03 5382 3460

Tollfree 1800 009 533

info@consortiumpw.com.au

Send us an email anytime!

24A Darlot Street, Horsham

Victoria Australia 3400

Life Insurance

What is the point of accumulating wealth without having measures in place to protect it?

It is important to consider the financial consequences of being left unable to work, which may arise under many situations such as falling ill or incurring an injury. Premature death and the affect this would have on your family’s lifestyle also need to be considered.

The best measure that can be taken to protect your wealth and your most valued asset – your earning ability – is to arrange insurance which will provide a lump sum on death, diagnosis of a serious illness or accident, or provide regular income should you be unable to work.

Popular Questions

How much cover do I need?

At Consortium Private Wealth, we believe in not only having the right types of Life Insurance protection, but also having the right levels of cover to protect your family, your life style and your assets.

To ensure you have an insurance package that is personalised to your unique situation, we recommend you take advantage of our Free Risk Analysis. Get in touch with us to find out more.

What types of insurance are available?

There are four main types of life insurance that you can apply for such as life cover which pays a lump sum in the event of your death or diagnosis of a terminal illness, life cover is often coupled with total and permanent disability insurance which pays a lump sum if you become disabled and unable to ever work again.

Trauma insurance which is often called a critical illness insurance pays a lump sum on the diagnosis or occurrence of one of a list of specific illnesses such as heart attack, cancer, or stroke. This lump sum can be utilised to cover the treatment and recovery costs as well as other commitments such as debt commitments.

And lastly income protection can provide replacement income of up to 75% of your current income if you are unable to work due to illness or injury. Income protection policies can vary greatly in terms of cost depending on your occupation, the selected waiting period before your monthly payment begins and the benefit payment period which can continue up to age 70.

Why would I need life insurance?

While not the most positive topic to cover life insurance is used to protect your family and assets in the event of death or disability by paying out a lump sum to reduce debts, or create an income stream to support yourself and your family particularly while children are younger.

Types of Insurance

Term Life Insurance

Term Life Insurance is perhaps the most common form of life insurance purchased. It provides a lump sum payment to the policy owner or nominated beneficiaries in the event that the life insured dies while the policy is in force.

TPD Insurance

TPD Insurance is usually sold as a ‘rider’ (additional benefit) in addition to a term insurance policy. This cover provides payment of the sum insured should the life insured become totally incapacitated through injury or illness and satisfies the policies definition of Disability.

Trauma Insurance

Trauma Insurance is designed to provide a cash lump sum payment when the insured suffers for the first time certain specified medical conditions (e.g. serious heart attack, stroke, cancers, etc.). The cover extends to injuries or in case the injured should happen to die.

Income Protection

In the event of permanent or temporary disablement resulting from either sickness or accident, a benefit percentage of your income will be received as an income stream for the period you are out of work. It is an important part of insurance as it allows you to pay for regular living expenses while being temporarily out of employment.

Tips

Plan for the unexpected now

One of the joys in life is that we don’t know what will happen next. Most of us have positive expectations but sometimes Life doesn’t follow our lead and we’re dealt a blow. It’s how we manage each experience – or how we’ve planned ahead – that will make it either good or bad for us.

Three important lessons; 

Firstly, the unexpected can happen to anyone.

Secondly, take the time to review your insurance arrangements at least once every year. If there are changes in your circumstances – new job, new loans, family changes, etc. – you may need to make adjustments to your cover.

Thirdly, talk to an expert. There are many different choices of insurance and it pays to have a specialist analyse your needs and find the most cost-effective solution for your circumstances.

This list is by no means complete but it’s enough to start you thinking. If it’s time to arrange a review for a complete analysis of your insurance needs contact us today.

Resources

Big banks dirty little secrets

5 Steps to assess your current home loan, set your own schedule and pay off your loan fast.

03 5382 3460

Tollfree 1800 009 533

info@consortiumpw.com.au

Send us an email anytime!

24A Darlot Street, Horsham

Victoria Australia 3400
© Consortium Private Wealth
Robert Goudie, Ashley Rowan, Olivia Glare and Rachael Todman are authorised representatives of Consortium Private Wealth Pty Ltd | AFS Licence 495401
ABN 74 616 250 965 Registered Office: 24a Darlot Street Horsham VIC 3400