Aegis Financial Planning
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Personal Insurance

 

Personal Insurance

 
 

“We have put our trust in Aegis Financial Planning for over 10 years now and we are extremely happy with the excellent service they provide. We trust their advice implicitly and are always guided by what they say.”

- Ros & Alan R, QLD

How we can help:

Cover for all scenarios

There are several different types of insurance, each with a multitude of variables that can be selected. Working out the cover that you need can be a complicated process, and unfortunately many people end up under-insured. We use a goals-oriented approach to determine the level of cover that will get you to your goals, no matter what life throws at you. We provide advice on personal insurance including Life Insurance, Total Permanent Disability (TPD) insurance, Income Protection and Trauma Insurance.

Reviewing current policies

Personal insurance is not a set-and-forget process. If you have had a personal insurance policy in place for some time, it may be a good time to review your current arrangements to make sure they are still right for you. A comprehensive review of your cover can help you to reduce your ongoing premiums, understand any shortfalls and whether there are better options available to you.

Insurance in Super

Most workers will find they have some personal insurance inside their superannuation fund. However, we often find for most people that the default amounts held inside of super are not enough to adequately protect them and their family. While insurance policies can be held wither in your super fund or in your name directly there can be pros and cons to each approach, depending on your needs. We can help determine the best policy structure for you.

Frequently asked questions:

  • There are many types of insurance out there, but as financial planners we are mainly focused on these four:

    • Life: Provides a lump sum payment in the event you pass away

    • Total Permanent Disability (TPD): Provides a lump sum payment in the event you become unable to work.

    • Trauma: Provides a lump sum payment upon certain trauma events (eg. diagnosis of cancer or other life-threatening illness.)

    • Income Protection: Provides an ongoing income stream when you are unable to work for a certain period of time.

  • Insurance is a critical component of financial planning; the types of life events that insurance covers can be devastating to your financial future, and are largely out of your control. Without insurance, you risk losing out on the product of your hard work and falling short of your financial goals.

  • There are several methods for calculating your insurance needs; our approach is to consider your financial goals, and ensure you have an appropriate level of cover to keep you on track to those goals. This means you’ll need to consider the level of income you need to live, and other financial goals you may have in future such as purchasing a home, holidays, or supporting your family. You may also consider whether these goals are to be retained or not in an insurance event. This can be a complicated process, but we can help you through it.

  • In order for a TPD claim to be paid, you need to be diagnosed as unable to work again by a medical professional. Depending on your type of insurance, this could mean different things; you can have “own occupation” TPD cover that applies if you are unable to work in your current field, or “any occupation” cover that applies if you are unable to work in any capacity. Own occupation cover can be useful in some fields such as work that requires a specialised skill or is physically demanding. For example, a surgeon might not be able to operate if they develop a condition that affects their dexterity or eyesight, however they may still be able to do other kinds of work; they could get own occupation cover to account for this risk.

  • Different premium structures can have different benefits. Generally the benefit of a level premium structure applies if you hold the insurance for a long time; you’ll usually begin with higher premiums, but end up saving money if you hold the policy for many years. This structure may or may not be appropriate, depending on your financial situation.

 
 
 

Do you have a question about personal insurance?

This information has been provided as general advice. We have not considered your financial circumstances, needs or objectives. You should consider the appropriateness of the advice. You should obtain and consider the relevant Product Disclosure Statement (PDS) and seek the assistance of an authorised financial adviser before making any decision regarding any products or strategies mentioned in this communication.

Whilst all care has been taken in the preparation of this material, it is based on our understanding of current regulatory requirements and laws at the publication date. As these laws are subject to change you should talk to an authorised adviser for the most up-to-date information. No warranty is given in respect of the information provided and accordingly neither Alliance Wealth nor its related entities, employees or representatives accepts responsibility for any loss suffered by any person arising from reliance on this information.