Income Protection & Life Insurance
Wealthlife offer a specialist Life and Income Protection Insurance advisory service.
We know the importance of protecting your family and protecting your wealth which is why our expert Financial Advisors will not only provide advice on the most appropriate insurance policy for you but also the right level of cover you need.
Life insurance is not just Life insurance! Life Insurance products can vary widely from insurer to insurer and can have untold consequences if the wrong cover or sub-standard policy is taken out. That is why it is important to know you are getting the right insurance advice for you and that you have an adviser who has your best interests at heart. After all, this insurance is in place to cover you and your family for unforeseen circumstances and to ensure you can maintain living costs and life style should something happen to you.
The insurance products we recommend have been researched and analysed against other policies in the market so you can be rest assured we recommend only the highest quality life insurance products from the most reputable insurance providers in the market. We also understand that although life insurance is extremely important, it can be expensive at times, which is why we always endeavour to find you the most appropriate policy at the most affordable price by sourcing the best possible price amongst a panel of Australia’s leading insurers. If you feel the insurance is still unaffordable we will work with you on offering an alternative solution for your insurance needs.
There can be many variables to choosing the right life insurance products for you. We make it our business to get to know you and your situation first so we can provide only the highest standard of advice to protect you and your family.
So what life insurance products do we advise on and why are these so important to protecting you, your family and your wealth – Please click on the link for more information on each type of insurance:
- Income Protection Insurance
- Life insurance
- Total & Permanent Disability Insurance (TPD)
- Trauma Insurance
- Business Expenses Insurance
- Business Risk and Keyman Insurance (For those in business)
For more information on how these can benefit you or what this can mean for you contact us today for a FREE, no obligation consultation with one of our financial consultants!
Income Protection Insurance
Income Protection Insurance provides an ongoing income stream to cover your income should you be unable to work due to permanent or temporary incapacity or disability. For most, receiving your regular pay each week is imperative to paying bills and maintaining living standards which is why income protection insurance is such an effective way of protecting you and your family and giving you the peace of mind that in the event you couldn’t work you are still covered. For those who have a specific skill set (i.e. Doctors, tradesman etc.) or have an element of risk in your line of work, income protection is essential as your ability to earn the level of income you are on would diminish significantly if you were no longer able to perform your occupation. Most policies pay up to a maximum of 75% of your wage and benefits will be paid up to a designated age depending on what you chose at the time of taking out the policy.
Life Insurance provides a lump sum payout upon death or terminal illness. It is an effective way to ensure loved ones or beneficiaries of your estate are protected and provided for effectively should you suffer a terminal condition or death. For many couples and families, they could not afford to maintain living costs and standards if they were suddenly without the main financial provider in the family group.
Total & Permanent Disability Insurance (TPD)
TPD is a lump sum benefit paid in the event of permanent incapacity or disability. Its primary purpose is to provide a benefit to protect both you and your dependants should you be unable to ever return to work again due to suffering a disability or injury/condition that incapacitates you. The definition of permanent disability can vary from insurer to insurer but generally it will be satisfied where you have been declared unable to ever be able to return to work again. Unlike life insurance which pays out upon death, TPD protects you if you live, which makes it extremely important as disabilities and their impact on both you and your family can vary widely.
Trauma insurance pays a lump sum benefit in the event you suffer a specified medical condition such as a heart attack, cancer etc. Often referred to as living insurance it is generally used to ease the impact of suffering a serious medical condition such as to cover medical expenses, treatment, provide for time off work, home modifications etc. It is important to note that it does not cover all medical conditions and can differ from insurer to insurer but generally all the major conditions are covered.
Business Expenses Insurance
Business expense insurance is much like income protection but it focuses on covering business expenses rather than income in the event you are incapacitated or disabled. For many business owners they have regular commitments such as wages, loan repayments, equipment repayments etc. which require the business to be earning an income in order to be paid. In the event you are unable to work business expense insurance ensures these commitments are still met for a specified period time. It is highly valuable to those individuals who operate a business that depends on them or their services, as the business would potentially be unable to continue should something happen to that person, yet the commitments would still be there.
Business Risk and Keyman Insurance (For those in business)
Do you run a business with partners or key employees? Have you ever thought of the financial impact of those key people becoming temporarily or permanently disabled or becoming deceased? Keyman insurance is a form of structuring Life insurances policies in a way that protects you and your business from the financial impacts of losing a key person in the business. For instance, where you have business partners, keyman insurance is an effective way to buyout your partners share in the business should something happen to them otherwise you may find yourself without a way to fund a buyout or in business with their relatives. Having the right structures and insurance policies in place can assist with protecting you, your business and your family from these circumstances where you have key people in the business.
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