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Good Financial Planning should always include some degree of protection.
The four main areas of protection are the following…
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.
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.
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.
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
Our Gold Coast Financial Planners 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
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?
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:
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!
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.
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
