Paul (36) and Charlotte (32) were referred to us by existing clients in 2010. They had been married a number of years and had three children under the age of five. Like many couples their age Paul & Charlotte had a family home with a mortgage, plans to upgrade their home in future years and send their children to private schools.
Paul being the sole income earner was concerned that if something were to prevent him from being able to work (e.g. illness or injury), the future financial security of his family would be placed at risk.
During our initial discussions, we highlighted the importance of also including Charlotte’s role as homemaker and primary child carer in any risk management plan – additional medical, childcare and housekeeping expenses would be incurred if Charlotte was unable to perform her usual duties.
We assisted Paul & Charlotte to put in place a package of personal insurance cover which would protect their family’s position if either was unable to perform their usual duties due to an insurable event, or in the unfortunate event that either was to die.
This package of insurances was able to be held within Paul and Charlotte’s superannuation fund which reduced the impact of premiums on the family’s everyday cash flow, and ensured that the cost of cover was tax deductible to the super fund.
Following implementation of our advice, Paul and Charlotte stated they were more at ease in the knowledge that they had a plan to manage many of the risks to their lifestyle goals.