Insurance – The Basics

Insurance is essential for your peace of mind. Whether you’re covering your life, your ability to work, your business, property or possessions, having insurance helps protect your lifestyle and the people who depend on you.

Insurance is never a luxury. You may go for years without making a claim, then one day the unexpected happens. No one can eliminate the devastating emotional impact of serious illness, disablement or death, but if you have to deal with money problems as well, the situation can be much worse. Having money available when you need it most is what makes insurance so valuable.

Using super to pay for your insurance

Some types of insurance allow you to pay the premiums automatically from your superannuation fund. This can be a tax-effective option because it enables you to pay your premiums with pre-tax money. Using money that is normally inaccessible until you retire also means you don’t have to dip into your daily living budget.

What should you insure?

When protecting your family financially, look at your areas of greatest vulnerability, such as your mortgage, other debts, regular household expenses and, if you’re self-employed, your business. You should also protect yourself against loss or damage to your property. These areas can be covered by:

  1. Life insurance – pays a lump sum on death if you die while you’re a policyholder.
  2. Income protection – provides regular payments if you can’t work due to illness or injury.
  3. Disability insurance – pays a lump sum if you are totally or permanently disabled.
  4. Trauma insurance – pays a lump sum 14 days after diagnosis of a serious or terminal condition such as stroke, cancer, heart attack or other specified conditions.
  5. Accidental Death
  6. Business insurance – a range of insurance products that can be incorporated into a package tailored to your type of business.
  7. Home insurance – to cover your residence, investment property, contents and personal valuables.
  8. Other cover such as motor vehicle and boat insurance, which covers you for loss and damage.

Do you have enough cover?

It’s all very well to have ‘some’ insurance, but many people are under-insured and find themselves out of pocket when they make a claim. It’s important to accurately assess how much insurance you need. This is an area where UNIQUE WEALTH PTY LTD can help you. We’ll help identify your greatest areas of risk and work out how much cover is appropriate for your needs.



Case studies

How the right advice can help

Having the right insurance in place is crucial to securing your wellbeing and financial situation. The following case studies provide just two examples.

Case study 1: Protecting your family

Case study 2: Protecting a hard-won lifestyle

Important Information

Information in this web page is based on regulatory requirements and laws, which may be subject to change. While care has been taken in the preparation of this document, no liability is accepted by Lombardini Allan Financial Group Pty Ltd, its related entities, agents and employees for any loss arising from reliance on this document.

The advice contained on this site is general in nature and has been prepared without considering your objectives, financial situation or needs. You should, before acting on any advice, consider its appropriateness to your circumstances (including your objectives, financial situation and needs). You should also consider the relevant PDS before making any decision about any product.

Gavin Bramley is an authorised representative of Lombardini Allan Financial Group Pty Ltd. | ABN 36 642 793 717| AFSL No.  525803