share purchase — funds to purchase the shares if one of the company’s shareholders dies.
As a business owner, you should also consider key person insurance, which will minimise the financial loss suffered if a key person dies (e.g. loss of revenue or the cost of finding a replacement).
Why add Trauma Cover?
Trauma Insurance pays when you survive a specified trauma event like Cancer, Heart Attack, or Stroke in fact 92% of Trauma claims are paid out on just those three definitions.
Did you know that between the ages of 20 and 55 your chances of having a Trauma Event are 1 in 3.
How to protect yourself
No one expects to get sick or injured and when we do, it often takes us by surprise.
It's not only the pain of illness or injury and the time it takes to recover, but the fact that life continues without us...the bills keep arriving in the post, the mortgage still needs to be paid, and the kids school fees are still due, whatever your health.
LIFE COVER pays a lump sum if you die or are diagnosed with a terminal illness. It can help provide a stable financial future for your loved ones.
This money will keep your family afloat by paying for school fees, mortgage and other major household expenses.
TOTAL & PERMANENT DISABILITY COVER (TPD) pays a lump sum if you are disabled as a result of sickness or injury.
This money could be used to modify your home (for instance if you are wheelchair bound as a result of your injury), pay debts or for ongoing medical expenses that you may not be able to otherwise afford.
TPD Cover can be taken as a stand-alone policy or as an optional extra with Life or trauma Cover.
TRAUMA COVER pays a lump sum if you are diagnosed with a specific medical condition such as cancer, heart attack or stroke.
This money can let you concentrate on getting better while the household bills are taken care of.
INCOME PROTECTION pays a monthly benefit of up to 75% of your normal income if you are sick or injured and unable to work.
This can help you stay on top of your debts or pay for rehabilitation and other medical expenses for a speedier recovery.
SOME FACTS ABOUT ILLNESS IN AUSTRALIA
By age 75, over 30% of all males and 25% of all females can expect to be diagnosed with cancer.
Almost 7% of the population have a disability associated with heart disease.
A stroke occurs every 12 minutes in Australia.
In 2005-06, 71% of all Australian deaths were due to direct injury.
Over 2 million Australians have an ongoing, long-term condition due to an injury.
It's easy to put insurance off until a time when you think you need it...problem is, you never know when that's going to be.
The best way to protect yourself and your family is to do it now.
Fill out our on-line quote form HERE and find out what your best options are.
Further information can be found in my Financial Services Guide.
The above statistics are courtesy of ING Insurance.