At FMG, our mission on this planet is to protect your wealth… so my first question is, do you have Insurance cover? Just as importantly, is it the right type of cover that will protect your wealth? And is it the right amount of cover?
Insurance is one of those things that when we realize we need it, it’s too late.
As a busy professional or business owner, it can be hard to find the time to think about how to protect your wealth, as well as, protecting yourself, your family and your business, but the consequences of failing to do so can be massive.
That’s why we’re giving you a quick run-down of the types of insurance to consider, and the next steps you can take to protect your hard earned wealth.
The Four Pillars of Protection
To protect your wealth and keep things easy to understand, we like to think of insurance in the context of 4 pillars of protection. This goes for both personal and business protection.
4 Ways to Protecet Your Wealth
💰 If you’re a working professional, you should consider:
- Life Insurance – provides a lump sum payment (subject to conditions) if the Life Insured dies or is diagnosed with a Terminal Illness where death is likely to occur within 12 months
- Total and Permanent Disability Insurance (TPD) – designed to provide a lump sum benefit to the life insured in the event of a medically diagnosed event that renders the person unable to work again
- Critical Illness Insurance – provides peace of mind while you’re unable to work
- Income Protection Insurance – a monthly benefit that pays around 75% – 85% of your income while you’re unable to work
4 Ways to Protect Your Wealth
💰 If you’re a business owner, you should consider:
- Business expenses insurance – benefit paid up to a year for certain business expenses incurred while you’re unable to work
- Buy / Sell Agreement funding – relates to how the departing owner or their estate will be compensated for surrendering their interest in the business
- Keyperson Cover – a life insurance policy that a company purchases on a key executive’s life
- Income protection – a monthly benefit that pays around 75% – 85% of your income while you’re unable to work
How can you check you’re covered correctly to protect your wealth?
It’s important you have enough cover to protect your wealth for your situation, without overpaying for premiums. But how do you figure out what you need? You could talk to an insurer, however given the complexities involved and the hoops we have seen people having to jump through having needed to make a claim, we recommend speaking to an independant adviser instead.
Book a free consultation to discuss how to protect your wealth
If you want to make sure you and/or your business is properly protected, we’re offering free, no-obligation appointments to discuss what your insurance strategy should be. Call us on 08 7111 0022 or email info@fmgws.com.au to arrange an appointment.
Why people like you work with us
Our clients are busy professionals, business owners and medical professionals who want to protect their hard-earned wealth. They’re astute, intelligent, and only want to work with advisers who look after their best interests and help mitigate risk.
Reasons they use us to protect their wealth, rather than go direct to an insurance company include:
- Flexibility to have appointments after hours or at their workplace
- Access to multiple insurance providers
- Assistance to work out the types and amounts of cover required
- Assistance in medical underwriting
- In the event of a claim, we’ll help you ensure benefits are payable as soon as possible
If it is important to you to protect your wealth call us on 08 7111 0022 or email info@fmgws.com.au to book a free consultation
Remember, action is power!
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Disclaimer: This article is information only. It is not intended to imply any recommendation about any financial product(s) or to constitute financial or tax advice. The information in the article is reliable at the time of distribution, but may not be complete or accurate in the future.
