Income protection insurance

Transcription

1 Income protection? Income protection replaces your income

2 Income protection? Income protection replaces your income

3 Income protection? Income protection replaces your income

4 My Name Financial Income protection? Income protection replaces your income

5 JV logo space Income protection? Income protection replaces your income

6 Where does income protection fit into a comprehensive financial plan? TPD Business expenses Trauma Term Income protection Trauma provides a lump sum payment if you suffer one of a list of major medical trauma. This will assist you to obtain the best medical and rehabilitation care, and also change your lifestyle if you wish. Term provides a lump sum payment if you die which will enable your family and/or business to be in a similar financial position after your death as that which applied beforehand. Business expense reimburses you as the owner of a small, self-employed business for ongoing, fixed business expenses that continue while you are unable to work because of a sickness or injury. Total and Permanent Disability (TPD) provides a lump sum payment if you suffer a sickness or injury and are permanently unable to work. This will help you to pay the additional expenses that arise as a result of a severe sickness or injury. None of the components above cover off the specific purpose of income protection. What are the alternatives? Is this I have to have or are there some viable alternatives? Family and friends? Maybe family or friends would assist you but then again they have their own obligations and financial concerns. Also it is not easy to ask others for financial assistance in this way. Savings? If you have some money saved you may be able to use that in the short-term to support yourself and your family but problems arise if your savings are not readily accessible. Also what if your incapacity is longer term? Employer? You may be a valuable employee but your employer is unlikely to be able to continue paying you and also pay for finding, training and retaining a replacement for you. Government benefits? If your injury or sickness is work-related, workers compensation will help to a limited extent; however, the benefit level is likely to be insufficient and what if the sickness or injury is not work-related? Social security? Social security may be available but the eligibility criteria are means tested. Also, once again, the benefit levels are unlikely to be sufficient. Getting advice Income protection policies are very complex products and definitions can vary widely between companies - for example some policies state that if you can still perform any part of your job you may be not covered. Your adviser can help you to unravel the fine print and show you how to compare products from different companies. For peace of mind, whatever the future may bring, speak to your financial adviser today. Contact <office> on <phone> for further information. This information is of a general nature only and neither represents nor is intended to be personal advice on any particular matter. RI Advice Group Pty Ltd strongly suggests that no person should act specifically on the basis of the information in this document, but should obtain appropriate professional advice based on their own personal circumstances including a personal financial advice from a licensed financial adviser. RI Advice Group Pty Ltd ABN AFSL