Get peace of mind with income protection, life insurance and more from the team at Newcastle Financial Planning Group.
Life is full of uncertainty. The death, injury or illness of a family’s income earner can put a lot of financial and emotional strain on a family.
Life insurance advice is an important part of your overall financial security. It can help you make sure that you have protection in case something happens to you or a loved one.
You can have total peace of mind knowing that Newcastle Financial Planning Group’s Insurance Team is here to guide you through the insurance journey when you need it most.
Getting the Right Personal Insurance Advice
At NFPG, our team of licensed insurance specialists will thoroughly assess the cover you have and determine what combination is adequate for your unique circumstances regarding several types of life insurance products offered by insurance companies, including:
This type of insurance offers an agreed lump sum payment to your beneficiaries in the event of your death. Your financial dependants can use the policy’s proceeds to continue living the life you had planned.
Life insurance is essential, and if any of the following apply to you, consider buying life insurance:
1. Someone depends on you for financial support.
2. Your estate will need more liquid assets to cover taxes and debt.
3. You wish to cover funeral and burial expenses.
4. You want to leave a charitable legacy for a cause you support.
Total and Permanent Disability (TPD) Insurance
TPD insurance provides a lump sum payment if you become permanently disabled due to a serious illness or injury.
A TPD payment can be utilised to sustain your standard of living while recuperating, make necessary modifications to your residence, obtain specialised medical care, continue meeting loan obligations, manage household expenditures, and guarantee that your family members won’t have to make compromises in the event of your disability.
Like any other insurance coverage, premiums, terms, and conditions will differ depending on several factors.
Trauma/Critical Illness Insurance
Trauma insurance provides coverage in the event of major medical conditions such as heart attacks, strokes, or cancer.
Individuals opt for trauma cover to mitigate financial burdens that may arise during a significant health crisis. Dealing with a serious illness or injury entails significant expenses for various medical needs that may not be fully covered by Medicare or private health insurance. These expenses may include rehabilitation therapy, medications, ongoing doctor visits, and more.
Income Protection Insurance
Your financial situation is greatly affected by lost income due to sickness or injury. Income protection insurance is specifically designed to offer financial support and partially replace the income you were receiving prior to your illness or injury.
This ensures that you can meet your regular financial obligations and cover essential living expenses.
Typically, you receive a monthly benefit that continues until you are able to resume working.
We can offer a range of insurance solutions for your business. Whether you’re a sole trader, operating in a partnership or the director of a company, there are a number of options available to ensure that your business is protected should the unexpected occur.
Business Continuation (Key Person Insurance)
Key person insurance covers the financial consequences caused if a key person becomes totally or permanently disabled, suffers from traumatic illness or injury, or passes away.
A key person is someone that is instrumental to the continuation and growth of a business, such as those with specialist roles or skills, managing directors or sales managers with a significant client book.
This type of insurance is beneficial because it provides stability for a business, should a key person become ill, disabled or pass away.
Business Succession (Buy/Sell Insurance)
This cover is designed for businesses owned in a partnership, or with multiple owners.
A Buy/Sell Agreement ensures that a business survives in the event that one of the owners passes away, or is unable to work again due to illness or injury. It does this by allowing business owners to plan how their share of the business will be distributed in the event they are unable to work or pass away.
The cover can provide the funding to the departing owner (or their estate) to sell their interest in the business to the remaining owners, or for the remaining owners to purchase it.
There are a number of ways to structure Business Succession insurance to ensure that the desired outcome is reached, and we can tailor a solution to meet the needs of your business.
Business Expense Insurance pays a monthly benefit for up to 12 months to cover fixed business costs, should the owner be unable to work due to an injury or sickness.
Fixed business costs could include rent, utilities, leasing of equipment, salaries and so on.
This ensures that your business can continue to meet it’s financial commitments, even while you are unable to work.
Personal Insurance Provides Certainty in Uncertain Times
Understanding the different types of insurance available, how they work together, how insurance policies differ, and how they pay out a claim is essential.
NFPG provides expert advice in this area to ensure appropriate cover for you and your family’s insurance needs.
There’s no ‘one-size-fits-all’ approach to selecting insurance policies. Having a tailored combination of insurance can provide peace of mind if a claim ever needs to be made, allowing you and your family to focus on your long-term well-being. It’s essential to talk to a professional life insurance adviser who can help you get the right policies in place and support you from application to claim.
Find out more about your personal insurance options – speak with a Newcastle Financial Planning Group Adviser
If you’re looking for expert life insurance advice, there’s no better place to look than our team. They’ll help you understand your personal circumstances and financial situation, as well as provide advice on how to get the coverage that works best for your needs.
Life Insurance Advice Newcastle FAQs
The amount and type of insurance coverage you require will be determined by your individual needs and circumstances. To determine the appropriate level of coverage, it is important to consider the financial requirements of your family to sustain their current lifestyle, how long they would require financial support for, as well as other sources of income – e.g., your partner’s income.
Diversifying your investment portfolio is crucial because it helps mitigate risks by spreading your investments across different asset classes, industries, and geographical regions, thereby reducing the impact of any single investment’s performance on your overall portfolio.
By embracing diversification, you can build a robust investment portfolio that is better positioned to weather market fluctuations and achieve long-term success.
As an investor, there are various ways to achieve diversification and manage risk effectively: 1. You can diversify across asset classes, including stocks, bonds, real estate, and commodities, to reduce exposure to any single market or sector.
- Diversifying within asset classes by investing in different industries and companies can further enhance your portfolio’s resilience.
- Geographical diversification allows you to invest in both domestic and international markets, benefiting from global economic growth and reducing the impact of localised risks.
Seeking professional guidance from a qualified financial planner in Australia can provide invaluable insights and personalised strategies to help you diversify your investment portfolio according to your specific goals, risk tolerance, and time horizon.
When you have a pre-existing condition, it is crucial to inform your financial adviser at the outset to ensure that they can take this information into account during their analysis. With a wide range of life insurance options available in the Australian market, it is possible that certain insurers may still offer you a satisfactory level of coverage, albeit with a premium loading or health exclusions.