How to protect your wealth and our standard of living are two of the most important financial questions we need to ask. Yet “around 59% of Australian families would not be able to maintain their current standard of living if the main earner of the family were to pass away”*. For people placed in this position, this may mean selling the family home, or changing schools for the children with the remaining partner being left to manage significant debt.
Consider what the greatest assets are in your life and what you would do if you lost the capacity to work or were not able to support your family and their lifestyle.
The Vault team can help you identify an appropriate amount of cover for your individual circumstances. Whether it be life insurance, trauma insurance or income protection, our advisers work with the best insurers in the country to make sure that you and your family are protected in the event of personal crisis.
One of Vault’s own key staff members, Justin McKay learned through personal experience how important this protection is. As a result of a coal mining workplace accident in 2008, Justin discovered first-hand the importance of having adequate protection and that accidents can happen to anyone. Being a physically fit and strong 25year old, he hadn’t thought insurance was relevant to him. Without insurances in place, his options for treatment, recovery and lifestyle were then very limited. His experience influenced his mates (both on and off the sporting field) to think seriously about their own lifestyles and financial situations. Justin turned this negative time in his life into a positive one by becoming a personal advocate for wealth protection strategies. He was determined from then on to help build awareness that insurance is essential for everyone and with the right guidance, shouldn’t be a difficult process or be a financial burden.
Please contact us here or call us now on (07) 3608 6800 to get a comparison or competitive quote today.
*Rice Warner Underinsurance in Australia report 2012
Is personal insurance affordable?
What other ways can I protect my wealth?
Am I locked into the insurance cover for a certain period?
Can the insurance company cancel my policy due to my health?
What's the difference between Stepped and Level Insurance Premiums?
- From age 20-30, little if any increase each year
- From age 30-40, average 6% increase each year
- From age 40-50, average 8% increase each year
- From age 50-60, average 10% increase each year
- Above age 60, average 15% increase each year.
Please note that this is a guide only to annual increases if your cover remains constant. If you take the CPI increase, premiums will increase by an additional 3%-5% each year. This means that as you get older the insurance premiums can get quite high, but there is one way to avoid this – level premiums.
Level premiums are those which remain constant up to the age 65 as long as the cover remains constant. Level premiums may be higher now, but over the long term they are significantly cheaper. Where appropriate we will always provide quotes on stepped and level premiums. Note that if you select level premiums, after age 65 they automatically transfer to a stepped premium.
Will the personal insurance policy cover me whilst travelling overseas?
How do the different insurance policies you quote, compare?
Does the insurance policy have a cash value?
How do I pay my insurance premiums?
- direct debit
- credit card
Do I need to have a medical examination before taking out an insurance policy?
Are there any tax implications with an insurance policy?
If a term life policy is not written through a superannuation fund, the premiums are not tax deductible but any proceeds recovered are not considered to be assessable income.