As your wealth grows, it becomes increasingly important to protect the income and assets that underpin your family’s lifestyle. Unfortunately, even affluent Australians often neglect to protect themselves and their families against the potentially devastating effects of an unexpected death or disability.
Research from the National Centre for Social and Economic Modelling found that that 96% of Australian families with dependent children had inadequate insurance for their current financial needs.*
Without your income, your family could struggle to cover debts and meet everyday expenses. As a result, they could be forced to dispose of assets in an unfavourable market, severely impacting their lifestyle over the long term.
We can help you manage risk and safeguard the financial security you’ve worked so hard to build, with strategies to protect your assets and your family’s financial security.
Risk management strategies will benefit:
- risk management advice relates to business and personal risks. When providing advice in these areas we will assess your current exposure to these risks and make appropriate recommendations to protect the wealth you have accumulated to date.
- we will assess your current asset position to ensure it is sufficient in your risk management plan.
- in addition to reviewing your current personal insurance levels, we will also undertake an assessment of your existing policies and benefits to ensure you are paying premiums for insurance that are crucial in protecting your situation.
Areas of advice may encompass:
- Life, Total and Permanent Disability, and Trauma cover: essential protection for your family, providing a valuable payout if you die, become disabled or suffer one of a range of life-threatening illnesses.
- Income protection: protection for your most valuable asset, ensuring you can continue to support your family’s lifestyle, even if you are temporarily unable to earn an income.
Business succession will benefit people who:
- wish to provide your spouses or yourselves with funds to payout debt of any partner should you become critically ill, die or become disabled. (Asset Protection)
- want to provide your spouses or yourselves with a percentage of the current value of your business for the transfer of your equity in the business, if any of you become critically ill, die or become disabled. (Ownership Protection).
- wish to provide your business with your individual contribution to the business revenue to compensate for the loss of revenue if any of you die. (Revenue Protection)
To enable this we provide specific and detailed recommendations in the following areas of advice:
- When providing you with Business Insurance Advice we will assess your current exposure to these risks and make appropriate recommendations to your business and its owners.
- Personal risk management including consideration of such categories as Death, Total & Permanent Disability, Critical illness, and Income Protection Insurance.
Business succession agreements
- Buy / Sell Deed
- Debt Reduction Deed
- Tax effective salary packaging of your Business Insurance premiums;
- Review the appropriateness of your existing superannuation funds and a recommendation of an appropriate superannuation funds to own your Business and Personal Insurance;
- In conjunction with tax specialists (where required), we will explore the ownership for each of your recommended insurance policies to maximise the after tax benefits paid to policy beneficiaries.