Many people readily recognise the need to insure their cars and homes, but neglect to insure their greatest assets – their lives, and their income.
A good financial plan, designed to build and preserve capital, is of little value if it does not provide protection against your income ceasing due to:
- premature death
- total and permanent disability
- temporary disability
It is also important to insure against death and total & permanent disablement for non income earning partners. Your partner may contribute significantly to child care, home maintenance and so on, and in the event of his or her death or disability the cost of hiring professionals to provide these services could be considerable. It could also be very expensive to provide care for your partner should he or she be permanently disabled.
Life insurance provides financial protection in the event of death or total and permanent disablement.
The cost of the insurance depends on the type of cover selected. A regular review of your cover is necessary to ensure you are not under- or over-insured.
Tax deductibility is available for certain types of insurance cover and it is therefore important that we structure your insurance in such a way as to take advantage of any tax concessions for which you may be eligible. In determining the most appropriate policy we have aimed to achieve a balance between affordability and the most favourable policy conditions.
In determining the amount of cover required, we consider:
- Current levels of assets and liabilities.
- Income required to maintain your family’s standard of living.
- Costs of a housekeeper, day care etc, if necessary.
- Costs of caring for a totally and permanently disabled person.
The above information is intended to provide a general guide only and neither represents nor is intended to be specific advice on any particular matter. We strongly suggest that no person should act specifically on the basis of information contained herein but should seek appropriate professional advice based upon their own personal circumstances. Only Financial Services Advice is provided by Peninsula Taxation and Business Centre as an Authorised Representative of BluePrint Advisor Group.