Without a regular income, it can be a challenge just paying for everyday household expenses like groceries and power bills, while ongoing mortgage repayments or school fees can quickly eat away any savings. Worse still, if you’re self-employed and can’t work because you’re ill or disabled, you could be faced with the added pressure of the business bills rolling in.
The good news is that we can use risk insurance to structure a total financial protection package for you to protect against loss of income, disablement, serious illness and death.
While car and home insurance are relatively straightforward, personal risk cover can be complex, with many different options and levels of cover to choose from. We can help you decide which cover is right for you and what issues you need to consider. For example, which family members would you insure? When does it make sense to insure a non-working spouse? How should the benefits of any payment be distributed? What benefits are available within your superannuation scheme? What are the tax implications of taking out insurance?
A CASE STUDY OF HOW WEALTHWISE ADVISER PAUL TURNER HELPED CLIENTS WITH THEIR INSURANCE
“My husband was formally diagnosed with Alzheimers Disease (Dementia) on 23rd June 2010 aged 56 years. We had owned and he had run a very successful business for over 25yrs. We had a very small mortgage on a very beautiful riverside home. We had an amazing social life and we are the proud parents of four gorgeous adult children who at the time of Mark’s diagnosis were aged 19, 21, 23 and 25.
Although I was for legal and tax reasons, a partner in our business, I had absolutely nothing to do with the day-to-day running of it. Mark dealt with all of the business and household finances. We had made a pact early in our marriage that he would deal with finances and I would deal with family issues whilst working part-time.
18 months prior to Mark’s diagnosis I became concerned about some of his behaviour and decisions. He became very forgetful and apathetic which was beginning to show in his work, as well as maintenance issues at home. Whilst I knew deep down there was a problem, the enormity of dealing with it was incomprehensible. I dreaded our yearly pilgrimage to the accountant at tax time! My understanding of what was going on was ZILCH, and I could have been signing anything! I would just pray that Mark knew what was going on.
6 months later I began to receive weighty letters regarding outstanding bills.
On investigation I found that we had debt to the value of $500,000.00. It was at this point clear; Mark could no longer run the business or work. I also discovered that Mark’s life insurance and disability insurance policies which he had had for many years had lapsed due to approximately 12 months of non-payment.
I felt totally overwhelmed and terrified as I was forced to put the family home and the business property on the market to sell and close down the business. I made phone calls to the people we owed money to explaining our situation and to ask if they would allow me to set up weekly repayment plans. I also borrowed money from my family. Friends and family rallied, sharing the dealings of many issues in order to lighten my burden.
After explaining to one of these friends my situation regarding the insurance policies she offered to look into it for me. During an appointment with her financial advisor (Paul Turner), she happened to mention my dilemma to him. Paul stated that he would like to help me. I will be eternally grateful to my friend for introducing me to Paul. What a lifesaver he has been!
Paul contacted the insurance companies explaining my situation and was able to persuade them to honour the policies that were worth several hundreds of thousands of dollars. He then set up a financial plan, which he laid out in simple terms making sure that I understood exactly what it entailed. He organised my husbands and my superannuation, which is, reviewed regularly ensuring the best ongoing financial outcome, and he explained to me what I was entitled to in the way of centrelink payments whilst still being able to work.
Mark’s condition has now deteriorated to the point that I am looking for permanent care for him in a facility. Paul has sought the assistance of a professional colleague who specialises in the financial implications for people in Mark’s situation. I have been able to meet with both Paul and Nuala who after lots of research have walked me through what is an absolute mine field along with the mountains of paper work involved.
Paul has always been very supportive and extremely patient with me. He has always been happy to answer any questions I may have. His advice has been and continues to be invaluable. I feel very, very fortunate to have found him and as I have said before, he has been and still is my lifesaver, my gatekeeper and a treasured friend.”
— Amanda Hooper
If you own a business we can also review your business insurance needs. For example, is there ‘key person’ protection in place for the business owners and managers? Are the business assets and stock adequately insured against theft and damage?
Wealthwise can assist you in the following areas relating to insurance.
- Estate Planning
- Life Insurance
- TPD – Total And Permanent Disability
- Income Protection
- Business Succession Planning