HOW TO FUND INSURANCE PREMIUMS FROM SUPER
Insurance inside super
Did you know Death cover, income protection, and total and permanent disablement cover can all be held in most super funds? Premiums are paid by the super fund freeing up cashflow for individuals, whilst offering vital protection if the unforeseen were to happen. Please seek life insurance advice before considering this option.
WILL IT BE A DISASTROUS OUTCOME
Why obtain personal insurance
In the vast world of insurance, covers are available for almost all aspects of our day to day and business life. The availability of substitutes for the cover needs is considered carefully. In other words, If the unforeseen were to happen, i.e. injury or illness leaving the individual out of work for an extended period, or worst death, would it equate to a disastrous outcome for you and your family.
When considering personal insurance, there is no substitute for most Australians. Without cover, the outcome for most would be devastating. The heavy reliance often on one family member to provide, means the average Australian household will run out of funds within the first month without an income, and worse financial dependents will face significant financial burden in the event of death.
With personal debt levels in Australia at an all-time high and amongst the highest globally, personal insurance is a critical decision that needs to be considered.
Unfortunately, we cannot obtain insurance when we need it, and as part of our financial journey, future unforeseen planning is essential. Insurance cover can be considered a fixed cost of your financial plan leaving nothing to chance.
HOW LONG CAN YOU LAST WITHOUT AN INCOME?
In the event, you are unable to work due to critical illness or injury we can help you with income protection to cover your income. Generally, 75% of your monthly income is covered for your chosen benefit period to help you pay the bills and maintain your family’s quality of life.
Income protection can:
– Cover daily expenses, i.e. mortgage, bills, food
– Pay for medical costs
Income protection if paid directly can be claimed as a tax deduction and have a benefit period till age 65 if required.