The common belief “it won’t happen to me” often results in people not seriously considering their insurance needs.
As a result, most people tend to stick with the default insurance option inside their superannuation.
This can leave people without the protection they need, and with costs that can easily become unaffordable.
We can help you navigate the complexities of personal insurance to make sure you have the cover you need to protect you and those who depend on you.
Our Advisers can assist you with:
- Life – A lump sum payment to your family or other beneficiaries in the event of your death or upon diagnosis with a terminal illness
- Trauma – A lump sum payment to help you meet medical expenses and clear debts when you have suffered a medical trauma such as cancer, stroke, heart attack
- Total & Permanent Disability – A lump sum payment in the event you become disabled so that you are not able to work
- Income Protection – A monthly payment in the event you are unable to work due to injury or illness
When you’re young, insurance may not seem that important.
But getting the right insurances early can save you thousands of dollars over time.
The right insurance also means that in the event something was to happen, you can still buy your first home, keep funding your life style, or achieve any of your other goals – without having to rely on anyone else.
The Right Insurance
Most of us realise the importance of insurance once we have loved ones that depend on us.
This is the most important time to ensure you have the right insurance. The right cover that’s affordable long-term.
If something were to happen, could you pay the mortgage? Bills? School fees? This is usually the time in life when you have the most debt and the highest living expenses.
Most clients are surprised to learn that they aren’t as well protected as they thought. Many clients have policies with poor definitions that make claims unlikely. On top of that, their policies will usually get more expensive over time or drastically reduce in cover.
Insurance in Retirement
You’re over 55 and possibly paid down most of or all your debt.
Chances are your insurance is getting much more expensive every year. Maybe you’ve even cancelled your insurance because it was just too expensive – eroding your super away.
Most people at this stage don’t need as much insurance as they did when they were younger. You may not need insurance at all.
We can take the guess work out. We’ll help you work out if insurance is still appropriate for you.
Get the Best Policy
It seems there are different insurance policies for just about anything these days, including personal insurance, property insurance, and many others.
It’s important to know which areas need to be covered to give yourself and your family peace of mind.
Our Constellation financial advisor will help you review your current insurance policies, or start new ones if needed, making sure you and your family have everything covered at the lowest cost possible.
Life insurance can be a heavy topic of discussion and planning, but having cover for any harsh circumstances, can be a good investment.
Your Constellation Financial advisor can help you plan the level of coverage, such as; mortgage, car and credit card payments, educational fees and other living expenses.
Additionally, they can advise you on your superannuation fund insurance, determining if it’s the most appropriate one for you.
Total and permanent disability insurance
In case of serious injury or illness, it might happen that you will have to stop working permanently. Next, to your mortgage, car and credit card payments, you can also sustain high medical bills. Similarly to life insurance, total and permanent disability insurance (TPD) can provide financial stability for you and your family, in case you cannot return to work.
Your financial advisor will help you select the optimal level of coverage, depending on your lifestyle and the needs of your family.
Accidents and illness can be a part of life. Hopefully, nothing will happen, but if it does, you might have to go through rehabilitation and have some time to recuperate to your full self. If anything does happen, the last thing that you want to worry about while getting back on your feet is the stress of paying bills and managing finances.
Trauma insurance can give you an insight into a tax-free “lump sum” (single payment), in case of an accident or illness.
Your Constellation financial advisor will help you determine the level of coverage you might need in case of any unfortunate events.
Income protection insurance
One of your most important assets is the capacity to earn your salary. In case of not being able to work or any similar issues, it can be hard to continue with your daily life as usual, without the added financial stress.
Income protection is crucial in events where you are not able to work for any reason, but you can still receive a form of income.
Talk to your Constellation financial advisor, about different levels of income protection insurance, suited to your personal needs. You will also discuss waiting periods, so you know that in case you are not able to work, there will be no worries.
Contact Us Today and we can help you get on track
The information shown on this site is general information only, it does not constitute any recommendation or advice; it has been prepared without taking into account your personal objectives, financial situation or needs and you should consider its appropriateness with regard to these factors before acting on it. Any taxation position described is a general statement and should only be used as a guide. It does not constitute tax advice and is based on current tax laws and our interpretation. Your individual situation may differ and you should seek independent professional tax advice. You should also consider obtaining personalised advice from a professional financial adviser before making any financial decisions in relation to the matters discussed hereto.
Constellation Financial Planning Advisers are representatives of Libertas Financial Planning ABN 27 160 419 134 AFSL 429 718. Constellation is a Corporate Authorised Representative (CAR 1260791) of Libertas Financial Planning.
02 8814 7977
Mon-Fri 9am-5pm (AEST)