There is the risk that your financial and life plan could be derailed by financial loss from events largely beyond your control. Life insurance can soften the impact of such blows, and comes in four forms:
1. Income protection is crucial to most wealth management strategies, and provides you with monthly income if you can’t work due to sickness or injury. The money could cover the cost of regular living expenses, and allow for loan repayments—so that your assets don’t need to be sold.
2. Life insurance provides a lump sum in the event of your death, for final expenses, to repay loans, capital expenditure and to invest for your family’s ongoing income. It can be owned via super.
3. Disability insurance provides a lump sum if you are disabled to such an extent that you are never able to work again. The money can be used to fund medical expenses, home and car modifications, in-house care, loan repayments and to generate funds for everyday living expenses.
4. Trauma insurance provides a tax-free lump sum upon diagnosis of certain medical traumas such as cancer, heart attack, stroke, and many other conditions. The money could cover medical treatment, debt repayment, or replace your income while recovering from critical illness.
Contact Integralife to discuss insuring you and your family’s future plans.