How would your family cope if you weren’t around or you were unable to provide for your family? It’s not something we like to think about, but with life comes risk. We need to take measures to protect those who matter most to you – your family. Many families insure their home and their car, but fail to insure their most important asset, their ability to produce an income, which is also their life. People fail to realise the value of their ‘working’ life. It supplies the capital that fuels the lifestyle that you and your family enjoy, not just now, but well into the future. Below are some options for family financial planning Wagga.
Life insurance pays a lump sum to your beneficiary on your death. This can be used to pay out existing debts, provide an ongoing income to surviving family members, and/or pay for funeral costs.
TPD insurance pays a lump sum if you become totally and permanently disabled. This can be used to pay out existing debts, provide an ongoing income, make home modifications, and/or pay medical costs in case of a permanent disability.
Trauma insurance pays a lump sum if you suffer one of pre-determined serious medical conditions (eg, heart attack, stroke, brain tumours, liver failure or cancer). This can be used to pay out debts, provide an ongoing income, and/or pay medical costs.
Income Protection insurance provides a monthly income if you are unable to work due to a serious illness or injury. This can be used to help support you/your family to pay for ongoing living expenses, debts and other expenses.
There are many insurance products available that come under the ‘life insurance’ umbrella such a Death, Total and Permanent Disability (TPD), Trauma (critical illness) and Income Protection. So understandably, trying to evaluate the best product to protect your family can be daunting.
Easdowns Financial Services has an expert team that can work with reviewing your existing cover as well as come up with a comprehensive wealth protection plan that will ensure your family does not suffer financially in the event of death, disability, sickness or injury. Speak to our financial advisers to discuss options for financial family planning in Wagga Wagga.