Wealth protection, also known as insurance, helps you protect yourself and your family. It helps you ensure financial security for yourself and your family in case something bad happens to you. We have been providing wealth protection and financial planning in the Perth area since 2005. We can’t provide individual advice without a consult, but here is an overview of how a solid wealth protection plan may protect you and your family.
The Four Basic Types of Insurance
There are four basic types of insurance cover: income protection, trauma cover, total and permanent disablement (TPD) and life insurance.
Income protection pays you up to 75% of your income in monthly payments during any period of time that you are unable to work because of injury or illness. This provides for your monthly expenses and keeps you and your family afloat while you are unable to work.
Trauma cover pays you a lump sum if you are diagnosed with a specific illness or medical condition outlined in the plan. Many plans also cover medical procedures such as bypass surgery. This allows you to focus on getting well instead of worrying about finances.
TPD pays you a lump sum if you become permanently disabled to a point where you are unable to work again. This can be specific to your current occupation or for any occupation.
Life insurance, or “death cover,” provides a lump sum to your family or other beneficiaries if you die. It is generally recommended that you have a life insurance policy that at least covers your mortgage so that your family doesn’t have to worry about losing their home.
Talk to the Experts
At Approved Financial Planners, we are experts at wealth protection. We can talk to you and help you determine what is most important and relevant to your financial situation. If you already have a wealth protection plan in place, we can help you make sure it provides the protection you and your family need.
Call 08 6462 0888 today.