Peace of mind
is priceless.

LIFE INSURANCE & WEALTH PROTECTION

There are many ways in which a qualified and reputable financial adviser can help when it comes to your life insurance plan. Austcover has an experienced adviser ready to assist. As a specialist insurance broker, we work with many different insurers and because of this,

we have the ability to source a range of products from the market to ensure that you have access to the best coverage to suit your needs. As your life changes or your business grows, so do your insurance needs. There are particular points in your life where you’ll find that your 

financial responsibilities increase. Having an ongoing relationship with us means that you can keep us informed of any changes that may affect your insurance and we can adjust your plan accordingly.

Why engage us?

  • Analysis
    We will review your existing plans and policies to ensure you are adequately covered.
  • Trust
    We never lose sight of the fact that we are acting for you.
  • Expertise
    You will receive valuable advice on life insurance products and services to best suit your needs.
  • Guidance
    We can provide you with access to useful tools and resources.
  • Transparency
    We offer transparency in our dealings and welcome feedback that will help us to meet your expectations.

PERSONAL PLANNING

Buying life insurance may seem straightforward but for those who want to make sure that they make the right choice, it can be a confusing and time consuming process. Some people may be unsure as to what to look for, and what is right for them. In times of great need, a properly constructed personal insurance plan can provide important financial assistance and peace of mind.

Term life insurance

This is a policy that provides a lump sum payment on your death. Anyone who has insufficient funds to cover the needs of dependents or debt payments should have a life insurance policy. A term life cover provides one of the most cost effective measures for your personal risk protection.  As a minimum you should carry enough life insurance to clear debts plus any expenses, and enough to avoid placing your dependents into financial difficulty.

 

Total and permanent disablement

In many cases if you were to suffer a total and permanent disability you will be left with all your existing loan repayments, family obligations and medical costs as well as possibly being faced with the need to modify your home or car to cater for the various implications of a disability. Total and permanent disablement insurance is an optional benefit that can be added to a life insurance contract. This type of contract pays out a policy benefit as a lump sum in the event that you become totally and permanently disabled. 

Trauma protection

Trauma or critical illness protection is a policy that pays you a lump sum if you are diagnosed as suffering from one of the many defined medical conditions. The illnesses covered vary from policy to policy, but most cover cancer, stroke, heart attack and coronary disease.  Trauma protection is intended to cover the extra costs incurred should you become seriously ill. It can also provide a lump sum payment sufficient to pay out mortgages and other debts, to reduce the worry during your recuperation or ongoing illness.

Income protection insurance

Income protection is an insurance policy that provides you with an income if you are unable to work because of an accident or sickness. The benefits are paid monthly for the period of incapacity or the duration of the policy, whichever comes up first.  If you don’t know how you would pay your living expenses without your income, you should consider purchasing an income protection policy.

Self-managed superannuation funds

A self-managed super fund (SMSF) is a superannuation trust structure that provides financial remuneration to its members in retirement. The main difference between SMSFs and other super funds is that SMSF members are also the trustees of the fund. One of the main advantages is the level of control that trustees have when it comes to tailoring the fund to meet individual needs.

BUSINESS PLANNING

One of the first things any business owner needs to consider is how to protect against events that may threaten the future of the business, like the death or disability of a proprietor, partner or key employee. Austcover can provide the services and advice of a business planning specialist.

Buy-sell agreements

Research shows only a small number of business owners have a written business plan that deals with the death or long term illness of a business partner. In the event of the death, disablement or traumatisation of a proprietor, the continuing proprietors would normally prefer to purchase the equity in the business, rather than find a new proprietor. The absence of a funding mechanism can lead to delay, dispute and expense, particularly when valuers, accountants and lawyers become involved. Without an appropriate funding mechanism, your executor might have to sell your equity to a third party for less than its real value or alternatively, the entire business might have to be sold. It is very important to have a plan which will tackle issues such as business value, debt elimination, loss of goodwill and surety of fund distribution through a legal agreement that is tax effective. 

Key person insurance

Key executive or corporate key employee insurance, is purchased by a business on the life of an owner, employee or CEO, whose services contribute substantially to the success of the business. The company is the owner of the insurance and pays the premium, therefore they are also the policy beneficiary. This type of insurance has many uses, but there are two main purposes being capital benefits such as loss of goodwill and credit loss, and revenue benefits being loss of revenue and potential business.

Group life insurance

Group life insurance is a type of life insurance in which a single contract covers an entire group of people. Typically, the policy owner is an employer or an entity, and the policy covers the employees or members of the group. Group life insurance is often provided as part of an employee benefit package. In most cases, the cost of group coverage is far less than what the employee or members would pay for a similar amount of individual protection.

Group salary continuance insurance

Group salary continuance is a great way to add value to your employee’s package but also protects the employer in the event of their death or permanent disability. This cover provides an income stream where an employee is unable to work due to illness or injury. It covers employees 24 hours a day, so it includes events that may not be covered by workers compensation insurance.

 

The information included on this site is not comprehensive and only provides a summary of the subject matter. It is not tailored specifically to your needs and therefore may not be relevant to your individual circumstances. You should refrain from doing anything in reliance on this information without first obtaining professional advice.