Having a well thought-out financial plan should always make allowances for unexpected changes to your life’s circumstances. So it is important to have a wealth protection strategy to help cover debt and provide income for you and your family should life not go quite according to plan.
At GCA Financial, when we map out your Journey towards Financial Freedom, we focus not only on building a portfolio of well invested, diversified assets, but also provide comprehensive insurance advice. Brisbane residents, can benefit from our vast, in-depth knowledge of insurance options and come see us face to face. For those living in other parts of Australia, we regularly meet with clients all over the country, either face to face, by Skype or by telephone. We help you weigh up the risk to cost ratio and ensure that you and your family’s finances are not vulnerable to major losses should you incur a sudden loss of employment, ability to work or other risk.
The type of cover you take out depends on your individual circumstances, including financial obligations, any dependents you may have, and whether you are looking to take out personal or business insurance. We also have a wide range of business owners who have benefitted from our expertise in the area of Business Insurance.
At GCA Financial we have seen people routinely insure their house and car, but all too often neglect to insure their most vital asset—themselves. Perhaps the vast number of choices makes this a daunting proposition. While the following wealth protection options may sound like a complex labyrinth, it is our role at GCA Financial to help you navigate these with ease.
Particularly if you have family dependents, it is wise to take Life insurance, otherwise known as Death Cover, or Term Life Cover. Such policies vary widely in scope, so it is important to get a full understanding of what is covered. Frequently it can be included as part of your superannuation fund, which presents the opportunity for taxation relief on premiums.
Total and Permanent Disability
Cover for Total and Permanent Disability, also known as TPD, provides financial protection should you become totally disabled permanently. Policy definitions vary widely and there are two distinct types of cover – known as “Any Occupation” and the other as “Own Occupation”. These types of insurance help to cover the rehabilitation costs, repayment of existing debts and ongoing living expenses should you become totally and permanently disabled. Our role is to work with you to determine which is the most appropriate cover for your circumstances.
Income Protection or Replacement Income
During times when you are ill or injured and unable to work, having Income Protection cover will provide a replacement income for your ongoing living expenses. We believe this type of insurance is extremely important. In fact, it is one of the most important aspects of personal risk protection.
Another type of insurance that we provide advice for is Trauma Cover, which is sometimes also called Recovery or Critical Illness Cover. This insurance protects your finances in the event that you are diagnosed with a major illness such as cancer, or suffer a stroke or heart attack. You don’t even need to be unable to work. If your illness or injury meets one of the definitions in the policy, you receive a lump sum payment which will assist you in covering medical and carer expenses. Trauma insurance typically pays a set amount which can also help cover your complex new needs, including therapies, transport and modifications to your home, as well as provide an ongoing income stream and repayment of debts.
If you own a business, we can help you find the right cover to protect you and your business partners (if you have them) from interruptions to business resulting from such unexpected events as the incapacitating illness or death of one of your business co-owners.
This is a complex field but includes the area of Keyperson Insurance, where you protect against the loss, through death or total and permanent disablement, of someone who is essential for your business. One other very important area in which we specialise is what we call The Business Will, which provides an orderly succession plan in the event of one of the partners in a business dying for becoming disabled.
We invite you to have a frank and open discussion with us about your options to protect your business, which we know, for many, forms a significant part of your wealth and future asset base. With over 40 years’ experience, a commitment to spending the time to get to know you and your individual circumstances and an outstanding reputation in our field, GCA Financial can offer you the best tailored insurance advice available. It’s all part of The Journey which, working together, will take you to your Financial Freedom.