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Undergoing a Needs Analysis

Every family has a different need for wealth protection depending on their current personal and financial situation. Therefore, it is important that we understand your wishes in the event of a death or disability of a family member. 

Some questions to consider

• How long could the family survive without one salary
• How much of the family debt would need to be repaid
• How much would it cost to provide child care if required
• How much would be required to fund the education costs of your children
• How much income would the family require to continue their current standard of living
• Do you wish to leave an inheritance to your children
• How much time off would you require in the event of a major trauma (eg stroke, cancer or heart attack)

Once we assess your wealth protection needs we compare this to your current assets and income to determine whether your existing insurance provides the cover that you desire.  It is important to note that both over-insurance and under-insurance can be costly.  We can help you determine the appropriate level of insurance for you and your family.

If it is determined that you do require some insurance cover we can assess your needs against a wide range of solutions to find the best possible solution for you.  This may involve having some of the cover inside superannuation to reduce the impact on your cash flow and to increase the tax effectiveness of the cover.

Facts you should know

• For every home lost through fire
  • 4 homes are lost through death
  • 48 homes are lost through disablement
• Half of all serious accidents occur away from work and are not covered by workers compensation
• One in six Australians under 40 will not see the end of their mortgage.
• One in three Australians will be off work for more than three months during their working life

To go into greater depth in regards to discovering your financial needs Accume recommends that you also read about our seven steps.

 

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Solutions to help Protect your Wealth

Income Protection - This is also known as disability income insurance and is designed to provide an income during a disability through sickness or as a result of an accident. Generally this cover is tax deductible so this reduces the after tax cost of this cover. There are enormous choices concerning the amount of time benefits would be paid, the conditions under which benefits are available, and the time a disability must last before benefits commence.

Life Cover – This is a lump sum paid to a beneficiary upon the death of the life insured.  These days most life policies also include a partial/full payment upon the diagnosis of a terminal illness with the remaining sum insured paid upon death.

Total & Permanent Disability (TPD) Cover – This will provide a lump sum in the event of the insured being totally and permanently disabled as defined in the policies. Generally this means not able to work again in the opinion of two doctors. This enables the disabled person to repay debts, modifications for the home and invest a sum to provide for future lifestyle.  Mostly TPD cover is attached to a life policy although some companies now offer a free standing TPD contract.

Trauma Cover - Trauma policies pay a lump sum in the event of sickness and some injuries as defined in the policy. There is a wide range of product choice covering a number of events but most claims are paid for cancer and heart attacks. This cover allows one to pay for medical expenses and may also allow the insured to have time off work to recuperate from their illness.

 

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How Accume can help with your Claims

Accume Financial take an active approach to claims.  We are here to assist you in working with the insurer in your time of need, this is extremely important as it takes a lot of the stress out of the claims process.

Provided you are open and honest at the time of application then claims tend to be processed and paid in a smooth and timely fashion.