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Protecting your Wealth

You insure your car, house and contents but you don’t insure your biggest asset, your ability to earn an income.


Protecting your Wealth


What is Insurance?

Insurance is a form of protection – a way to protect yourself, your family and the things you own if something goes wrong. It enables you to replace or repair  your assets, whether those assets are your belongings or your capacity to earn income.

Everybody’s circumstances are different, but insurance is important for everybody. Your need for insurance will change as you move through the different stages of your life. There are many different types of insurance, and we can help you find the right level of protection for your needs.

While insurance doesn’t remove the risk of something going wrong, it provides you and your family with protection and financial security if something does happen. The amount of insurance you need is affected by but not limited to:

how much you earn
your cost of living
your assets
your liabilities
your relationship status (whether you are married, in a de facto relationship or single), and
how many dependants you have.

What types of insurance are there?

There are many types of insurance. Car or home/contents insurance allows you to insure your belongings. Personal insurance policies enable you to insure yourself and your ongoing wellbeing.
Personal insurance provides protection against sickness, injury and death, and includes:

Life insurance
Total and Permanent Disability (TPD) insurance
Trauma insurance, and
Income protection.

Life Insurance protects your family by paying a lump sum if you die. Life insurance is not only for the main income earner, but also for the person who takes care of the family is also a large contributor to the home and can be insured.

Total  and  Permanent  Disability (TPD) cover  provides  a  lump  sum  payment  if  you suffer a disability before retirement and can’t work again, or can’t work in your usual occupation or chosen field of employment.

Trauma (or  critical  illness) insurance  provides  a  cash  lump  sum  if  you  suffer  a specified illness or injury. Advances in medical treatment have increased the need for trauma insurance. Due to these medical advancements, thechance of survival from a traumatic event has increased meaning you may have substantial medical bills to pay.

Income Protection insurance (also known as salary continuance or income replacement) provides a monthly payment to replace lost income if you are unable to work due to injury or sickness.

Insurance as part of your superannuation

Life, TPD and income protection insurances are all offered within superannuation. If your insurance is held within superannuation, the cost of the premiums is withdrawn from your superannuation  balance. It is important to work out the best way to structure your insurance, whether inside or outside superannuation, or a combination of the two.

Keep your insurance up to date 

Insurance is not static, and your need for cover will change as you move through different stages in your life. As part of the financial advice process, we regularly review your insurances to make sure that you are adequately protected if your circumstances change.

Case Study

Jane and Terry are aged 40. Terry is a highly paid executive earning $300,000 per year. Jane hasn’t worked since having their two children aged 11 and 9 but used to work as a kindergarten teacher. They live close to the city in a house valued at $1.5M with a mortgage of $600,000. Both children attend private schools. On Terry’s income they are able to comfortably afford living expenses, school fees and the mortgage and have accumulated $50,000 in savings

What if Jane and Terry don’t have insurance?

Terry maintains a regular fitness routine but has an unexpected heart attack while jogging one morning. He is found by passersby, however was unconscious for an extended period of time and is subsequently left with mental deficits and cannot return to work. Whilst still trying to support Terry, Jane has to take stock of their finances. She makes plans to return to work but on her salary of 50,000 she will be unable to meet the mortgage payments and private school fees. Jane decides she has to sell the family home, purchase a house in the outer suburbs and enrol the children in the local public school. Just when the family need the support of their friends and neighbours the most-they have to give up the family home, move away from their support networks and start a substantially different life than before.

What if Jane and Terry had sufficient insurance?

Jane could have used some of the insurance payment to cover mortgage repayments, living and medical expenses.  This would have meant that they were able to retain their family home, and the kids could remain in their school surrounded by their support networks.  Insuring Terry’s income could have meant they were able to hire a carer to help out and Jane could have stayed at home.  This would enable Jane to spend time with Terry at adjusting to a new life at home, while still being there for her children.  Having insurances in place meant that their family did not have to financially struggle from an already stressful event.

This case study is illustrative only and is not an estimate of the investment returns you will receive or fees and costs you will incur.

About PPL Finance Services

We offer access to a broad range of finance services, through a network of carefully selected alliance relationships with service providers that have the experience and the level of expertise required to provide guidence, assistance and innovative advice to best serve and protect the interests of our members. Learn more...

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  +61 8 9355 5822
  +61 8 9355 5833
  Suite1/160 Burswood Road, Burswood Western Australia


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