Piggy Bank

Financia Wealth

Specialising in Life Insurance, Income Protection and Trauma Insurance, we’re passionate about making sure you get the correct insurance in place to maintain your lifestyle should any unfortunate events occur.

Many Australians are not adequately protecting themselves from unexpected illness or injury, which in turn, means they are failing to protect their family and lifestyle.

It’s not easy to contemplate how misfortune could affect you or your family but the issue is best not avoided. Tackling your finances can be an extremely daunting process, but you can’t put a price on the peace of mind you’ll get knowing exactly what is happening is with your money and making a start is easier than you might think.

The role of a financial planner is about giving you more confidence, peace of mind and freedom. It’s about having an expert guide to help you reach your goals sooner. Financial planners give you the confidence to explore new horizons, to seize opportunities, reap the rewards and, most importantly, enjoy them.

Whether you’re taking that next step in your career, starting your own business, growing your family, or wanting to protect yourself from life’s little mistakes, a financial planner can cover over everything you need to lead a safe, and happy life.

It’s about you and your family making the most of what you have and securing financial peace of mind both now and in the future.

Protecting your wealth, and in turn you and your family’s lifestyle can be addressed in many ways. A planner can help you work through the different types of policies and can guide you on which protection suits your needs. Whether you’re establishing and building your career, starting a family, consolidating a comfortable lifestyle, or thinking about your long-term future, we can help.

It’s time to get some professional advice – from a planner with the technical expertise and experience required to make sure you’re safe for life..

Contact us today, and let Financia Wealth organise a cover and protection for you and your family.

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FINANCIA WEALTH BLOG ARTICLES

This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice and consider the relevant Product Disclosure Statement.

The views expressed in this publication are solely those of the author; they are not reflective or indicative of Financia Wealth’s position and are not to be attributed. They cannot be reproduced in any form without the express written consent of the author.


Income Protection Insurance

If you have an accident or suffer an illness, it can leave you out of work for certain amount of time. With no full income covering you each week, how will you afford to live, or support your family?

Taking out an income protection plan may help provide peace of mind that you’ll be able to meet your financial responsibilities and focus on recovering. Income Protection cover may provide a monthly income while you’re unable to work as a result of illness or injury. It generally replaces up to 75 per cent of your income for a set period of time.

Getting your Income Protection cover through your superannuation fund may be a good idea if you want to avoid paying for your insurance out of pocket. But keep in mind that the policies offered through super may not cover all your financial obligations for an extended period of time.

A standalone Income Protection policy may provide more adequate coverage and it may also offer you tax benefits. Income Protection premiums are usually tax deductible when you fund your cover outside super.

When is it time to consider Income Protection?

As soon as you have an income and a lifestyle you want to be able to maintain, even if you suffer an accident or illness that renders you unable to work.

What are the chances I’ll need it?

60% of working Australians will, at some stage, need to take a prolonged break from work as a result of illness or injury* So there is a high likelihood that you would benefit from having this cover.

* TAL Facts of Life Study

Wouldn’t I be covered by Workers Compensation?

Workers Compensation insurance such as Work Cover typically applies only to work-related conditions and injuries and it may not cover you for additional household expenses such as mortgage, household bills and childcare. It may vary according to each state’s legislation.

Isn’t this included in my Super?

It could be, but you need to check and be sure that it matches your individual needs. Default income protection included with Super can be very restrictive – in terms of the amount of cover, when it commences, how long it lasts and the definitions of accidents and illnesses for which cover is provided.

If you were to be caught out, what would you do? Have peace of mind knowing that you’re covered with Income Protection Insurance. Contact us and book in a time with to organise a cover for you.

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Life Insurance

If you were to die or become terminally ill when people are still dependent on you to provide for them, life insurance pays a one-off amount, a “lump sum” that your beneficiaries can use to continue living the life you had planned together, for example:

  • Continue living in the family home
  • Provide for their education
  • Cover living expenses
  • Pay off debts

In Australia, Life Insurance and TPD Insurance is typically included in your super, by default. Generally this is a good thing, but if you’re one of the 4 in every 10 Australians who have more than one super fund, it may not be a good thing at all. Why? Because, unless you’ve opted out of insurance with your other funds, you’re essentially duplicating your cover and your premiums.

When is it time to consider Life Insurance?

Even if you don’t yet have any dependants (a partner and/or children), if you’re planning on having them one day, it makes sense to get life insurance while you’re still young and healthy – i.e. when you can get cover with low or no medical checks and no restrictions on your cover.

Isn’t this included in my Super?

It could be, but you need to check and be sure that it matches your individual needs. Life insurance included by default with Super can be very limited.

Are premiums tax deductible?

Premiums paid for personal life insurance are not tax deductible (unless it comes in the form of a tax deduction). However, if a policy is owned inside super, contributions that are made from the super fund to the life insurance policy can be tax-deductible.

Be prepared with ups and downs of what life can throw at you, and speak with Financia Wealth about life insurance.

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Trauma Insurance

Trauma cover provides a tax-free lump sum, or instalments, to be paid on the diagnosis of a range of specified conditions including major illnesses such as cancer, heart attack and stroke.

You can use it for any purpose you like but usually people use it to:

  • Pay for treatment costs over and above what is covered by Medicare or Health Insurance – and these can be very substantial.
  • Pay for the best treatment available.
  • Make lifestyle changes so they can focus on healing – like permanently reducing the number of days they work, making modifications their home such as ramps and rails, and funding a family member to take time off work to support them in their recovery.
  • Take some time off work or take a stress-free family holiday.
  • Invest to fund an ongoing income for their family
  • Take pressure off their finances by reducing debt

The payment may even be used to explore alternative remedies, pay for home care and eliminate any outstanding debt such as a mortgage.

When is it time to consider trauma insurance?

Even if you don’t have any dependants such as a partner and/or children, but you are planning on having them one day, it makes sense to get Trauma Insurance. While you’re young and healthy you can get cover with low or no medical checks and no restrictions on your cover.

Wouldn’t I be covered by Workers Compensation?

Workers Compensation insurance such as Work Cover typically applies only to work related conditions and injuries and it may not cover you for additional household expenses such as mortgage, household bills and childcare. It may vary from state to state.

Isn’t this included in my Super?

No. It cannot be included in Super.

Are premiums tax deductible?

Generally not. One exception is where the cover is for a business purpose.

It’s time to get some professional advice – from a planner with the technical expertise and experience required to make sure you’re safe for life.

Trauma isn’t easy to cope with, but Finanica Wealth can take the pressure off while you heal and recover. Speak with one of our financial advisors to organise trauma insurance, and rest easy knowing you’re protected. Contact us today.

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Financia Wealth Pty Ltd a Corporate Authorised Representative of Millennium3 Financial Services Pty Ltd ABN 61 094 529 987 AFSL No. 244252 Unit 7, 50 Borthwick Avenue Murrarie QLD 4172

The information website holds are for ‘Australian Residents Only’.

The information (including taxation) is general in nature and may not be relevant to your individual circumstances.

You should refrain from doing anything in reliance on this information without first obtaining suitable professional advice.

You should obtain and consider the relevant Product Disclosure Statement (PDS) before making any decision to acquire a product.

Financia Wealth Pty Ltd does not have a credit license. Any advice/service provided the credit side of Financia Wealth, Millennium3 Financial Services Pty Ltd is not responsible.

There wouldn’t be anybody that I could recommend that you partner with over Angelo. I have thoroughly enjoyed working with him over the last 3 years and look forward to working with him in the future.

Ryan Hanlon
Business Development Manager, BankSA

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