We have been dealing with Integrated Wealth Solutions for a number of years regarding superannuation. More recently, we have sought advice regarding other investments. Integrated Wealth Solutions prepared plans tailored to our needs and we have always felt confident in their ability and expertise in managing our ongoing affairs. All staff are helpful and we would have no hesitation in referringIntegrated Wealth Solutions to family and friends.
What is Personal Insurance?
Many Australians are under-protected when it comes to their financial position. Statistically, most people will need to make a claim on Life, TPD or Trauma insurance policies at some point in their lives. The consequences of under-insurance can be severe.
It is important to fully consider your individual lifestyle before taking out Insurance so that you are appropriately covered. What insurance you need and what level of cover and type will change throughout the different stages of your life.
Insurance protects what you have and this is just as important as growing your assets and wealth. It allows you to transfer the financial risk from yourself and your family to an external Insurance company.
Do you fall into the “It will never happen to me” category?
You cannot predict accident, trauma, sickness or death, but you can put plans in place to reduce the financial implications of these events.
If something were to happen to you tomorrow, would you be able to:
- Eliminate all your liabilities?
- Provide an alternative source of income for your family?
- Have the same lifestyle before the incident?
- Cover your children’s education expenses?
Through detailed analysis of your circumstances and Insurance needs, Lucrum Financial Solutions will help you to identify the steps you need to take to be adequately financially protected.
While the insurance doesn’t remove the risk of something going wrong, it provides you and your family with protection and financial security if something does happen.
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It Won’t Happen to Me
Carol, 36, and Peter, 40, had three young children and what seemed to be the perfect life.
Peter earned $130,000 a year and travelled interstate frequently on business. Carol was a stay-at-home mum and planned to return to work when the children were ready for school.
The couple decided to see a specialist risk adviser to find out how best to protect the family should anything happen to either of them. Their adviser recommended that they insure Carol’s life for the value of the mortgage plus a lump sum to provide an income stream for childcare and school fees.
They followed their adviser’s recommendations, taking out term life insurance and trauma cover to protect against serious illness.
A year later, Carol was diagnosed with a brain tumour.
When her condition worsened, the couple used the pay out from her trauma policy to substantially reduce the mortgage, and Peter was able to switch to a less demanding job so he could spend more time with Carol and the children.
Eight months later, Carol died. Peter took three months unpaid leave to look after their children.
He paid off the rest of the mortgage which relieved a lot of financial pressure that he would otherwise have been under. He was also able to hire a nanny and part-time housekeeper to help maintain the house and look after the children, and has set up trust accounts to fund their education.
All of this was made possible by Carol’s term life cover.