Business Succession Planning

Ross Caruso of WRS provides a run down of Business Succession Planning (click to read his blog).

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Dude, where’s my insurance?

After spending so much money on something like a car, it makes sense to protect it with insurance.

But the problem for many Australian households is that their vehicles are better protected than the people who drive them.

When you look at how much life insurance actually costs, you’ll see it stacks up extremely well against car insurance – particularly when you consider the potential benefits.

The table below shows the premiums for a 35 year old accounts clerk (non-smoker) who earns $60,000 p.a. and takes out:

  • Life Cover – $1 million sum insured
  • Total and Permanent Disability (TPD) Cover – $1 million sum insured
  • Income Secure Cover – $3,750 monthly benefit (payable to age 65). If this cover was required for example at age 35 – this would protect $2.7 million of income.

Source: ING Life

At $159.34 per month for a female, and $137.25 for a male, both customers are paying less for life insurance than they would for comprehensive insurance on a new $60,000 family wagon.

What’s more, Income Secure premiums are generally tax-deductible, which helps make life insurance even more affordable.

For families, the only way to stay truly covered is to maintain insurance on all of your most valuable assets – including your home, your car, and yourself.

If it’s time for a review, make an appointment with your financial adviser or call us on 133 667. One day it could make all the difference.

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Illustrating the risk of risk

Most people have no idea what the definitions are in their trauma policies, matter of fact, most people don’t even have a trauma policy! Considering the huge number of people that suffer some form of trauma or critical illness during their lifetime – this is ridiculous!

Critical illness such as heart attacks, stroke or cancer hurt Australian families more than most other events in their lives.

What I find ever more frustrating is people can try to do the right thing and insure their risks, only to find it wasn’t as good as they thought.

I recommend you talk to a qualified financial adviser to ensure you are getting what you expect, and to double check that any existing cover is actually worth the money you are paying for it!

Its important to note, that anyone can get caught, here is an example of a financial adviser who has been caught under a technicality with CommInsure, it makes me mad!

CommInsure challenged over trauma claim.