Life Insurance Planning

We hold strong conviction around having appropriate conversations on insurance, ensuring each protection strategy is tailored to your individual needs and any products recommended are appropriate and of the highest quality, reducing the risk of a poor claim experience in the future.

Comprehensive protection advice is very arduous and time consuming to produce, and if you combine this with the poor client experience that has been demonstrated in recent years, because of insurance premiums increasing significantly, one can understand why lots of financial planning companies no longer give this advice.

However, having the ability to see clients on a hospital bed, vulnerable, sick and unable to work, I find it unconscionable to scope out insurance but instead I am reminded on a continual basis of the importance of getting this area right for my clients and the difference it can make to their financial situation, not to mention their mental state of mind. Furthermore, I am proud to state that I have personally helped many clients over the years, successfully claim on their insurance policy and I have experienced firsthand the peace of mind that insurance payouts can bring to my clients.

Broadly speaking there are four main types of insurance product that we talk to clients about:

1) Life Insurance-paid out in the event of death (normally paid as a lumpsum)

2) Total Permanent Disability Insurance (TPD)-paid out in the event that you cannot work on a permanent basis due to sickness or disability (normally paid as a lumpsum);

3) Trauma Insurance -paid out if you are diagnosed with a specific medical condition (normally paid as a lumpsum);

4) Income Protection -paid out if you cannot work for a period of time, due to sickness or disability (normally paid as monthly income).

Appropriate insurance advice begins during our first meeting, with a clear understanding of your financial situation, personal goals and your tolerance for risk (the risks you are willing to accept moving forward), coupled with education and guidance around the different types of insurance coverage available, including the features and benefits that may be suited to your situation.

After the blueprint of your insurance strategy is drawn up, the back-office specialists will begin to crunch the numbers, analysing the appropriate amount of cover for your specific needs. At this point, consideration will be made around ownership, taxation and estate planning consequences, as well as detailed modelling to show how the insurance strategy will impact your overall financial situation. Afterwards, a suitable provider will be chosen to meet your insurance needs, one that gives you the best insurance terms, as well as offering you suitable features and benefits, tailored to your needs and budget.

Finally comes the presentation of your advice document, containing all our recommendations on your tailored insurance strategy and a clear explanation of why our chosen strategy will improve your situation. The statement of advice will clearly label the costs and how these premiums will be met, the features and benefits of the policy and the risks of the chosen strategy. Any insurance product will be presented with an insurance product disclosure statement, so you can read and research the chosen provider to ensure that you are happy with our recommendation.

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