Personal Insurance Advice in Brisbane

Sometimes things in life do not go as planned. It is vital for your family to have protection in place in the event that you are unable to work for a period of time, or permanently. It doesn’t matter whether you are a salaried employee, contractor, couple, family, or retiree — you must protect your assets and loved ones with the right type of tailored personal insurance. Don’t risk your financial well-being or leave your family without protection in the event of something unexpected happening.

Contact Finpro Group today on 1300 934 454 or get in touch with us online for a free one-hour session.

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Personal Insurance in Australia

Personal insurance plays a key role in providing Australians with financial security. Knowing that you are insured should you not be able to work due to an unforeseen event gives you peace of mind. Industry-specific cover: You must ensure you are properly covered for your specific circumstances because insurance providers are all very different. Each may have an extremely varied tolerance for different industries and professions, and this can impact on the depth of cover – and most importantly – premiums. Therefore, it is vital your financial planner has a broad knowledge of the insurance providers in Australia.  

Do I need personal insurance services?

Many people hesitate to protect themselves with adequate personal insurance due to the perception that premium costs can be prohibitive in some cases. But the consequences of not having personal insurance services can be a disaster. Everyone with a family and a desire to provide for them in the event that something unexpected happens should have personal insurance.
  • Where cash-flow is a concern your superannuation can cover some if not all of your insurance needs
  • Premiums can be affected by health and age considerations – so be sure to check your level of cover and premium
  • Different insurance providers have different attitudes, so it is vital to work with an experienced financial planner who understands which providers to work with on your behalf
 

Which personal insurance product do I need?

There are 4 categories of personal insurance cover to consider for protection:  

Life Insurance

Life insurance provides financial protection if you are diagnosed with a terminal illness or pass away. A lump sum can either be paid to your estate or nominated dependents. We can provide personal insurance advice on life insurance to ensure you get the product that is right for you.

Total and Permanent Disability (TPD)

Should you become permanently unable to return to work due to injury or illness, TPD insurance provides you with a lump sum payout designed to clear debts, provide replacement income and cover any ongoing medical costs or lifestyle adjustment costs. It is often used in conjunction with income protection insurance to ensure your pre-injury/illness income is not impacted.

Income Protection

Should you be unable to work due to injury or sickness, income protection provides a replacement to your working income up to 75% for the duration of the period you are unable to work, ensuring continued cash-flow to support your lifestyle expenses and allowing a worry-free recovery. This is vital if you are dependent on your working income to support yourself, your family and your assets and liabilities.

Trauma

This type of insurance is designed to give you financial security should you suffer from a traumatic medical condition such as cancer, heart attack, heart disease or paralysis. When your diagnosis is confirmed, you will be paid a lump sum to help with medical costs and debts. This will relieve financial pressure through providing for what can be significant expenses in the recovery process.

Business Insurance

Whether your business is structured through a partnership, company, or trust; few have effective mechanisms in place for the transfer of equity and/or control if one of the owners is lost to the business due to death, disablement, or critical illness. In many cases, the loss of a business owner from one of these events results in the demise of an otherwise healthy business simply because there was no succession plan and funding agreement in place. A business succession plan that incorporates insurance funding protects your investment and can help to ensure the survival of your business should one of the business owners or a key person die, become disabled or suffer a critical illness. Owners exit a business for one of 4 main reasons:
  • Death – involuntary
  • Disability – involuntary
  • Divorce – involuntary
  • Departure – involuntary
 
tax planning
 

Don’t run the risk of facing an uncertain future

Contact Finpro Group today for personal insurance advice on 1300 934 454 or contact us online for a free one-hour session.

Do you need business insurance?

Here are some common reasons for getting business insurance in place.  

01. Buy/Sell Agreement

This type of agreement refers to the transfer of the deceased or disabled proprietor’s interest pro rata to the surviving proprietors or spouse of surviving proprietor as consideration for the shares in the business. Agreement to state how proceeds of business to be distributed.

02. Key Person Insurance

Most businesses have one or more key persons whose skill, knowledge, experience, and leadership ensures the success of the business. A key person in any business may generally be defined as one whose death, disablement or early retirement may have an adverse economic effect on the business. Key person insurance provides compensation for loss of profits caused by the death or Total Permanent Disability of key employees.

03. Business Debt Protection

Protecting an entity from potential loss due to the inability to service the debt or the forced repayment of all or some of the outstanding debt, as a result of the loss or disablement of a partner in the business.

04. Asset Protection

Asset Protection can provide your business with enough cash to preserve its asset base, so it can repay debts, free up cash flow and maintain its credit standing if a business owner or loan guarantor dies or becomes disabled. It can also release personal guarantees secured by the business owner’s assets (such as the family home).

05. Revenue Protection

Asset Protection can provide your business with enough cash to preserve its asset base, so it can repay debts, free up cash flow and maintain its credit standing if a business owner or loan guarantor dies or becomes disabled. It can also release personal guarantees secured by the business owner’s assets (such as the family home).

06. Partnership Insurance

Partnership protection insurance provides a safety net in the event that one of the business partners suffers a serious illness, becomes permanently disabled or passes away. In the event of death, partnership protection insurance enables the other partner/s to buy out the deceased partner’s share of the business from whoever inherits it. In the event of a partner suffering an illness or disablement, such a policy provides the other partner/s with the funds to buy out the incapacitated partner’s share directly from them.