Personal Insurance
Life is full of surprises. In eighteen years of working in the financial services industry we have witnessed the various ups and downs people endure. It is fair to say that the good times can be good but the bad times get extremely bad when insurance hasn’t been previously considered.
Insurance provides you with the ability to transfer the financial impact of some of the more drastic surprises that can happen. Insurance will never compensate for the loss of a loved one, or replace their role in the family, but it certainly can help reduce the financial burden by providing the enough funds to ensure you and your family have choices.
Whether you hate or like insurance, it is a necessary part of life. We all have different insurance needs, so as your life changes this should be reviewed to be sure you don’t get caught out.
If you have just entered a new phase of your life, such as becoming a home owner, changing career or planning retirement, you may need to adjust your insurance. Here at Mark Farmer Financial Solutions we can help you assess whether your current insurance actually covers your needs and if you need to update it, which insurers can provide the best deal to you and continually review it.
Our service is not only to establish the best insurance for you but to assist when you really need it, in the unfortunate circumstance that you need to make a claim.
Types of Insurance
Life
Life Insurance pays a lump sum if you die or are diagnosed with a terminal illness, helping your family to still have the lifestyle they planned for when you’re no longer around.
Total and Permanent Disability (TPD)
TPD Insurance pays a lump sum in the event you become totally and permanently disabled and are unlikely to work again. It can provide financial assistance to help you meet rehabilitation and associated costs. It can also be used to cover living expenses.
Trauma (Critical Illness)
Trauma/Critical Illness insurance will pay you a lump if you are diagnosed or suffer a specific ailment or illness. These are usually the nasties like cancer, stroke, heart attack etc etc. This lump sum can alleviate the financial strain of major hospital expenses and may allow you to obtain additional or superior medical treatment. Conditions like cancer is the most claimed upon under this insurance.
Income Protection
Let’s face it, while working, your ability to earn an income is your biggest asset. Most people are happy to insure a $40,000 car but never consider, as an example, that if they are going to work for another 25 years on an income of $60,000 per year (not including pay rises and inflation), then they will earn approximately $1,500,000. Isn’t that worth protecting!?
Income Protection Insurance replaces up to 75% of your monthly income so you can continue to meet your day-to-day living expenses until you get back on your feet. If something more sinister occurs you will continue to be paid until age 65, or 70 with some insurance companies.
