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Life Insurance can be critical for a secure financial future. In simple terms, you
insure yourself for a particular amount, and in the unfortunate event that you pass
away, the Life Insurance Company (insurer) pays that amount out to the person you
nominate or your Estate.
The lump sum payment can be used to help with the repayment of debts, the covering of future needs (e.g. the cost of children's education or long term care), and providing funds for investment to generate an income, or to keep your business afloat.
Life insurance isn't just for the main income earner either. If you are a homemaker, how will your partner look after the children, run the household and keep down a full-time job if you were to die or be incapacitated? Life insurance can be invaluable for both partners in a relationship.
Life Insurance may be obtained personally, via a superannuation fund (including a Self Managed Superannuation Fund) or owned via a business, however a death benefit received via a superannuation policy or via a business may be taxed - depending on whom it is paid to. Speak to Mark or Gary for more information about how we can help your specific circumstances.
Total and Permanent Disability Insurance:
Total and Permanent Disability (TPD) Insurance will provide a lump sum payment should you suffer an illness or injury which totally and permanently prevents you from working again.
Total and Permanent Disability may be obtained personally, ia a superannuation fund (including a Self Managed Superannuation Fund) or owned via a business, however a TPD benefit received via a superannuation policy or via a business may be taxed - depending on whom it is paid to. Speak to Mark or Gary for more information about how we can help your specific circumstances.
Trauma Insurance - Critical Illness Insurance:
Trauma Insurance (also known as Critical Illness Insurance) provides a lump sum benefit in the event that the life insured suffers a "critical condition" as defined by the insurance provider. Trauma Insurance Cover is designed to help you financially recover from a trauma or crisis, such as a heart attack, stroke, cancer or other life threatening conditions most insures have about 50 specified conditions.
Trauma Insurance may be obtained personally or via a business. The Australian Taxation office (ATO) has a strong preference that you “Do Not” hold Trauma Insurance via a superannuation fund.