How to Find the Right Insurance Cover

No matter what age you are, having the right insurance is essential to your financial security and to protect your current lifestyle, business and retirement plans. Given the number of insurance providers in the market and diverse types of cover, it is important to talk to our specialist risk advisors to make sure you get the right insurance to protect your family and your business.

How does income protection work?

Income protection helps cover your everyday living costs if you are unable to work due to illness or injury. After a waiting period of your choosing, income protection insurance can provide a monthly payment of up to 75% of your income – providing financial relief at a time when you need to be concentrating on getting back on your feet. Premiums for income protection insurance are generally tax-deductible. However the payments you receive may be subject to income tax.

How does life insurance work?

Life insurance provides for your loved ones in the event of your death, or if you are diagnosed with a terminal illness. Life insurance provides your loved ones with a lump sum payment that can help ensure their financial security. It can allow your family to keep their home, provide for your children’s education and allow them to continue living the life you had planned together.

How does trauma insurance work?

Trauma insurance gives you financial freedom if you become critically ill or injured and require extensive medical treatment to recover your health. It is a lump sum cover that will assist you during hard times in the event of cancer, a heart attack or a stroke. It allows you the financial freedom to access the best medical treatment available, pay for your rehabilitation, and cut back on your work hours to concentrate on your recovery.

How does TPD work?

Total and Permanent Disability (TPD) insurance provides for you if you were to become permanently disabled due to accident or illness, and are unable to work. Total and Permanent Disability insurance provides you with a lump sum payment, giving you the means to access the best medical and rehabilitation treatments, and providing you with financial security so you can go on making the most of your life.

How does business insurance work?

Buy/Sell

Buy/Sell insurance pays a lump sum if you or one of your partners dies or suffers a serious illness or injury and are unable to stay in the business. The payout helps ensure that the remaining owners can acquire the departing owner’s share and continue running the business. It should also help ensure that the departing owner or their estate will be fairly compensated for giving up their rights to the business.

‘Would your business be able to buy a departing owner’s share of the business if they died or suffered a serious illness or injury?’

Key person

Key person insurance provides financial protection against lost revenue and the capital value of your business should a key person suffer a major illness, injury or death.

Key person insurance (also called key man insurance) is a type of corporate-owned life insurance plan which
insures an employer against the death or incapacitation of a key employee, usually an executive or partner. It is used by both large companies and small partnerships alike.

Find the right cover for you

Our team is qualified with the right specialist knowledge to save you time and money, and find the right cover to meet your needs now and into the future.

Please speak with your Guild representative today to request a complimentary financial healthcheck with a Guild Financial Planning advisor, or to find out more.

This information is general in nature and is provided by Guild Financial Planning. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.