Maintaining Life Assets
Consolidating
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Wondering where that silver colour hair is coming from?
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Feel as if your home is no longer a hotel, after those 20 something year old guests finally left?
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Now understand why they say life begins at 50?
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Looking forward to finally not paying the mortgage anymore?
Maintaining Life Assets
Welcome to Maintaining Life’s Assets. You are now wondering whether
you will have enough money in retirement to ensure you
have an adequate lifestyle.
Life Insurance
Essentially, life insurance provides a lump sum amount to your estate or nominated beneficiaries in the event of your death.
Life cover provides your dependants with a lump sum benefit upon your death. This lump sum can be used to eliminate debt, cover funeral and other expenses, and/or fund your children’s education.
Another use for a lump sum benefit is to provide a continuing income stream to your family or dependents creating certainty around maintaining lifestyle needs for your surviving spouse or partner.
Life Insurance can also be held in inside your superannuation fund with your employer contributions paying the premiums.
'Life Insurance held inside super represents only 20% of the cover needed.'
‘Fast Fact: A Nation Exposed’, Investment and Financial Services Association, August 2005
It is important that the level of cover you need be reassessed each year to ensure it is appropriate for your circumstances. Please contact us.
Total and Permanent Disablement
(TPD) Insurance
TPD insurance provides you with a lump sum payment in the event that you become seriously ill or injured and are unlikely to ever be able to work again. The definition of total and permanently disabled varies among insurance companies and policies. The old horror stories of TPD definitions have greatly improved over time. Some definitions are limited to your ability to work in your actual occupation, whilst others consider your ability to work in any job. TPD is usually only available with life cover although there are now some “stand alone” products available.
If you are totally and permanent disabled, there is a chance that you will not be fully mobile or that you require special nursing care. In addition to objectives such as debt elimination and future income needs, you should therefore consider funding for home and vehicle modifications and for potential nursing care costs.
It is important that the level of cover you need be reassessed each year to ensure it is appropriate for your circumstances. Please contact us.
