Your Goals & Dreams
Protect Your Goals & Family
The biggest risk to you achieving your goals is something unexpected happening. Most of us know someone who has been diagnosed with cancer, was injured in a car accident, experienced depression or lost a partner suddenly.
Imagine what your family’s life would be like if you or your partner died or became seriously ill and couldn’t work. How would you manage financially? Would you or your family be able to pay the mortgage and usual expenses? If your extended family supported you, what impact would it have on them?
If something unexpected happened, what would be the best outcome for your family and extended family?
A Gold Leaf Financial Planner can give you the peace of mind knowing you have appropriate insurance cover to protect your family and your lifestyle in the event of death or illness.
Contact a Gold Leaf Financial Planner to discuss insurance today.
Personal Insurance
In the event of illness, disability or death, insurance allows you to
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Maintain your and your family’s lifestyle and achieve your goals. Continue to make your mortgage repayments, keep your current lifestyle with money for education and hobbies and achieve your goals like spending time with family or purchasing the new car.
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Have the freedom of choice. Having funds can provide you with the choice of medical treatments including those not covered by the public health system. Have the choice of how you live for example if you become unable to walk, insurance can give you the choice to renovate your existing home or buy a new wheelchair friendly home.
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Reduce stress and take time to recover. Serious illness or death of a family member are even more stressful if you are struggling to pay for out of pocket medical expenses or pay the mortgage. Have the ability to take time off to grieve or look after your spouse and help them recover. Insurance can reduce your stress so you can focus on recovery and your future.
There are four main types of personal insurance including Income Protection Insurance, Trauma Insurance, Life Insurance and Total Permanent Disability Insurance.
Income Protection Insurance
For most people, your ability to earn income is your biggest asset. How much money will you earn in total if you work to age 65?
“1 in 3 women and 1 in 4 men will suffer cancer at some stage in their lifetime – over 60% of whom will live for longer than five years after diagnosis.” *
Income Protection Insurance is also known as salary continuance insurance and provides a regular income in the event that you are unable to work due to sickness or injury. This means you can focus on getting better and not on how you’re going to pay the bills.
Your Biggest Asset: How much will you earn by age 65?
Contact a Gold Leaf Financial Planner to discuss Income Protection Insurance today.
Trauma Insurance (also known as Critical Illness insurance)
Trauma Insurance pays a lump sum if you suffer a medical critical illness such as heart attack, cancer or stroke. That payment gives you choice and flexibility at a time when you need it most. You will be able to reduce your working hours, spend time with your family, get treatment or rehabilitation and pay for a carer.
“50,000 Australians have heart attacks every year.” *
Contact a Gold Leaf Financial Planner to discuss Critical Illness Insurance today.
Life Insurance
In the event of your death, life insurance pays a lump sum amount to allow your family to grieve and support each other and not worry about paying the bills. This money can be used to provide for funeral expenses and to help with the repayment of debts, covering future needs (for example children’s education or childcare) and help your family maintain their standard of living.
“Over 1,600 people die on Australian roads every year, most aged 26 – 59 years.” *
Contact a Gold Leaf Financial Planner to discuss Life Insurance today.
Total Permanent Disability Insurance
If you became disabled and unable to work again, Total permanent disability insurance would pay a lump sum amount. This money can be used to pay off debt, cover medical costs, home modifications, lifestyle expenses and ongoing care.
“With symptoms generally developing between ages 20-40, Multiple Sclerosis is the most common chronic central nervous system condition among young Australian adults” *
Contact a Gold Leaf Financial Planner to discuss Total Permanent Disability Insurance today.
*Lifewise 2013, Understanding the risks, www.lifewise.org.au/insurance-101/understanding-the-risks
Insurance through Super
You may already hold insurance through your super fund, however, this may not be enough to protect your family in the event of injury or illness. Will the cover you have pay off debt and allow you and your family to still meet your goals if you were injured or became ill or passed away?
Financial Advice
At Gold Leaf Financial Services we can look at your insurance needs and assess your current insurance cover to help you protect your family in the future. We can also structure your insurance appropriately, taking into account tax, superannuation legislation and cash flow.
For the peace of mind knowing you have appropriate insurance cover to protect your family and your lifestyle in the event of death or illness Contact a Gold Leaf Financial Planner to discuss insurance today.
Dave sets up insurance for his family
Dave, an IT professional and Sarah (a stay at home mum) are in their mid 30’s and live in Melbourne with their two young children. Like most people, they hold car and home insurance. However, Dave’s biggest asset is not his car or the house, it is his ability to earn an income. Dave is currently 35 years old, earning $80,000 per year and, like most people, he expects to be working until age 65. His total income over the rest of his working life will amount to around $3.81 million dollars.
Dave’s best mate was recently in a car accident and as a result of his injuries, he was off work for 10 months, leading Dave to wonder how his family would pay the mortgage, pay for living expenses and look after their children if something were to happen to them.
After speaking to a Gold Leaf Financial Planner, Dave now has income protection insurance so if he is unable to work, the policy will pay 75% of his income ($60,000 per year) until he is age 65. This means Dave will still be able to make mortgage payments and financially support his family. In addition, Dave and Sarah also have Life, Trauma and Total Permanent Disability Insurance cover that will mean if something were to happen to them or their children, they will not have to worry about money and medical expenses and will be able to focus on recovery and having a good quality of life.