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Techniques to Protect Your Lifestyle and Wealth

Perth financial planners are in a unique market, especially when it comes to wealth protection. Perth may have suffered the least of any Australian capital city during the Global Financial Crisis. This situation may have created a false sense of security for many in the Perth area, as though we are “immune” from financial disasters.

Unfortunately, Perth doesn’t have an exemption from unexpected trauma, illness or financial woes. Here are some ways to protect both your wealth and your lifestyle.

Income Protection Insurance

Do you have enough money set aside to pay your day to day expenses if you were suddenly unable to work for more than a few days? Income protection insurance is essential if you become unable to work due to disability or illness. The cover usually replaces 75% of your income. It is subject to tax, but the premiums are deductible. It can be obtained through your superannuation fund.

Techniques to Protect Your Lifestyle and Wealth

Total and Permanent Disablement

Total and permanent disability or TPD insurance provides for a lump sum payment in case you become totally and permanently disabled. Either you or your beneficiaries receive the payment, which is a pre-determined sum. It can also be obtained through your superannuation fund.

Life Insurance Cover

Life insurance cover is also called death cover. It provides a lump sum to your beneficiaries in the event of your death. Suicide is also covered after the policy has been in effect for 13 months. Life insurance can also be purchased through your super fund.

Trauma Cover

Trauma cover, also called “trauma insurance,” pays you a lump sum in the case of a disability or an illness that is specifically covered in the policy. The benefits are tax-free and can be collected upon proof of diagnosis.

Call Approved Financial Planners Today

Nobody wants to think the worst is ever going to happen to them, but it does happen. Wealth protection products help provide the peace of mind that you and your family are protected in case the unthinkable happens.

Call 08 6462 0888 to learn more.

Do You Need an Insurance Checkup?

One of the more important and underrated aspects of financial planning is income protection. To that end, we offer various forms of life insurance in our Perth office. We can’t give individual advice in a blog because everyone’s financial needs are different, but can offer some indications that it may be time to at least call a financial planner and ask for an insurance checkup.

Insurance Checkup With Financial Planners Perth

Yearly Checkup

When you entrust your financial planning to us at Approved Financial Planners, we are always happy to offer a yearly insurance checkup. We feel that we owe it to our clients to provide them with the best in financial services. Consequently, we offer a yearly insurance checkup just to ensure that changes in your financial situation haven’t made it necessary to alter your coverage to better protect your assets.

Life Changes

Changes in your life often affect your financial situation because they can change your financial needs and priorities.

Changing Employers

If you change your employers, your entire financial situation can change. Different employers usually have different superannuation funds and different insurance plans. If you were depending upon your previous job for any kind of insurance, it is a good idea to find out what kind of insurance your new job provides.

Your Own Business

If you are going into business for yourself, there are plenty of options to explore to help protect your business and your assets. Income protection insurance and business expenses protection are two common forms of insurance that business owners use to protect their assets.

Spouse and/or Children

If you marry, have a new child or both, there are many options available that allow you to protect both. We feel it is important for those with families to carry adequate life insurance to take care of them in the event that the unthinkable happens.

Approved Financial Planners

We offer a full range of financial services in our Perth office: call 08 6462 0888.