Protecting Wealth

Will my family financially secure if I'm not around?

At TIPS Financial Services we can provide for all your personal insurance needs. We have access to many different insurance providers to ensure that we can provide a policy to suit your circumstances.

Life

Life insurance provides protection for your family, asset base and financial plan by paying a lump sum in the event of the insured's death.

Total and Permanent Disablement (TPD)

TPD insurance provides a lump sum in the event that you become totally and permanently disabled and meet specific criteria's.

Trauma or Critical Illness

Trauma, or critical illness, insurance provides a lump sum payment on the occurrence of a specified health condition (eg heart attack), or in the event of your death.

Income Protection

An Income Protection policy replaces a portion of your income if you are unable to work due to accident or illness. Unable to work is defined as:

  • Being unable to perform at least one important income producing duty of your regular occupation
  • Not currently working in any gainful occupation
  • Being under the care of a medical practitioner

In the event of disability and after your selected waiting period, the insurer will make regular payments to you, either for the term of the benefit period or until you are able to return to work.

Income protection is generally not available to people who are unemployed whoever this will depend on the policy.

Why do you need Income Protection?

For most people, their most valuable asset is their ability to earn an income. Every working Australian has a 1 in 2 chance of being disabled for 3 months or more before reaching age 65. The average Australian household can survive without an income for just over 1 month (Australian Bureau of Statistics National Health Survey).

Having income protection insurance in place effectively allows you to protect your most valuable asset. It will enable you to pay for regular living expenses whilst you are unable to work.

If after reading this information you wish to receive additional advice, please do not hesitate to contact us and we will be happy to assist you in this regard.

Website by PlannerWeb

How can I build my retirement nest egg?
How can salary packaging work for me?
How can I maximise and secure my retirement benefits?
Will my family be financially secure if I'm not around?