14/05/2023
What is Life Insurance?
Life insurance is a group of policies that you pay for to protect you and your family/ business partners from the negative outcomes of your death, disability (temporary or permanent) and critical illness such as cancer or heart conditions.
Income protection is a policy which replaces a portion of your income until you are able to return to work at your normal capacity.
Having been in the Financial Services industry for more than 10 years, I've seen a lot. I've managed claims for clients which have changed their lives for the better, and I've seen people with no insurance be financially devastated by accidents, illness and medical conditions.
For some of us, we rely on the cover provided by our superannuation funds, which in some cases is a sensible and affordable solution, but I would strongly urge those people to check in to exactly how much they are covered for and to understand the policy terms, which are often of a lower standard than those held outside of super.
If you have a family, if you have debt, or if you have your own business, life insurance is a necessity. It's that simple. Yes, it costs money but so does car insurance, and most of us wouldn't drive without it.
An interesting statistic from a recent survey: 83% of people in Australia have car insurance, but only 31% of people have income protection.
Your ability to drive is important, don't get me wrong.... but your ability to work is essential.
There are different ways to pay for and structure insurance in order to make it affordable and sustainable whilst still covering yourself and your family.
Some will say that insurance is a waste of money or that insurance companies never pay, in my experience that is simply not true. I have personally managed many successful claims over the past 10 years. These claims paid out peoples debts, paid for treatment when required and supported the families of people who died unexpectedly.
If you set your insurances up through an experienced adviser, the statistical likelihood of a successful claim is much higher, the same way that if you go to a good mechanic, your car is likely to work better than if you tried to fix the car yourself. Insurance is contract law. It's about understanding the contract and making sure it covers the client.
Insurance isn't simple, but it is important. As parents we spend our whole lives trying to provide for and protect our children, but not everything is in our control.
It may be that you have insurance in place but you want to make sure you are not over paying OR under-insured, or it may be that you've put off figuring this out until now. Either way, we have a great deal of experience setting up insurances and managing successful claims for clients.
Client Testimonial:
" I met with George in 2018 to review my insurances after he pointed out I had no cover in place. I took out Life, Disability and Trauma Insurance. Less than a year later I was diagnosed with serious tonsil cancer and immediately went into what turned out to be life saving treatment which cost $80,000. George helped me successfully claim on my Trauma insurance, which covered all my costs and meant I was able to get through six months of not working in my business. I then tried to return to work but after multiple return visits to hospital I just couldn't make it work. George then guided me through and managed a successful Total and Permanent Disability claim.
This allowed me to pay out my debts, hire people to take over my role in the business and get through this terrible time in one piece. The advice provided and the care taken by this adviser was literally the difference between all my years of hard work building my business going out the window or not.
I strongly recommend this business and this adviser to take care of your personal and business insurance needs."
Scott William Morton, Mittagong, NSW - Age 53 years old
Get in touch at [email protected] for a quick, confidential, no obligation chat. Don't wait until it's too late.
