Having Personal Insurance is a wise decision.
Personal insurance is critical because it covers your financial obligations when, for some pre-agreed reason, your income stops.
You might be able to rely on savings to pay bills if you can’t work because you’re sick. Living off your savings is not a long-run solution because your savings will eventually run out.
Personal Insurance policies include Total and Permanent Disability Insurance, Trauma Insurance, Income Protection Insurance, and Life Insurance.
When you can’t earn money because you are suffering a serious injury or illness, or because of your death, personal insurance will pay you money. Total and Permanent Disability Insurance, Trauma Insurance and Life insurance will pay you a lump sum. Income protection insurance will pay you in instalments.
You then can then use your insurance payout to pay the rent or mortgage, school fees, and help buy groceries.
Personal Insurance does not cover costs of medical treatment, loss or damage to your property or the financial effects of redundancy.
Come in to FinAdvice Financial Planning to talk about your present situation, financial commitments, and your budget.
We don’t jump in with a pre-conceived idea of what you either need or want.
We will find the right insurance for you.
Key Person Insurance.
Business owners should consider investing in key person insurance. Key person insurance is used to compensate business’ for financial losses arising from the death or extended incapacity of an important member of the business. It covers costs like recruitment costs of a replacement employee, and losses suffered because of the absence of a key person.
Key Person Insurance is paid as a lump sum.