Personal & Business Protection Advice
What if something happens to you?
The success of your business depends on you but what if something happens to you? What happens to your business … your future … your family?
When you are running a business, large or small, you are everything from the engineer to the cleaner, to the director and quite possibly the last thought on your mind is how to protect your business in the event of something happening to you or your partners.
PARTNERSHIP PROTECTION OR
If you have a business with one or more partners and one of them were to pass away or become permanently disabled, partnership protection and Buy/Sell Agreements would ensure that the surviving partners could buy him or her out and ensure their family …and yours … is well looked after and the business continues.
This form of insurance protects your business if you have a key person in your business who contributes greatly to the cash flow or has a great skill set purposely employed for that skill for your business and that person stops working for you.
Succession planning protects your family and gives you the ability to make sure your share of your business goes to the right people at the right time i.e. your family. Tax effective strategies can be arranged so that the right monies go into the right hands at succession time.
Good Financial Planning should always include some degree of protection.
The four main areas of protection are the following…
What would happen if you were taken ill today and could not work?
Would you be able to make your home loan payments, pay for your car payments, or even put food on your table for your family?
With experience we have found most people can manage maybe 4 weeks at the very most without an income and then the worries and concerns start, how am I going to pay the home loan this month? or how am I going to pay for our car? or do we even have enough money to put food on our table for our family?
TOTAL PERMANENT DISABILITY
What would happen to your home if you could never return to work?
What would you live on for the rest of your life if you could never do your job again?
These are the questions to ask yourself because 1 in 5 people in Australia have some form of disability, which means it is likely that someone within in your close family or circle of friends will suffer from a disability during their working life.
This insurance pays out a lump sum if you are diagnosed as having a critical illness.
The three main claims are for cancer, heart attack and stroke.
This policy has to be paid by you as it cannot be sat inside your super fund.
The pay out for this insurance is tax free.
The main reason for this cover is to pay for medical bills and to help financially in recovery.
This insurance pays out on death.
This insurance can have it’s premiums paid by you or your super fund.
The pay out on claim is tax free.
The main reasons for this cover is to protect your family and pay out any debts i.e. mortgage, personal loans etc.
Self Managed Super Fund Advice
These are for the people out there who like to have control of their own investments and have a sound knowledge of where or what to invest in.
There are pros and cons for each of these types of superannuation and when you’re planning for your future you need to carefully consider all those good … and not so good points … so that you can choose the fund that delivers the outcomes you want.
Here at Coast Financial Planning we offer you offer you the guidance and advice you need in easy to understand English so that you can make the right decisions when you’re planning for your future.
You tell us what you want for your future and we’ll give you the choices of where best to have your super, what investment options to have and what protections you can put in place to achieve your future goals.
Which Superannuation is best for me?
We help you look at all the options that are available to you. We at Coast Financial Planning have the means to access up to 500 different superannuation funds throughout Australia. This means we can provide you with the best advice that suits your own individual needs. We provide you with a monthly and annually report for all your super contributions so you can see at a glance how your funds are going. You will receive an annual visit by our friendly advisor to ensure your super is doing the best for you at all times, even if your situation changes, we will be at hand to guide you through this. As your life evolves we evolve with you.
Industry Superannuation Funds are the default funds for most Industries from the Building Trade, to Nursing to Clerical and Administration. Examples of these are QSuper, Hesta and SunSuper to name but a few.
These are typically offered by small to medium sized companies. They are used as a ‘Default Fund’ if the employee does not choose their own superannuation.
Personal Superannuation Funds are Superannuations set up by the individual and take them wherever they work. These tend to offer access to Direct Shares and have greater flexibility to Insurance Providers and their premium payments. Examples of these are MLC Masterkey Super, Colonial First State Superannuation, AXA North Personal Superannuation and many more.