Insurance Advice

Risk management is a typical and necessary aspect of any financial strategy

Managing personal financial risk

In life, we expect to earn an income, grow our assets, and then use those assets over retirement. What were to happen if you lost the ability to earn an income or passed away, and your family had to draw on your assets to survive? This is where risk management and insurance can help. 
Creating a plan to mitigate personal financial risk can sound daunting, but it’s nothing to be afraid of. While it’s true that failing to address some financial risks can have serious implications, risk management is a typical and necessary aspect of any financial strategy to combat such potential problems. 

Depending on the type of cover, insurance can protect your assets, cover unexpected medical expenses and provide replacement income. In other words, risk insurance can help keep you and your family stay on track financially should the unexpected happen. 
Our team of Financial Planners will assist you in fully comprehending any risks, possible implications, and the alternatives available to mitigate them. But first, let’s better understand why it is a good idea to seriously consider managing risk through insurance.

Key Benefits

Insurance can help your family maintain their lifestyle if life does not go to plan

‘Would my family be able to maintain their lifestyle if I no longer earned an income?’ If your answer is “no”, you should consider adequate risk cover – i.e. transferring the financial risk to an insurance company. There is a wide range of insurances that can help you mitigate your risk and provide peace of mind for you and your family, some are listed below.

Insurance options

Personal insurances worth considering include:

  • Life insurance – pays a lump sum on the death of the insured. Typically covers funeral costs, repay debt, and cover any replacement income required for your loved ones.  
  • Total and permanent disablement insurance (also known as TPD) – pays a lump sum in the event of permanent disability due to illness or accident. Typically covers medical costs, home modifications and repays debt. 
  • Income protection insurance – replaces your income if you are unable to work due to sickness or injury by providing a monthly payment of up to 70% of your pre-tax income. 
  • Trauma insurance – pays a lump sum on the diagnosis of a specified non-pre-existing illness or injury such as heart attack, stroke, cancer and paraplegia. This is to assist with any medical costs.

Our process in developing your plan

To help ensure your insurance plan is accurate and effective, the team at moneylab have devised a process to determine what strategies would be best suited to you personally. 

We start by assessing your current situation – if the unexpected happened today, what would be the financial shortfall? How much money would be required for you and/or your family to replace your income and pay for expenses? 

We then develop strategies to help you transfer that risk to insurance companies and identify which types of insurances you require. We also help you qualify for tax deductions on the annual premiums where possible. 

We will do all of the research and present you with the best coverage options for your personal circumstances. This includes the cost of the premiums in addition to the inclusions in the policies. This will provide you with all of the information to make the right informed choice for your family. 

Once you’ve selected your preferred option, we finalise your plan and assist you with the application process.

Financial Planning

We are here to help

Our professional services in respect of your needs for insurance protection are available now, contact us to arrange a meeting to consider your particular situation. Our experienced Financial Planners at moneylab are here to listen to your needs, understand your situation as you are experiencing it – and have solutions to provide the protection you are seeking.

Speak to us about your financial planning

Call moneylab and one of our finance experts will be able to assist you immediately.
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