The main reason for having personal insurance is to protect you, your family and loved ones, should you no longer be able to provide financial support. Personal insurance will often be a vital component of your wealth protection plan. A wealth protection plan details:
- events that may occur outside your control;
- financial concerns that may impact on your lifestyle; and
- risk solutions that are available to combat these concerns.
As a licensed personal life insurance broker, Cornerstone Insurance can help you develop a wealth protection plan and recommend insurance products that fit within that plan. Our personal insurance advice ensures you:
- have the right level of cover;
- select tax effective solutions;
- choose the right insurer based on a range of factors including premium cost, product offering and claims history;
- select the correct premium structure (Level versus Stepped premiums) to minimise premiums over the term of the policy; and
- consider how life insurance interacts with estate planning.
Personal insurance products include:
- Life insurance provides a lump sum benefit payable upon your death.
- Total and Permanent Disablement (TPD) insurance provides a lump sum benefit payable if you can no longer work or perform home duties.
- Trauma insurance provides a lump sum in the event of cancer, heart attack, stroke and more.
- Income Protection insurance provides a monthly income should you not be able to work.
- Business Expenses insurance covers business expenses in the event of certain circumstances.
- Child trauma insurance provides financial assistance for parents when children are sick, disabled or suffer a traumatic event.
- Homemakers Insurance provides a benefit if a stay at home spouse becomes sick or injured, or a dependant child becomes critically ill.
If you are a business owner, your wealth protection plan should also include business insurance.
Each of these products involve specific considerations, but there are a range of general considerations that are relevant to all personal insurance products, such as whether to link policies and the choice between level and stepped policies.