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What are the facts?

• Did you know that 60% of Australian families with dependants  will run out of money within 12 months if the main income earner dies?
• One in three Australians could be disabled for more than three  months before turning 65.



These are sobering facts and are a reminder that life can often throw you a few curve balls. No one expects sudden death, accident or illness – but what if something did happen to you? How would you, your family, or perhaps your business cope financially?

Insurance is the cornerstone of a comprehensive financial plan and can help minimise the monetary impact of events beyond your control.

There are five main types of insurance that can be used to provide financial protection for a range of personal and business purposes. The table below summarises these:

Life Insurance Life Insurance acts to provide a lump sum in the event of your death
Total and Permanent
Disability (TPD)
TPD Insurance acts to provide a lump sum if you suffer a total and permanent disability and are unable to work again.
Critical Illness
Insurance
Critical Illness Insurance acts to provide a lump sum if you suffer or contract a critical condition specified in the policy (e.g.a heart attack, stroke or cancer).
Income Protectioin
Insurance
Income Protection Insurance acts to provide monthly payments of up to 75% of your income to replace lost earnings if you are temporarily unable to work due to disability.
Business Expenses
Insurance
Business Expenses Insurance can reimburse up to 100% of certain business expenses while you are temporarily unable to work due to illness or injury.

 

How much will you earn by age 65? – What are you putting at risk?

 

Current Income
(pa)
Age now (years)
  25 35 45 55
$40,000 $3,020,000 $1,900,000 $1,070,000 $460,000
$60,000 $4,520,000 $2,850,000 $1,610,000 $690,000
$80,000 $6,030,000 $3,810,000 $2,150,000 $920,000
$100,000 $7,540,000 $4,760,000 $2,690,000 $1,150,000


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