Insurance & RISK MANAGEMENT
The business of insurance is sustained by a complex system of risk analysis. Generally, this analysis involves anticipating the likelihood of a particular loss and ensuring that adequate insurance cover is put in place to enable the insurance claims and insured losses can be paid to policy holders when a loss is incurred. From the insured point of view, the individual / company is managing risk that cannot be avoided. You could die, the house can burn down, your salary could stop, etc. Whenever you decide not to seek cover for loss or harm, you are gambling that you/your family/your business will survive the odds that are contained in risk analysis science. That your assessment of risk is preferred to calculated risk, based on actual experience and personal profiling. The practice of appraising and controlling risk has evolved over time for one primary reason: avoiding, mitigating and transferring certain risk creates greater predictability for individuals and businesses that allows people and organizations to use the existence of risk more consciously and intelligently to maximize their opportunities, both economically/financially and in terms of securing peace of mind.
There are very good reasons why the issue of insurance should be at the forefront of your mind and not as an option to ignore or postpone.
Just consider if you had passed away last night, what financial crises would your family face this morning? Even in death, you are honour bound to protect those you have left behind - especially your loved ones.
It is accepted that whoever creates a debt, must ensure that the debt dies with him or her. In other words, your assets should be available unencumbered, to protect your beneficiaries. The most important asset of course, is the family home and your family must be able to live in it, debt free and for as long as they wish.
When you die, your income ceases immediately - forever. Will your family survive without your income? If not, life insurance will ensure that all or part of it is replaced to educate your children, pay the bills that continue, even though you are no longer there, (and that is most of them), give your family options that would not exist if they had not money. There is no dignity in having to ask for financial help - insurance will provide that dignity for your inheritors.
Critical Illness Insurance*
If you had suffered a heart attack, or had been diagnosed with cancer, you have two problems. The first is getting better and the second is always financial. The medical profession tells us that being in a sound financial position when medical trauma strikes, contributes immeasurably to a quick recovery. Critical Illness insurance pays you a tax free lump sum of money at the time you are diagnosed with the major medical events, of which we are almost guaranteed to fall victim, with Cancer, Heart Attack, Bypass Surgery and Stroke being the major cause of medical traumas. Can you afford the costs of paying for the best available medical treatment? How is your family going to make ends meet whilst you are in the "recovery stage"?
And would it not be a relief to rid yourself of debt, if you were told you had Cancer? Critical Illness insurance gives you this option.
Income Protection Insurance*
What would be your financial outlook if your income were to cease through sickness or accident? This is perhaps the most important insurance available to you - it guarantees continuity of income if you cannot work through sickness or accident. How long could you survive without income?
The expenses continue but will they be paid? Income Protection insurance gives you the peace of mind that you will financially survive.
Our experienced advisers can establish an insurance program designed to specifically meet your personal requirements and to provide peace of mind when you need it most. We can offer you an obligation-free initial consultation which can determine your best course of action, depending on your circumstances.
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Financial Planning Services
*Advice provided by Dollar Growth Financial Planning Pty. Ltd. as Corporate Authorised Representative (321108) of PJSBA Pty Ltd. AFSL: 480991 ABN 57 606 215 356.
Philip Enger (Number 239393), Simon Enger (Number 274975), and Handan Dikici (Number 288307) are authorised representatives of PJSBA Pty Ltd.
Other Professional Services
**Professional services advice other than Financial Planning advice, are licensed by their own individual Professional Associations and are therefore not endorsed by PJSBA Pty Ltd. as annotated above.