Life takes twists and turns that we can’t always see coming.

That’s why it’s so important that we are prepared for life’s emergencies. You don’t want to leave it to chance.

An accident, sickness or death of a working age parent will almost always have a significant impact on the financial circumstances of the family. Despite this Rice Warner Actuaries calculate that over 95 per cent of families do not have adequate insurance. This means they have a gap in their wealth protection, as part of their financial plan.

Having the right insurances in place can help protect your family and your income if the unexpected occurs.

Wealth protection can be achieved through personal insurance. There are different types of cover that fall under the broad heading of personal insurance:

  • Life cover – also known as term life insurance or death cover, pays a set amount of money when the insured person dies. The money will go to the people you nominate as beneficiaries on your policy.
  • Total and permanent disability (TPD) cover – covers the costs of rehabilitation, debt repayments and the future cost of living if you are totally and permanently disabled. TPD cover is often bundled together with life cover.
  • Trauma cover – provides cover if you are diagnosed with a specified illness or injury. These policies include the major illnesses or injuries that will make a significant impact on a person’s life, such as cancer or a stroke. It is also referred to as ‘critical illness’ cover or ‘recovery’ insurance.
  • Income protection cover – replaces the income lost through your inability to work due to injury or sickness.

Each type of cover has key definitions and terms. Some may also have waiting periods and benefit periods too. There is also a consideration about how to hold insurance too. Some types of personal insurance can be held in super as well as outside of super. All of this makes creating a wealth protection strategy impossible to complete on your own.

Aren’t I already covered through my work and the government?

You may be eligible for some compensations and entitlements depending on your situation (for example Workcover, Sick leave, Social Security). However, will these be enough? Will you qualify? And what are the waiting periods?

How can we help you with wealth protection advice?

Alphington Private Wealth has access to a large range of insurers and we can tailor your wealth protection plan to suit your circumstances.

We will:

  • Identify your coverage needs
  • Identify the information insurance providers will need provide you with coverage
  • Review your current personal insurance providers (if any), and
  • Develop a wealth protection strategy and recommend providers as part of your bespoke financial plan.

We will make the insurance process as simple as possible and help you get the right cover to protect you and those you love with a financial safety net if the unexpected occurs.

To make an appointment, call us on 03 9038 9449 (Melbourne) or 08 8461 9191 (Adelaide) during business hours. Alternatively, complete the contact form and a member of our team will reach out to you to make an appointment for you. We can meet face to face in our offices, and in capital cities. Video meetings are also available.

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