.jpg)
Good Financial Planning should always include some degree of protection.
The four main areas of protection are the following…
At Coast Financial Planning, we offer Personal Protection Advice tailored to Ballina and Northern Rivers residents. Securing your income and assets is a crucial part of safeguarding your financial future, and we specialise in ensuring you're well-prepared for life's unexpected events.
Consider the impact if you were suddenly unable to work due to illness or injury. Could you continue covering your mortgage, car payments, or even daily living expenses? While many can manage for a short time without income, it’s often only a matter of weeks before financial pressures become overwhelming.
Given the importance of maintaining financial stability, it’s crucial to consider protecting your income in the event of an accident or illness.
Surprisingly, this type of cover can cost less than a daily coffee! Income protection is a highly tax-efficient way to safeguard your income. You are typically able to protect up to 75% of your salary, including superannuation contributions. Depending on how the premiums are structured, you may also benefit from tax deductions on the payments.
Premiums can be arranged either through your personal funds or via your superannuation, offering flexibility depending on your cash flow situation.
At Coast Financial Planning, we can help you secure income protection for the duration of your working life. We proudly maintain a 100% claim acceptance rate, meaning you can feel confident in our advice. We understand that making a claim can be an emotionally challenging time, especially if it’s due to illness. Our team is here to support you every step of the way, ensuring your income is delivered swiftly and with minimal stress.
Have you considered what would happen if you were no longer able to work due to a permanent disability? How would you continue to support yourself or your family, and would your home remain secure if you could never return to your job?
These are essential questions to ask, especially since 1 in 5 Australians live with some form of disability, meaning someone in your close circle of family or friends may face a similar situation during their working life.
Given these statistics, it’s crucial to consider the importance of TPD cover, especially if you’re managing a business or have a mortgage. Without adequate coverage, a sudden disability could have long-term financial consequences, threatening your home or business.
At Coast Financial Planning, we ensure you have the right protection for your circumstances, so you don’t face unnecessary hardship in case of a life-changing event.
Source:
https://www.abs.gov.au/statis…0severe%20disability.
https://www.abs.gov.au/ausstats/abs@.nsf/Lookup/4430.0main+features202015
Disability doesn’t have to derail your life. With the right protection in place, you can ensure that your home loan is covered, and your business continues to operate smoothly, even in the face of unforeseen challenges.
Don’t wait until it’s too late—speak to our knowledgeable advisers today. We’ll help guide you toward the right disability cover tailored to your needs, providing peace of mind for both you and your family.
Total Permanent Disability (TPD) cover provides a lump sum payout if you are diagnosed as permanently disabled. Whether it covers your own occupation or any occupation, you are protected—even if you're unable to return to your previous role, but can work in a different capacity, you’ll still receive the lump sum upon diagnosis.
The payout is tax-free at the point of claim, allowing you to focus on recovery and financial stability. Disability cover can be paid through your Superannuation Fund or personally, depending on your individual circumstances. During a consultation, we’ll advise you on the most effective approach for your situation, ensuring you are fully protected.
Cardiovascular disease, heart disease and Heart Attack, stroke and vascular disease, who is at risk and why?
Risk factors include smoking, high blood pressure, abnormal blood lipids, diabetes, overweight and obesity, physical inactivity, low fruit and vegetable intake, alcohol and smoking.
Nine in 10 adult Australians have at least one risk factor for CVD and one in four (25%) have three or more risk factors.
In 2014/15, 6 million adult Australians (34%) aged 18 years and over had high blood pressure (systolic or diastolic blood pressure is equal to or greater than 140/90 mmHg or taking medication).
In 2011/12, one third of adult Australians aged 18 years and over had measured high cholesterol. This represents 5.6 million adult Australians.
Source: https://www.aihw.gov.au/repor…facts/contents/about
Smoking remains the leading cause of ill health and premature death in Australia. In 2011/12, approximately 1 in 7 Australians aged 15 and older smoked daily, significantly contributing to health issues, particularly cardiovascular disease (CVD).
By 2022, nearly two-thirds (66%) of Australian adults aged 18 years and over were classified as overweight or obese, with 32% of the population considered obese and another 34% overweight. Similarly, inactivity plays a major role, with over two-thirds (66%) of Australians aged over 15 years reporting little to no exercise in 2014/15, adding to the risk of cardiovascular complications.
CVD accounted for 600,000 hospitalisations in 2020/21, and its impact went beyond direct cases, often contributing to other hospitalisations. In 2022 alone, cardiovascular disease was responsible for 45,000 deaths—representing 24% of all deaths in Australia—claiming one life every 12 minutes.
Although there have been advancements in treatment and awareness, CVD remains one of the largest health challenges in Australia, exerting a significant burden on both public health and the economy.
Source: https://www.aihw.gov.au/reports/australias-health/overweight-and-obesity
Cardiovascular disease (CVD) refers to a group of disorders affecting the heart, stroke, and blood vessels. It is a leading health issue in Australia, causing one death every 12 minutes. CVD affects approximately 4.2 million Australians—equivalent to 1 in 6 people. In 2015, it claimed the lives of 42,700 Australians, accounting for nearly 30% of all deaths. Many of these deaths could have been prevented through better lifestyle choices and early medical intervention.
Coronary heart disease (CHD), often referred to as heart disease, impacts around 1.2 million Australians. In 2023, it was the leading cause of health burden for males and ranked as the eighth leading cause for females. In 2022, CHD resulted in the deaths of 45,000 Australians, making up 24% of all deaths across the country.
A heart attack occurs when blood flow to the heart is blocked, often by a clot, leading to serious damage. It is estimated that over 430,000 Australians have experienced a heart attack at some point in their lives. Men are twice as likely as women to suffer from heart attacks, which account for 1 in 25 of all deaths in Australia. On average, 19 people die from heart attacks every day, with 8,443 lives lost in 2015 alone.
At Coast Financial Planning, our Northern Rivers financial planners are committed to helping you prepare for life's uncertainties. While no one wants to face a trauma illness such as a heart attack, the reality is that many Australians will encounter these challenges. Ensuring you are fully insured means peace of mind for you and your family should such a situation arise.
Trauma Insurance provides a lump sum payment upon diagnosis of a critical illness, such as cancer, heart attack, or stroke. This financial support is crucial for managing the costs associated with medical treatment and recovery. With this insurance in place, you can focus on healing rather than worrying about finances.
If you were to face a heart attack, stroke, or cancer diagnosis, would you be prepared to cover your medical expenses? Many individuals find it challenging to handle such costs, especially if they cannot return to work. Trauma Insurance helps bridge this financial gap, ensuring that you have the resources needed during a difficult time.
Unlike other types of insurance, Trauma Insurance must be paid for by you and cannot be included in your superannuation fund. However, the payout from this insurance policy is tax-free, providing you with more financial flexibility when you need it most.
The primary purpose of Trauma Insurance is to assist you in paying for medical bills and to provide financial support during your recovery. By securing this coverage, you can mitigate the financial impact of critical illnesses and focus on what truly matters—your health and well-being.
If you answered "no" or are unsure, now is the time to seek professional advice. Ensuring that you have adequate coverage to pay for medical bills and maintain your current lifestyle is crucial. The last thing you want to worry about while facing a trauma like cancer is managing exorbitant medical expenses.
Cancer is increasingly prevalent in Australia, with estimates indicating that over 165,000 new cases will be diagnosed in 2023—72,169 in males and 62,005 in females. This marks a significant increase from 2013, when there were 124,465 new cases diagnosed (68,936 males and 55,529 females). The rising statistics highlight the urgent need for adequate financial protection.
Cancer has impacted countless families across Australia and will likely continue to do so in the future. While we cannot prevent every instance of cancer, we can take proactive steps to minimize risks, such as avoiding smoking, managing stress, incorporating regular exercise into our routines, and maintaining a healthy, balanced diet.
Dealing with a trauma like cancer is challenging enough without the added burden of financial strain. By securing appropriate Trauma Insurance, you can focus on what matters most—your health and well-being—without the worry of overwhelming medical costs. Don’t let financial uncertainty add to your stress; take action today to ensure you and your loved ones are protected.
Trauma cover provides essential protection during these difficult times by offering a lump sum payment. This financial support can help cover hefty medical bills and potentially alleviate the burden of your home loan, allowing you to focus on your recovery without added worries.
The following are the most frequently diagnosed cancers in Australia for 2023:
We believe no one should become a statistic or suffer from a trauma illness without the proper financial support. At Coast Financial Planning, our Northern Rivers Financial Advisors are committed to ensuring you have adequate coverage for any trauma illness. Our team is here to assist you at the time of claim, providing guidance and support when you need it most.
With a 100% claim acceptance record, we understand the emotional and financial toll that cancer can have on individuals and families. Don't wait until it’s too late—take proactive steps to secure your financial future and protect yourself and your loved ones from the unexpected. Let us help you navigate your options and ensure you have the coverage you need.
Source: https://www.aihw.gov.au/reports/cancer/cancer-data-in-australia/contents/overview-of-cancer-in-australia-2023
Life cover is a crucial financial safety net that provides peace of mind by ensuring your loved ones are taken care of in the event of your passing. This insurance pays out a lump sum upon your death, offering essential financial support to your family during a difficult time.
One of the key benefits of life cover is its flexibility in premium payments. You can choose to pay the premiums personally or have them deducted from your superannuation fund, depending on your financial situation and preferences. This allows you to tailor the coverage to fit your financial plan.
The payout received upon a successful claim is tax-free, providing an added layer of financial security for your beneficiaries. This ensures that your loved ones receive the full benefit of the policy without having to worry about tax implications, allowing them to focus on their financial future.
Life cover is primarily designed to protect your family and help them manage any outstanding debts, such as your mortgage or personal loans. By securing this type of insurance, you can ensure that your family has the necessary resources to maintain their quality of life and meet their financial obligations even in your absence. At Coast Financial Planning, we are here to guide you through the process and help you select the right life cover for your needs.
In Australia, the leading causes of death reflect a significant public health concern. Coronary heart disease is recognized as the foremost underlying cause, closely followed by dementia and Alzheimer’s disease and cerebrovascular diseases, which encompass strokes. Additionally, lung cancer and chronic obstructive pulmonary disease (COPD) rank among the top five causes of death for both males and females across all age groups in 2023.
According to cancer.org, cancer remains a major contributor to mortality in Australia, accounting for more than 48,000 deaths in 2019 alone. This alarming statistic indicates that three out of ten deaths can be attributed to cancer. Over the past three decades, the number of cancer-related deaths has risen, largely due to population growth and an ageing demographic, with approximately 26,000 more individuals succumbing to cancer each year compared to 30 years ago.
Given these sobering statistics, it is crucial not to delay securing the appropriate level of life cover with a reputable provider. Once a person passes away, it is impossible to obtain life insurance, making it essential to take proactive steps to ensure your family is financially protected. Don't become a statistic—prioritize your financial security and explore your options for life insurance today! At Coast Financial Planning, we can help you navigate the complexities of life insurance to find the coverage that best suits your needs.
Source: https://www.cancer.org.au/cancer-information/what-is-cancer/facts-and-figures
