No one wants to imagine that fraction in time when you know you are going to have a car accident…when the doctor tells you that you won’t be going back to work for a while…the phone call that you thought you’d never receive…
Studies show that most people do not recognise the effect that an unplanned event can have on their lifestyle. Mortgage payments, children’s education, living expenses and other commitments can all become difficult to manage if you lose your regular income. Wealth Fusion can help you evaluate insurance options that will protect your family, leaving you prepared for the unplanned.
If an unplanned event does occur, you and your family will have enough to deal with, without the added burden of worrying about money. A risk management strategy can help give you peace of mind, knowing that you are in control of your financial obligations. It’ll never happen to me, unfortunately, it could happen to any one of us.
Every day in Australia 93 people die from cancer; 76 die from coronary heart disease; 33 die from stroke and 14 die from accidents.*
Every year 26,000 Australians have heart attacks, 60% will survive at least one year; 23,000 develop malignant cancer, 40% will survive at least five years; 18,000 suffer strokes, 80% will survive at least one year and one in every 11 women will develop breast cancer in their lifetime, 91% will survive at least two years.*
The superannuation option
Paying insurance premiums through your superannuation can be a tax-effective option because contributions are paid before earnings are taxed. When insurance is held through your superannuation, death benefits paid to the surviving spouse are tax free. Your Life Insurance premium contributions can also form part of your compulsory superannuation contribution, and are exempt from contributions tax.
Do you have enough cover?
You might think your cover is adequate, but recent changes in your life may have affected the amount you need. Have you: taken out (or finalised) a mortgage? Changed family circumstances? Made a financial commitment? Had a significant change in your salary? Research by the Rice Walker Actuaries shows that only 4% Australians have adequate insurance cover i.e. 10 times their annual income.
*Source: Heart, Stroke and Vascular Diseases – Australian Facts 2001, National Heart