professional wealth management advisers

Friday, December 30, 2011

Private Health Insurance; Comprehensive Motor Vehicle Insurance; Compulsory Third Party Insurance; Travel Insurance; Public Liability Insurance; you’ve got the idea…we usually insure our ‘things’: why should we take it for granted that our family’s greatest asset – ourselves and our ability to bring home an income (or to perform the invaluable household tasks), will not create distress and concern if they are lost, or even impaired? Insurance is available for most personal risk events: life insurance policies can be arranged to cover situations such as death, permanent disablement, critical illness and temporary long-term illness.

If you become ill or suffer an accident that takes you away from earning your usual income at the same rate as you currently enjoy, could you maintain your current lifestyle and continue to meet your ongoing commitments for the term of your disability?

If you or your ‘significant other’ suffers an accident or illness that is permanently disabling, could you sustain your current lifestyle and continue to meet your ongoing commitments for the term of your disability?

If you or your ‘significant other’ were to unexpectedly die earlier than at ‘normal life expectancy’, would the survivor and any financial dependants (children, aged parents etc) be able to fund an acceptable lifestyle and realise their potential?

Some serious considerations:
  • The event happens today: note the actions that will need to be taken
    • Accommodation/ care (in the event of accident or serious illness)
    • Transport
    • Food
    • Emotional support
    • Education
    • Debts to ‘service’
    • Health care
    • Funeral?
  • Financially what assets are available:
    • How liquid are they?
    • How quickly can they be accessed?
    • Will they realise reasonable value?
    • Whose name are they held in? (Can they be disposed of readily?)
  • Who needs to be considered:
    • Spouse/ ‘significant other’
    • Children
    • Aged parents
    • Business partners?
Having read the above, provide Yes/ No answers to the following questions:-
  1. did you answer No to any of the three ‘If’ questions above?
  2. did you have any concerns sparked by the ‘serious considerations’ tabulated above?
  3. do you have concerns as to how to rectify any shortcomings in your planning in relation to these matters?
… and if you answer Yes to any of these three questions the experienced advisers at Continuum Financial Planners are ready to conduct a review of your situation: to arrange a meeting with one of them use the Contact Us facility on our website, or call on 07 3421 3456 – we will provide a prompt response.

[This is article 6 in a series of 6 Blogs: for other articles in the series refer to the catalogue of articles showing elsewhere on this page under Risk Insurance.]

The information contained in this article is general in nature and does not take into account personal circumstances, financial needs or objectives. Before acting on any information, you should consider the appropriateness of it and the relevant product having regard to your objectives, financial situation and needs. In particular, you should seek the appropriate financial advice and read the relevant Product Disclosure Statement or other offer document prior to acquiring any financial product.


Downunder said...

Thank you for this information-packed post, especially your list of serious considerations. For sure this blog would be extremely helpful to a lot of travellers out there.

Anonymous said...

Agreed: the article was written more generally, but travel insurance is certainly one of the very important protections.