An important component of a great wealth management plan especially for young business owners and professionals is to ensure that they have suitable personal protection plans in place.

Our office recently worked with a client to assist them with an income protection claim. We needed to support the claim with forms and financial details.

Do you think that the claim was paid?

You bet it was. Check out this story.

Here’s a confronting question: what would you do if the main breadwinner in your household could no longer bring in an income? Do you have a Plan B? Most people don’t. That’s where insurance comes in.

As we move through life, find a partner, raise a family, and maybe start a business, the importance of insurance in a long term plan increases. 

See how you can structure your finances to live week to week and still be in control of your financial goals.

You may recall that in March this year, I spoke about The Greatest Gift of Being a Financial Planner. This seemed to be a straight forward case whereby the policy holder, met the definitions and was going to be paid his insured amount. Well, let me fill you in.

It’s happened again. A long-time client who holds life cover and income protection called me yesterday very disheartened at the annual cost of her income protection cover. 

Without adequate income protection cover, an accident or serious illness could have terrible consequences for the lifestyle you wish to lead when you do transition out of the workforce.

If you travel, especially overseas, you know the importance of travel insurance – lost luggage anyone? And if you have a car or motorbike then you know it’s a no brainer to insure your wheels. But there are other kinds of insurance even if you’re young, single and healthy today that are important to help you protect your lifestyle and independence.

Income protection insurance comes across most people’s radar when they’re starting out in their career. Often, people take out this type of policy when they buy a house, so if a serious illness or a bad accident strikes, your children and your spouse are covered.

When you take out life insurance, it’s an investment for your future. With that cover in place, you know that if you ever experience a serious accident or illness, you have financial support to help pay your medical bills and maintain your lifestyle.

Insurance is much more than just protecting the family home and car. Here are some insurance facts you should know.