Insurance

Introduction

• Do you have a ‘Safety Net’ for your family and yourself in the event of death, disablement or major illness?
• Will your surviving spouse be able to clear any debt and secure a future income stream to support your family?
• Should you become disabled, either through sickness or injury, will your family be in a position to maintain their lifestyle?

These and a number of other personal risks can be addressed through the implementation of a comprehensive Risk Protection Plan.

The following sections provide an overview of the ‘Safety Nets’ we recommend to ensure your loved ones and yourself are financially secure.

Please talk to a Lowe Lippmann Financial Adviser about your specific requirements and let us help you to ensure your family is looked after.

Income Protection

The major asset of most individuals, whether single or in a family, is their ability to earn an income. It provides you with the means to live, invest, and save.

Because of the effect of not being able to earn an income, we consider income protection insurance to be the most important of personal insurance covers.

Income protection insurance provides a monthly benefit, if you are unable to work due to accident or illness, whether short term or long term. It provides an especially valuable benefit if you suffer major illness or accident and you are unable to work ever again.

Life Insurance

Life insurance will pay a lump sum to the Policy Owner or nominated beneficiary, e.g. your spouse, in the event of your death.

It will provide cash to:

• cover costs such as funeral expenses, legal fees associated with the implementation of a Will and Government charges (the government has first claim on your estate for unpaid income tax).
• repay debts such as your home mortgage and personal loans.
• provide a lump sum to be used to establish an income stream to support your family or dependents in order to enable them to continue their lives with a degree of security.
• cater for the ongoing need to provide housekeeping and child minding for your family in the event of the homemakers premature death. The lump sum can also be used to generate replacement income for your spouse in the event they take time off work.

Total & Permanent Disablement (TPD)

TPD will provide a lump sum benefit in the event that you become totally and permanently disabled.
It will provide cash:

• to cover your mortgage or pay other debts
• to provide a lump sum to be used to establish an income stream to support you, your family or dependents in order to enable continue to continue your lives with a degree of security.
• to meet medical costs
• to meet the costs of a modified lifestyle, e.g. nurse/carer, home or car modification

Trauma insurance

Trauma cover is designed to provide a cash lump sum payment if you suffer a specified condition for the first time (e.g. heart attack, heart-by-pass surgery, stroke, cancers, etc).

Trauma insurance can be taken out as:

• a stand alone benefit, which means that the benefit is paid when you suffer the specified condition; or
• in addition, the benefit is also paid out on death.