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DO I HAVE ADEQUATE COVER?

Pest managers know that it’s important to be insured to protect themselves in the case of a claim being made against them. But having the right level of cover is also essential. 

Generally speaking, unless you have had a consultation with a qualified life insurance advisor, the answer is no. A lump sum payment in the event of Death, Total and Permanent Disability not only need to provide for your family’s future, but also cover any debts, both business and personal.

As a business owner, you may have to consider business debts, including business loans, equipment loans, as well as mortgages on homes or investment properties.

As an employee, you still need to consider debts such as vehicles, credit cards, as well as mortgages on homes or investment properties.

An advisor using a fact finder can determine the amount of life insurance required to ensure your family is not left with debt and can also ensure there is money moving forward for items such as cost of living and school fees.

In addition to Death, Total and Permanent Disability you may also want to consider income protection and trauma/critical illness.

A typical scenario is noted below, including the current life stage, types of cover to consider and additional benefits.

Types of cover

Death, Total and Permanent

Disability Should the unfortunate happen, a lump sum payment would repay the home mortgage and other debt. A lump sum is also payable to family providing ongoing financial assistance.

Income Protection

If you were injured and unable to work who would pay the mortgage and the bills? Income protection provides ongoing financial assistance up to age 65 or 70.

Trauma/Critical Illness

Lump sum payment when diagnosed with up to 40 diseases or critical illness events

Additional benefits

  • Worldwide coverage
  • Tax benefits
  • Flexible payment options
  • Cover for all life stages

All too often the response is simply, “I am covered through my superannuation”. Overwhelmingly, after a review, we find the superannuation policy doesn’t provide adequate coverage, some terms and conditions are not competitive and there may be tax implications in the event of a claim payout.

Superannuation Death, Total and Permanent Disability insurance policies have to comply with harsher superannuation rules. This may make it more difficult to qualify for a claim. For example, the Total and Permanent Disability definition in a superannuation policy would have to be ‘an any occupation’ definition. This could mean that in the event of a claim, if the trustees believe that you can be rehabilitated for another occupation, a Total and Permanent Disability benefit may not be payable.

For a review about your insurance needs and comparison with any policies that you may have, contact a qualified advisor.

A review by a qualified advisor will give you peace of mind that you have adequate cover, and the premiums may not be as expensive as you think.

Lawrence Kennedy, Surety Life

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