At Consilium Wealth Management, we believe that a comprehensive financial plan is as much about protecting your wealth as it is about wealth creation. Personal insurance planning, including Life Insurance, Trauma Insurance, Income Protection Insurance and Total and Permanent Disability (TPD) Insurance, is about protecting your lifestyle and that of your family if the unthinkable were to happen
We appreciate that not all insurances will suit all clients, which is why we opt for a tailor-made approach to suit your circumstances. We review both niche markets as well as more generic offerings to help ascertain which products may suit your particular situation, taking into account a range of factors including – but not limited to – your age, occupation (be it hazardous or otherwise) and health. Beyond the structure of the insurance policy itself, your Consilium adviser may collaborate with your accountant and/or solicitor and other professionals to achieve outcomes specific to your needs including the tax efficiencies of your cover and whether your premiums are paid from your personal earnings or from within a superannuation fund this may even be your industry super fund.
Your Consilium adviser will also be on hand to facilitate benefit payouts and help you implement structures that are suitable for efficient and tax-effective distribution of funds to you or your estate. At Consilium Wealth Management, our client-first approach extends to all areas of your insurance cover. We can help guide you through the underwriting and claims process. Your insurance is not a set-and-forget approach. Your Consilium adviser works in an ongoing capacity to offer guidance for premium restructuring and reviewing changes in your personal circumstances that may affect your insurability.
To the inexperienced choosing, the right insurance for your circumstances can be confusing, especially as risk protection needs can change at different stages of life. If you’re about to take up a new personal insurance policy or perhaps you’re reviewing an existing one, there are many factors to consider. While the appropriateness of cover for your circumstances should always be paramount, so too is affordability. One of the options, which may help with affordability, is your choice of premium type.
Your Consilium adviser can help guide you through a range of policies, including:
- Life Insurance
- Total and Permanent Disability (TPD)
- Trauma Insurance (sometimes referred to as Critical Illness Insurance)
- and what we consider the essential Income Protection
Life Insurance
Life insurance protects your family and dependents by paying a lump sum if you die, or in some cases, the benefit can be paid earlier if you are diagnosed as being terminally ill.
Benefits
It is important to work out individually what you need to protect and how much cover you need. But the lump sum payment can be used for goals such as:
- cover the cost of funeral expenses
- repay your mortgage, credit card, and other debts so you can pass on the full value of assets to your dependents
- generate an ongoing income stream to help your family to meet their future living expenses and maintain their lifestyle
- set money aside for future education costs for your children or grandchildren
- enable your estate to treat your beneficiaries equitably without the need to sell particular assets
- make charitable bequests
- cover other expenses such as childcare and housekeeping.
Without insurance, your family or dependants may need to run down their savings, sell assets, and rely on family or Centrelink for assistance. They may also find it difficult to maintain their standard of living.
Total and Permanent Disablement (TPD) Insurance
TPD insurance protects you and your family by paying a lump sum payment if you suffer a total and permanent disability and are permanently unable to work.
It is important to work out individually what you need to protect and how much cover you need. But the lump sum payment can be used for goals such as:
- reduce or clear your home loan and other debts
- cover medical and rehabilitation expenses
- generate on ongoing income stream to help you to meet your future living expenses
- employ paid carers
- pay for modifications to your home or vehicle
- set money aside for future education costs for your children
- protect your long-term wealth accumulation strategy.
Without insurance, you and your family or dependants may need to run down savings, sell assets, and rely on family or Centrelink for assistance. You may find it difficult to maintain your standard of living or pay for the care and medical assistance you need. This can place extra stress on you.
Trauma (or Critical Illness) Insurance
Trauma insurance protects you by paying a lump sum if you suffer a major illness or injury such as cancer, heart attack or stroke.
It is important to work out individually what you need to protect and how much cover you need. But the lump sum payment can be used for goals such as:
- pay for your treatment and care
- gain access to the full range of rehabilitation services
- relieve financial pressure by reducing debt
- allow your spouse to take time off work to be with you or look after the children
- employ a carer, nanny or home help
- fund the gap between what you earn and the 75% cover from income protection
- give flexibility to amend your lifestyle or spend more time with family.
Without insurance, you and your family or dependants may need to run down savings, sell assets, and/or rely on family or Centrelink for assistance. You may find it difficult to maintain your standard of living or pay for the care and medical assistance you need. This can place extra stress on your recovery.
Income Protection Insurance
Your ability to earn an income is one of your greatest assets, and yet only 31% of those who are self-employed and 6% of employees have Income Protection Insurance. Would you be able to meet your financial obligations if you are unable to work?
Benefits
Income protection cover pays an ongoing monthly benefit to protect:
- your lifestyle by replacing your lost salary so you can continue to meet your living expenses and debt repayments, and
- your wealth by reducing or removing the need to sell assets to generate cash.
Without income protection insurance, you may need to run down your savings, sell assets, and/or rely on family or Centrelink for assistance. You may find it difficult to maintain your standard of living or pay for the care and medical assistance you need. This can place extra stress on your recovery.
Business Insurance
For business owners, you may need to consider other insurances, including:
- Key Person Insurance
- Buy-Sell Insurance
- Business Expenses Insurance
- Shareholders’ Insurance
Your Consilium adviser can collaborate with your accountant, solicitor and other professionals to help you to assess which insurances may suit your business circumstances. In the event of your death or the death of a business partner, certain insurances may allow you or other surviving partners to buy out the deceased owner’s interests. Additionally, you may wish to implement insurance policies to cover business losses in the event of the death or absence of a key person. Similarly, your financial adviser can initiate discussions surrounding how you would meet ongoing expenses including wages, rent, utilities and loan repayments, should you or your business partners be unable to work due to illness or injury. Although by its nature the unexpected comes unannounced, Consilium Wealth Management is accustomed to opening up delicate discussions that address life’s “what ifs.”