Personal Protection Advice

Good Financial Planning should always include some degree of protection.
The four main areas of protection are the following…

Income Protection

What would happen if you were taken ill today and could not work? Would you be able to make your home loan payments, pay for your car payments, or even put food on your table for your family?

With experience, we have found most people can manage maybe 4 weeks at the very most without an income and then the worries and concerns start. How am I going to pay the home loan this month? or how am I going to pay for our car? or do we even have enough money to put food on our table for our family?

Statistics show that one in five of us will have an accident or a long term illness where we are unable to work, which means that if you are reading this now it is likely you or a member of your close family will be in this position at some point in your life.

With the above in mind, it is really worth looking at protecting your income in the case of an accident or illness.

It can cost less than a latte or cappuccino a day! Income protection is an excellent tax efficient way of protecting your income. We are all entitled to protect up to 75% of our salary plus super contributions. If you are self-employed, the premiums are 100% Tax deductible.

Premiums can be paid by yourself or by your super fund depending on your personal cash flow.

You can protect your income for the rest of your working career if you wish. At Coast Financial Planners we have a 100% claim acceptance record with income protection, which means you know you’re receiving the right advice and in good caring hands. At the point of claim, we know it can be a sensitive time if you have been diagnosed with an illness, so we help you every step of the way to ensure you receive your income quickly and smoothly.

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Total Permanent Disability

What would happen to your home if you could never return to work? What would you live on for the rest of your life if you could never do your job again?

These are the questions to ask yourself because 1 in 5 people in Australia have some form of disability, which means it is likely that someone within in your close family or circle of friends will suffer from a disability during their working life.

  • Over 4 million people in Australia have some form of disability. That’s 1 in 5 people.
  • 18.6% of females and 18.0% of males in Australia have disability.
  • The likelihood of living with disability increases with age.
  • 2.1 million Australians of working age (15 – 64 years) have disability.

With the above statistics in mind it really is something to be aware of, particularly if you are running your own business or you have a home loan.

We do not want to see you lose your home or your business just because you do not have the right cover for your circumstances.

Source:
https://www.aihw.gov.au/reports/disability/people-with-disability-in-australia-in-brief/contents/how-many-people-have-disability
https://www.abs.gov.au/ausstats/abs@.nsf/Lookup/4430.0main+features202015

Disability does not have to ruin your life, you can ensure that your home loan is paid off and that your business can continue to run.

Don’t leave it until it’s too late, speak to our friendly adviser, who can point you in the right direction with the right cover for you and your family.

Disability cover pays you a tax free lump sum of money when you are diagnosed as being totally permanently disabled.

It can cover your own occupation or any occupation which means even if you are well enough to go back to work but cannot return to your normal occupation, you will still receive the lump sum at diagnosis.

This is a tax free pay out so you will not be paying tax at the point of claim. You can pay for disability cover either via your Superannuation Fund or by yourself, depending on your circumstances depends which is best for you. When we do a consultation we will advise the best way forward for you.

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Types of Disabilities

  • 1 in 6 Australians are affected by hearing loss. There are approximately 30,000 Deaf Auslan users with total hearing loss.
  • Vision Australia estimates there are currently 357,000 people in Australia who are blind or have low vision. They project that the number of Australians who are blind or have low vision will grow to 564,000 by 2030. (Refractive error not included).
  • 45% of the population will experience a mental health condition during their lifetime.
  • 3 million Australians live with depression or anxiety.
  • Research shows job or financial loss can increase a person’s risk of health problems, such as depression and anxiety.
  • Source: https://www.and.org.au/resources/disability-statistics/
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Heart Attack/
Cardiovascular Disease

Cardiovascular disease, heart disease and heart attack, who is at risk and why?

Risk factors include high blood pressure, high cholesterol, overweight and obesity, physical inactivity, low fruit and vegetable intake, alcohol and smoking.

Nine in 10 adult Australians have at least one risk factor for CVD and one in four (25%) have three or more risk factors.

In 2014/15, 6 million adult Australians (34%) aged 18 years and over had high blood pressure (systolic or diastolic blood pressure is equal to or greater than 140/90 mmHg or taking medication).

In 2011/12, one third of adult Australians aged 18 years and over had measured high cholesterol. This represents 5.6 million adult Australians.

Source: https://www.pointlonsdalemedicalgroup.com.au/preventative-medicine

Smoking is the single most important cause of ill health and death in Australia. In 2011/12, one in seven Australians aged 15 years and over smoked daily.

In 2014/15, close to two in every three (63%) adult Australians aged 18 years and over were overweight or obese, with 27.5% obese and 36% overweight.

In 2014/15, more than two in every three (66%) of adult Australians aged over 15 do very little or no exercise at all.

Cardiovascular Disease was the main cause for 480,548 hospitalisations in 2013/14 and played an additional role in another 680,000 hospitalisations.

Cardiovascular disease (CVD) is a major cause of death in Australia, with 45,392 deaths attributed to CVD in Australia in 2015.

Cardiovascular disease kills one Australian every 12 minutes.

Cardiovascular disease is one of Australia’s largest health problems. Despite improvements over the last few decades, it remains one of the biggest burdens on our economy.

Source: https://www.aihw.gov.au/reports/australias-health/overweight-and-obesity

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What is Cardiovascular Disease?

  • It is heart, stroke and blood vessel diseases.
  • Kills one Australian every 12 minutes.
  • Affects one in six Australians or 4.2 million.
  • Claimed the lives of 45,392 Australians (nearly 30% of all deaths) in 2015 – deaths that are largely preventable.

What is Coronary Heart Disease or Heart Disease?

  • Affects around 1.2 million Australians.
  • Is the single leading cause of death in Australia.
  • Claimed the lives of 19,777 Australians (12% of all deaths) in 2015.
  • Kills one Australian every 27 minutes.

What is a Heart Attack?

  • It is estimated over 400,000 Australians have had a heart attack at some time in their lives.
  • Each year, around 54,000 Australians suffer a heart attack. This equates to one heart attack every 10 minutes.
  • Heart attack claimed 8,443 lives in 2015, or on average, 23 each day.

We are Coast Financial Planning do not want to see anyone suffer with a Trauma illness, however statistics show many of us will do at some point in our lives.

Let us ensure you are fully protected and insured to make sure if you or a family member do suffer with a Trauma illness such as the above, you are covered from every angle.

Trauma in our lives is here to stay, however we can help reduce the risk by not smoking, reducing alcohol intake, taking part in regular exercise and eating a whole-food diet.

Source: https://www.gloucestermaxvaluepharmacy.com.au/cardiovasular

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Trauma

  • This insurance pays out a lump sum if you are diagnosed as having a critical illness.
  • The three main claims are for cancer, heart attack and stroke.
  • This policy has to be paid by you as it cannot be sat inside your super fund.
  • The pay out for this insurance is tax free.
  • The main reason for this cover is to pay for medical bills and to help financially in recovery.

What is Trauma Insurance?

Trauma Insurance is a lump sum paid to you if you are diagnosed with a critical illness, the three main claims are for Cancer, Heart Attack and Stroke.

If you had a heart attack, stroke or were diagnosed with cancer would you be able to pay for all your medical bills?

What would happen if you could not return to work due to the above illness?

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Would You Be Able To Survive Financially?

If your answer is no or you are not sure then it’s a good time to seek professional advice to ensure that you are covered to pay your medical bills and continue your life as you know it now.

The last thing you want to deal with when suffering a Trauma like Cancer is to deal with expensive medical bills whilst trying to keep your head above water.

Cancer is on the rise in Australia and statistics show that in 2017 over 134,174 new cases of cancer will be diagnosed in Australia (72,169 males and 62,005 females). Compared to in 2013, there were 124,465 new cases of cancer diagnosed in Australia (68,936 males and 55,529 females).

Unfortunately Cancer has touched many families throughout Australia and will continue to in the future. There are things we can do to help reduce the risk of cancer such as not smoking cigarettes, avoiding stress, including exercise in our daily routine and eating a healthy balanced diet.

The last thing you want to deal with when suffering a Trauma like Cancer is to deal with expensive medical bills whilst trying to keep your head above water.

Source: https://www.edcan.org.au/edcan-learning-resources/supporting-resources/population-health-concepts/epidemiology/cancer-in-australia

Trauma cover, protects you in these awful circumstances by paying you a lump sum amount to help you pay those high medical bills and help you to maybe pay off your home loan so you don’t have the extra worries and concerns. Estimated most common Cancers to be diagnosed in Australia in 2017 are:

  • Breast cancer 17,730
  • Breast cancer (among females) 17,586
  • Colorectal (bowel) 16,682
  • Prostate (among males) 16,665
  • Melanoma 13,941
  • Lung 12,434

We don’t want to see anyone be a statistic and suffer with a Trauma illness and we certainly do not want to see people struggle financially when they do. We at Coast Financial Planning will ensure you are covered for any Trauma illness and will also help you at the point of claim. We have a 100% claim record and know what it feels like to be touched by cancer. Our advice is not to leave it until it’s too late as so many people do!

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Life Cover

  • This insurance pays out on death.
  • This insurance can have it’s premiums paid by you or your super fund.
  • The pay out on claim is tax free.
  • The main reasons for this cover is to protect your family and pay out any debts i.e. mortgage, personal loans etc.

What is Life Cover?

Life cover insurance pays out on the death of the insured person. The main reason you would have Life insurance is to protect your family and pay any debts i.e. your home loan, personal loan and also give you some time out in the event of losing your loved ones.

When you are grieving after losing your loved one, the last thing you will feel like doing is going straight back to work, you may feel the need to take some time out or take a holiday or just spend time with the rest of your family or friends.

By ensuring you are insured adequately this will give you time when you need it most.

We at Coast Financial Planning will take a look at your whole life style and see exactly where you are now and where you would like to be if you lose your partner. We will ensure you are protected for any event that may happen and we will give you the right unique advice which best suits you and your family. Life cover is tax free and can be paid through your Superannuation, so you have many options to ensure you and your partner are covered for Life Insurance.

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What Are The Main Reasons For Death In Australia?

Coronary heart disease is said to be the leading underlying cause of death in Australia, followed by dementia and Alzheimer disease, and cerebrovascular disease (which includes stroke). Lung cancer and chronic obstructive pulmonary disease (COPD) make up the top 5 leading underlying causes of death in Australia in 2014, for males and females of all ages combined.

However cancer.org states that Cancer is a leading cause of death in Australia – more than 44,000 people died from cancer in 2014. In 2014, cancer was the second most common cause of death in Australia and accounted for about 3 in 10 deaths.

Around 17,500 more people die each year from cancer than 30 years ago, this is due mainly to population growth and ageing.

Don’t leave it until it’s too late, ensure you have the right amount of cover with the right provider. Once you’re gone it’s too late to insure yourself, don’t be a statistic, and make sure you are covered for Life Insurance!

Source: https://www.cancer.org.au/cancer-information/what-is-cancer/facts-and-figures

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CLIENT STORIES

What Our Clients Say

"From our first meeting Nick made us aware of our financial potential, helped us to set goals and take the right stepts towards making our goals a reality. His support and advice has been invaluable to our family. We would be happy to recomment Nick because he goes above and beyond to ensure you have the correct information and advice to move farward financially."

"Nick has helped us to consolidate our various superannuation accounts into one place. He has also reviewed our Life, TPD & income protection insurance and advised us on the types and levels of cover required. We have found that advice and service excellent and when we did have to make claim on income protection Nick took care of all communication with the insurer which made the process less stressful than it otherwise might have been. I am no expert in the world of financial advice and do not have a lot of experience with other advisors in Hervey Bay but i can honestly say that i have found the advice, support & service to be excellent and for those reasons I am happy to recommend Nick to anybody who is looking for a professional to assist them in this area."

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