Insurance is a necessary and critical component of any well-constructed and holistic financial plan.
Having the capacity to address both personal and business requirements is essential.
In the event of an accident, injury or illness resulting in a family’s primary income earner, the carer of children or a business/life partner being unable to work, being totally and permanently disabled, or worse still, actually losing their life, ask yourself the following questions:
- Is there sufficient income to meet our lifestyle requirements or will they have to be significantly reduced?
- Is the family home secure?
- Will we be able to educate our children as we expected to?
- Can our investments be continued?
- Are we able to continue to service debt?
- What impact will this have on our retirement aspirations?
- Do we need to modify our home and cars?
- Will (or can) the non-working spouse return to full time employment?
- From a business perspective, are key persons able to be replaced?
- Who now has control of the business – operational partners or their injured or deceased partners spouses?
These questions and the ramifications that result are many and varied. Without experiencing the effect these tragedies can have on families and businesses (as we unfortunately have), it is hard to truly imagine the implications that ensue. Be assured however, they are significant! While never compensating for the emotional and human costs of these circumstances, not having financial burdens at these times makes coping and managing with a difficult situation that little bit easier!
What we offer
Elodus will work with you to determine appropriate, funded, tax effective and affordable strategies to help protect yourself, your family and your business in the event you suffer an insurable event. We will also take into account your estate and succession planning requirements in this process.
We utilise the following to achieve these objectives:
- Life Insurance
- Total and Permanent Disability Insurance
- Trauma Insurance
- Income Protection
- Salary Continuance
- Business Expense Insurance
- Insurance through Superannuation, including SMSF’s
Ian and Lana had a business and were well insured for Life, Total and Permanently Disability (TPD) and Trauma. After building up their business, they received an offer to sell, which they accepted. Moving back to the coast, the family bought the home they had always wanted and Ian recommenced his trade of boiler making, becoming an employee of a large corporate mining group. With the family’s income being dependent on his ability to go to work every day, on our advice, Ian took out an Income Protection policy.
Approximately 4 months into his new role, an accident occurred where Ian lost the largest part of one foot. WorkCover replaced his income for a period of time, but at a significantly lower wage. Ian’s income protection policy picked up the shortfall and in time will provide 100% of his income. In addition, despite not being totally and permanently disabled, his insurance paid a lump sum of $20,000 that covered all medical expenses with monies left over. It is hoped that after rehabilitation Ian will return to work but should he be unable to, 75% of his pre-disability income, indexed to inflation, will be paid until he is aged 65. He is in his early 40’s now.
For more information, contact us today.