Risk management

Property Partners as part of their post settlement portfolio management program can, at the buyer’s request, refer you to independent, qualified and professional financial planning firms who can provide holistic advice around your financial situation and assist you in protecting and maintaining your portfolio and assets. Once your portfolio begins to grow the biggest danger to your portfolio and lifestyle is your inability to service your debt. Conversely should your assets be unencumbered it is important to protect them against personal injury and accident which could render them having to be sold or equity released from them in times of desperate need.

Life insurance

Most people ask themselves “Do I really need it”. Quite simply Life insurance is of vital importance once you have children who are financially dependent upon you and have debt which is wholly serviced from the income stream you generate. The death of a loved one can place an enormous strain on a family both emotionally and financially. Not only does life insurance help minimise the impact of an already difficult situation but it ensures that your legacy and hard work is protected so it can pass on to your loved ones. While we can’t control everything in our lives, there are some things we can help prepare for.

Life insurance pays a lump sum in the event of your passing or if your are ever diagnosed with a terminal illness with less than 12 months to live.

Income Protection

The question must be asked, how your portfolio, family and lifestyle would suffer if your income stream stopped. If you were to become injured or unable to work for a period of time it is important that you are able to meet your obligations and maintain your lifestyle without interruption. Loosing ones income stream can affect not only your assets but your health and relationships. Part of a responsible investment strategy is insuring your income against accident or injury.

Income protection (IP) will provide a benefit up 75% of your income paid as a monthly benefit in the event that you are unable to work as a result of injury or sickness.

Trauma Insurance

Trauma insurance pays you a lump sum payment in the event that you are diagnosed with a specified illness (up to 45 major illnesses – depending on insurer) including (but not limited to) things like cancer, heart attack, stroke etc. Trauma cover is also known as critical illness and is designed to give you a benefit amount when you most need it for things like medical costs and home modifications. Trauma cover is designed to support you in areas where an ailment would not be covered under the definition of TPD and Life insurance. Trauma insurance pays you a lump sum to ease the financial pressures of not working as a result of ‘critical illness’ as defined in the relative product disclosure statement.

Total & Permanent Disability (TPD) insurance

Total and Permanent Disability insurance (TPD) is designed to help take the pressure off you and your family financially if you suffer an illness or injury that leaves you totally and permanently disabled. TPD will pay a lump sum that is generally set at a level which will clear your debts, allow for associated medical costs, make alterations to the family home, cover any educational fees and provide a lump sum from which to draw an income stream for you and your family.

There are two options generally when it comes to TPD definitions.

  • ‘Any occupation’ – being diagnosed as never being able to work again in any occupation to which you are suitably trained or able to perform
  • ‘Own occupation’ – being diagnosed as never being able to work in your own occupation as a result of accident or injury.

 

Important information about the content of this website

The information on this website is not personal advice and has been prepared for general information purposes only, from sources believed to be reliable and accurate. It does not, therefore, take into account your personal objectives, financial situation, or needs. Accordingly, before acting or relying on any of the information contained in this website, you should consider whether it is appropriate to you having regard to your objectives, financial situation, and needs, and if you need to seek personal financial advice.