Personal Risk Insurance
Protecting your family, assets, income and life style with personal risk insurance
Personal risk insurance is vital for anyone who has dependents or whose lifestyle and wealth creation strategy relies on your capacity to earn an income. In addition to providing peace of mind, personal risk insurance helps minimise the financial impact on you, your family and your business if an illness, injury or other event prevents you from working. Even if you have substantial savings, or income-earning investments, the many costs arising from an extended period of illness or disability can quickly erode years of hard work and savings.
At Markiewicz & Co., we analyse and review each client’s situation and then assess which combination of personal risk insurance is most suited to their needs, and what level of cover is required to provide sufficient protection. We are not insurance “sellers” – our primary focus is on wealth management and investments. As a result, we are able to act objectively and consider a multitude of products from leading insurers to ensure you receive the protection you need while also achieving the optimal balance between the cost of each policy and the benefits it provides.
The right level of cover to meet your lifestyle and family situation
When determining the level of cover required, we consider:
- How many people depend on you financially?
- What is the level of your debt (e.g. mortgage, credit card, personal loans)?
- To what extent does your investment strategy depend on your income?
- If insurance is an integral component of your superannuation, how adequate is that level of cover?
- If you were unable to work due to sickness or injury, how long could you and your dependents cope without an income?
Depending on your circumstances, the following types of protection may be applicable:
- Term Life – These policies pay a lump sum upon death or terminal illness, ensuring that dependents are not burdened with any debt you may leave behind.
- Total & Permanent Disability – If due to illness or injury you are unable to work again in your own (or similar) occupation, such policies pay a lump sum to assist you meet your ongoing financial commitments.
- Income Protection – Designed to replace your income if you are unable to work due to sickness or injury for an extended period of time, these policies are particularly suited to anyone who is self-employed, or professionals such as partners in a medical or legal practice.
- Trauma Cover – These are condition-specific policies that provide a lump sum in the event you suffer a major sickness as defined in the policy (e.g., cancer, heart attack, stroke). These funds can help defray the costs of additional, or out-of-pocket medical expenses and help you to meet ongoing financial commitments.
- Business Expense Cover – If you are self-employed or the principal of a small business and unable to work due to sickness or injury, this type of policy helps you to cover ongoing expenses such as rent, salaries, electricity and so forth.
- Key man insurance – This speciality business insurance provides compensation against the financial losses that would result if a person who is key to the operations of the business is unable to work due to illness, injury or death.
For more information on Markiewicz & Co. personal risk insurances, download our Wealth Protection brochure.
Protect your wealth and your peace of mind
Don’t let an unexpected event risk your, and your family’s, financial future. Talk to your Markiewicz & Co. adviser about developing a comprehensive wealth protection plan – today! Simply call us on 1300 276 112 or send an email.