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Insurance 

Personal Insurance is a luxury one can ill afford not to have.  It is and should be the foundation of every financial plan.  It is the essence of wealth creation and conservation.  The types of personal insurance are explained below: 


Life Insurance (Death Cover)


 Life Insurance can help your dependants cope financially after you die.

 

 Life insurance pays a lump sum in the event of your death, which can be used to:

    • pay off the mortgage or any other debts that may affect your family’s financial future;
    • pay for funeral costs;
    • pay for child care or home help to aid the remaining spouse; and
    • provide a reserve to generate an income stream from the interest earnings and the capital draw downs should the remaining spouse choose not to work. 
       

Trauma Insurance 

 

    Trauma Insurance can help you cope financially with the effects that a Trauma Event can have on your life. Trauma Events include conditions like cancer, heart attack, stroke, coronary bypass surgery and angioplasty. 

     

    It can be taken as a stand-alone product, or in conjunction with Life Insurance or Total & Permanent Disablement cover. 

     

    Trauma Insurance pays a lump sum, which you can use to:

    • pay for expensive recovery costs including rehabilitation;
    • pay for changes to your lifestyle, for example, refit your home;
    • enable your partner to reduce their working hours to look after you, or alternatively to get a carer;
    • pay off your mortgage;
    • cover the cost of extra childcare or housekeeping. 
       

Income Protection Insurance 


    Income Replacement Insurance can help you cope financially, in the event of losing your income due to sickness or injury.  


    If after the expiry of your waiting period, you are unable to earn your pre-disability income from personal exertion in your usual occupation, and you’re required to be under the regular care of (and following the advice of a registered Medical Practitioner), you are entitled to a benefit. 


    The amount you can cover yourself for, is up to 75% of your income.   


    Income Replacement Insurance pays an income stream, which you can use to:

    • Maintain a regular income stream through sickness and/or injury;
    • Retain the ability to pay your mortgage/rent, bills, ongoing normal expenses;
    • Enable your partner the benefit of not having to increase their working hours.
 

Total and Permanent Disability (TPD) Insurance

 

Total and Permanent Disability Insurance (TPD) provides a lump sum should you suffer an illness or injury that leaves you totally and permanently disabled. The benefit is paid if you become totally and permanently disabled as specified by the policy.

 

  • This form of insurance is normally available as an optional benefit on a Term Life or Trauma policy.
  • TPD insurance benefits are often used to eliminate debts, pay for medical expenses or fund any permanent changes to your lifestyle that are necessary as a consequence of your illness or injury.
  • Many of the features of Term Life Insurance will apply equally to TPD. The sum insured is payable in the event of TPD and is generally restricted to being no more than the death benefit.

 

Insurance is used to great effect in Business Succession Planning.  It is the most cost effective tool in buy-sell funding and its benefits far outweighs that of any other funding tools. 

 

At Box Hill Financial Services, we have extensive experience in personal insurance planning and pride ourselves to be an expert in the area of Business Succession Planning.

 

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