It won’t happen to me – I’m fit and healthy!
What would happen to you and your family if you suffered a major illness? Car accident? Other traumatic event? How would your family live? How would you pay for your medical costs, children’s education or cover the cost of potentially remodelling your house?
When was the last time you sat down and reviewed your insurance coverage and checked that you and your family were covered against some of these types of events?
Through our referral association with OzPlan Financial Services AFSL No 221235, who are well versed in the area of Risk Insurance, we are able to offer this service to our clients.
The OzPlan experts will sit down with you and spend time running through your personal and financial situation and come up with a plan to give you the most appropriate coverage. They will also ensure this is done in the most cost effective manner, being either in your business, personal or superannuation fund name. They know how difficult it can be to read through the fine print and make an informed decision.
Following are some of the types of insurance they are able to provide you:
Income protection will provide you with a regular income source should you be unable to work for a period due to injury or illness. You can generally insure yourself for up to 75% of your normal income. There are a number of options available to you regarding waiting period and benefit payment period.
This provides a lump sum payment to a beneficiary, third party or your estate in the event of your death. It is also normal for the benefit to pay out to you should you be diagnosed with a terminal illness such as cancer.
Total and Permanent Disablement Insurance
Provides a lump sum payment if you become totally and permanently disabled. The meaning of total and permanent disability is defined in each policy document. Some occupations have an option as to which meaning of total and permanent disability can be insured. The benefit is normally provided as an advance payment of a death benefit or stand-alone basis.
This provides a lump sum payment in the event of you being diagnosed with any one of a specified range of critical illnesses or injuries. The list of conditions covered is often optional and varies between companies as do the definitions of those conditions. The benefit can be provided as either an advance payment of a death benefit or on a stand-alone basis.
Business Succession Insurance / Buy-Sell Insurance
This will cover a business for the costs associated with the departure of an owner/partner by either death and/or illness. This is one of the most important insurance covers any business with multiple unrelated partners can have. It ensures that a business can continue to operate without having to be at the mercy of the estate of the deceased partner and also means that the business does not have try and obtain finance to buy out an existing partner.
(a) The above information is not intended to provide advice and has been prepared for information purposes only. It has not been prepared taking into account any particular investor’s or class of investor’s investment objectives, financial situation or needs, and should not be used as the basis for making investment, financial or other decisions.
(b) Before making a decision on the basis of the advice the client needs to consider, with or without the assistance of a Representative, whether the advice is appropriate in light of his or her particular needs, objectives and financial circumstances.
(c) The client obtain a relevant Product Disclosure Statement and read it where an investment product has been recommended.
(d) Patison Partners are not responsible for advice provided by OzPlan Financial Services AFSL No 221235; and
(e) OzPlan Financial Services AFSL No 221235 are not responsible for advice provided by Patison Partners.