Many of us don’t blink an eye when it comes to car insurance, and yet when it comes to our health, income and lifestyle, we don’t have a plan B.
Insurance can help protect you and your loved ones against unexpected events that can cause financial and emotional hardship.
At Green Associates, we can help you select the right coverage for your budget and needs, and we’ve answered some common questions to help you get started.
What is Insurance and why is it important?
Insurance is protection against unforeseen events like illnesses and accidents.
When you buy an insurance policy, your insurer promises to pay you a benefit in the event of a loss, as defined in the policy.
Insurance is important as it provides protection against those unexpected events that could cause significant financial and emotional stress.
What are the different types of Insurance?
These are the 6 most common types of insurance:
- Life insurance: pays a lump sum benefit to your family when you pass away
- Total and Permanent Disablement (TPD) insurance: pays a lump sum benefit if you can no longer work or perform home duties
- Trauma insurance: pays a lump sum benefit in the event of serious illnesses or injuries like cancer, heart attack or stroke
- Income Protection insurance: pays a monthly benefit if you are unable to work due to injury or illness
- Business Expenses insurance: pays for some business costs if you are unable to work due to illness or injury
- Child life insurance: provides financial assistance to parents if their child experiences a serious illness, disability or traumatic event
How can we help with Insurance?
Green Associates can help answer your questions about insurance, including:
- How can I use insurance as part of my financial plan to manage wealth?
- What are the benefits of a stepped premium vs a level premium?
- How should I fund insurance premiums?
- What is life insurance for over 65-year olds useful for?
- What are the implications of a TPD payout from a superannuation fund?
Insurance can feel complicated. Our job here at Green Associates is to help you find the answers to your questions and choose the right policy so you have a solid plan B for whatever life brings.
What do we do for you?
A Green Associates Financial Planner and Adviser helps you:
- Select the right type of insurance for your needs
- Choose the right level of coverage
- Put your plan into action, helping with the necessary paperwork
- Maintain the appropriate coverage as your lifestyle changes; for example, if you start a family or buy a home, we may recommend for you to increase your life insurance to cover this
- Decide whether your insurance cover should exist inside or outside of your super
- Navigate the claims process if needed.
When should you start thinking about Insurance?
As with all safety nets, the earlier you have one in place, the sooner you will have peace of mind.
One milestone event that may prompt you to look into insurance is taking out a loan (such as a home loan).
This is because there are many aspects of life that can directly impact your ability to pay and meet your debt obligations.
We can ensure you choose the right insurance policy so you can enjoy the life you have worked hard for. Contact us today to start planning.
Find out more
With many types of insurance available and the intricacies of each, navigating insurance may feel overwhelming. A Green Associates Financial Planner and Adviser will make insurance more understandable and less stressful for you, guiding you through choosing the best approach for your personal situation. To start the insurance discussion, book an appointment today.