Pride Advice – Are you and your family prepared for the unexpected?

Here at Financia we work closely with our key industry partners to build a network of support for our client base. Featuring in our Expert Tips is Pride Advice, the national Practice of The Year for RI Advice Group, 6 years running!

In our experience, many Australians are not prepared and tend to think the unexpected will never happen. We understand the world of insurance can be intimidating. Therefore, the team at Pride Advice are here to help you navigate through the process.

The insurance market is inundated with products, all of which claim they are the one for you, and packaged in confusing industry jargon. No wonder it’s one of those tasks we love putting off. Insurance policies are put in place to provide a financial buffer when tragedy strikes. Having an insurance policy in place can assist with the following:

  • Pay off any debts, such as a mortgage or personal loans.
  • The ability for you to continue living in your family home.
  • Provide for your children’s ongoing education.
  • Cover your ongoing living expenses.
  • Eliminate debt.
  • Pay for home modifications and lifestyle changes.
  • Pay for long term care and ongoing medical expenses.
  • Provide ongoing income for the household if you are unable to work

What Insurance Do I Need?

We do not provide a one-size-fits-all approach to insurance advice. Everyone has unique circumstances and we work with you to determine the most suitable package. Be that as it may, let’s take a look at some common types of insurance you may want to consider or review:

Life Insurance:

  • Life insurance, also known as death cover, provides a lump sum payment if you were to die or become terminally ill. This payout is intended to provide financial support to those who are still dependent on you when tragedy strikes.

Income Protection:

  • Income protection insurance provides coverage for one of your most important assets – your income. We never know when tragedy will strike and leave us unable to work for a period of time. This insurance provides you with up to 70% of your income over a given period of time or until you can return to work.

Trauma Insurance:

  • Trauma insurance is often the missing piece in the insurance puzzle. Trauma insurance pays out a lump sum amount in the event of you suffering a critical injury or serious illness. Common illnesses that are covered include cancer, a heart condition and stroke, but it does depend on the particular policy.

Total & Permanent Disability (TPD) Insurance:

  • If you become totally and permanently disabled through illness or injury, TPD insurance provides a lump sum amount to help support you and your family. It’s worth noting that each insurer’s definitions can differ on what constitutes a TPD.

Insurance isn’t life changing. In fact, it’s there to maintain normalcy as far as possible when tragedy strikes. But, in order for it to do this, we have to know our policies and the coverage they provide. An adviser can not only do this, but tell you if the coverage is adequate for your circumstances, and make the claims process more efficient and more likely to result in a payout.

Our goal is to educate, support and provide peace of mind.

At Pride Advice, our first step when it comes to insurance advice is to reduce the stress and engender confidence. Risk Specialist Dave Slovinec provides a wealth of knowledge and industry experience. He’ll work with you, understand your personal circumstances and draw up a tailored plan that offers the best coverage for the protection you need.

For a confidential consultation, please reach out to us here at Financia to connect you with the team at Pride Advice!

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.

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