What debts would your family be left to face if you did not wake up tomorrow?
How would the loss of your income affect the lifestyle and well-being of your family today?
Recent statistics confirm that most Australians are significantly underinsured when it comes to their life insurance needs. Death can destroy a family's financial future if appropriate insurance has not been put in place and the level of underinsurance in Australia has reached a crisis level.
SPT Financial Services works with you to put together a comprehensive insurance plan to ensure your family or business are covered should you pass away.
Life insurance is insurance that provides a lump sum payable to a beneficiary or your estate. The lump sum is paid in the event of your death or if you are diagnosed with a terminal illness and have 12-months or less to live.
A Trauma insurance plan can help provide for your family's financial needs by paying you a lump sum in the event that you suffer one of a comprehensive list of medical conditions, including heart attack, stroke and certain cancers.
Trauma policies are not intended to replace having private health insurance but rather are designed to ease any financial burden that will arise upon such an event occurring. The lump sum benefit will help to give you financial peace of mind. And if you know that your finances are being looked after, the rehabilitation process might just become a bit easier.
Expert advice is needed to ensure proper product choice and appropriate benefits for your specific circumstances.
Total & Permanent DisabilityHave you ever thought what would happen to you if you became permanently and totally disabled? Would you be able to meet your financial and family commitments and maintain the quality of life you and your loved ones currently enjoy?
If something tragic such as permanent and total disablement occurs to you the cost of living does not disappear and in fact would most likely increase as a result of having to pay for expensive rehabilitation treatment and other necessities that have resulted from your injury. In the event that you do become totally and permanently disabled a total and permanent disability insurance cover will ensure that you are paid out a lump sum of money in line with your TPD policy.
Total and permanent disability insurance differs from income protection insurance in that the insured person must be permanently disabled for the insurer to pay out, rather than absent from work for an extended period of time.
Income Protection insurance aims to protect your income in the event that you can't work due to illness or injury.
There are several choices concerning the length of time an income protection policy benefit is payable (benefit period), the conditions under which benefits are available, and the time a current disability must last before benefits commence (otherwise known as the waiting period).
You need to consider what the costs are of meeting your debts (mortgage, etc.); providing sufficient funds for a spouse, children or other dependents; and maintaining your assets & investments. If you don't have savings how could you support your household, repay your mortgage or save for the future?
Remember, the point of income protection insurance is to provide an income stream if you can no longer work.
Income Protection insurance provides cover for individuals, 24 hours a day, anywhere in the world, regardless of impairment.
Business Expense ProtectionBusiness Expenses Protection ensures the continuity of your business, providing you with a business to return to following a period of illness, or a business to sell as a going concern. It is designed for business owners to protect against the fixed ongoing costs of running a business if they are totally disabled and unable to work due to sickness or injury.
Running a successful business takes time, money and lots of hard work. So insuring your business should be at the top of your mind when you're thinking about what might happen if you were totally disabled and couldn't work.
If you're self employed or in a small partnership, it's even more important to keep the business going and therefore you need to not only insure your income but the fixed, regular expenses of the business as well.
Risk management is focused on achieving goals and realising opportunities while minimising the likelihood and consequences of adverse events.
Our Risk Management service explores a range of options that protect you, your family and your business in these areas:
- Accident Cover
- Illness Cover
- Life Cover
- Total and Permanent Disability Cover
- Crisis Cover
SPT Risk Management is a three step process.
- Firstly we thoroughly review your current risk cover and if it is sufficient and we will advise whether it is appropriate. It is not our aim to recommend insurance covers you don't need, that's not the way we have built our successful business.
- Secondly, our Advisers go through an intensive training and licensing programme before they consult with you. Our Advisers are trained to speak to you in simple and easy to understand language so that you understand the benefits of every plan we recommend.
- Thirdly, you can rest assured that you will be dealing with insurers who have a reputation for paying legitimate claims promptly.
It is up to each and every one of us to take responsibility to ensure we are covered correctly in these important areas of Risk Management.
We recommend that you meet with one of our Professional Advisers and review all the appropriate options available.
Key Person Insurance
What if you lost a key person in your business?
Would your business survive?
Key person insurance also known as Keyman insurance is designed to provide financial protection to an employer against lost revenue, profits and the capital value of their business should a key person suffer a major illness, injury or death.
A key person insurance policy is taken out by an employer on the life of any employee whose knowledge, work or overall contribution is considered uniquely valuable to the company. A key person may be an executive, principal shareholder, partner or an effective salesperson.
SPT Financial Services Pty Ltd works with you to put together a comprehensive key person insurance plan to ensure your business is protected.
Business Debt ReductionA business debt reduction strategy is designed to extinguish the guarantor’s debt in the event of their illness, injury or death. A lump sum is paid to the business.
SPT Financial Services Pty Ltd can advise you on the correct ownership structure for your business.