The need for Life Insurance
Cardiovascular Disease
80% of the adult population have at least one of the following cardiovascular risk factors:
- Tobacco smoking
- High blood pressure
- Physical inactivity
- Overweight
Source: Heart, Stroke and Vascular Disease: Australian Facts 2001 Highlights
Accidents
43% of all deaths of people below the age of 45 were due to accidents.
Source: Australian Institute of Health and Welfare: Australian Health 2000
Cancer
1 in 3 men and 1 in 4 women will be diagnosed with cancer before the age of 75.
Source: AIHW National Mortality Database, 1998
If you died prematurely, would you leave your family sufficient funds to:
- Pay off the mortgage?
- Clear any other debts?
- Provide a continuing income stream for the family?
- Cover the children’s education costs?
If not, would you want your family to live with financial hardship?
The need for Trauma Insurance/Crisis Care
Trauma Claims in Australia
- Cancer 59%
- Heart Attack 16%
- Stroke 6%
- Coronary By-Pass 5%
- Other 14%
Source: Living Benefit Report year ending 1998
Predicted increase in cancer
Men: 16% increase in cancer cases from 2001 – 2006
Women: 12% increase in cancer cases from 2001 – 2006
Source: Cancer in NSW Incidence and Mortality 1999
Chance of surviving cancer
Under 55: 72%
Under 65: 54%
Source: AIHW Publication; Australia’s Health 2000
If you suffered a serious illness such as cancer, heart attack or stroke would you want to have:
- Choice of doctor, hospital, treatment?
- Flexibility (time off work, holiday,relocation, early retirement?)
- Financial Freedom to pay off the mortgage, clear any other debt, pay the bills?
If you answered "yes" to any
of these questions, the most important question is… will you be
able to afford any of these options?
The need for Income Protection Insurance
Reasons for retirement
Ill Health or Injury 32.6%
Chose to retire 24.6%
Compulsory retirement 19.8%
Retrenchment 11.9%
Other 6.3%
Business closed down 3.1%
Family reasons 1.7%
Source: Retirement and Retirement Intentions, Australia, November 1997
How would you survive if you had to retire early due to ill health or injury?
Could you continue repayments on your mortgage?
What about other debts, such as credit cards or personal loans?
How would you pay the bills – electricity, gas, food, telephone, and so on?
What about the additional expenses you may incur- such as medical costs, housekeeping, child care?
If you had your own business, could you keep it operational?
Your income is your most valuable asset … have you insured it?
Types of Insurance
1.Business Expense Plan
Provides a benefit to cover the fixed cost of running the business should the life insured become totally or partially disabled
2.Business Succession Planning
An Insurance Package structured to protect all members of a
business Partnership should any one or more of the Partners face
situations where they cannot cover their share of the liabilities.
3.Income Protection Plan
Provides a monthly income, after a waiting period, in the event the life insured is unable to work through sickness or injury.
4.Crisis Protection Plan
Provides a benefit if the life insured dies, is diagnosed with a terminal illness or suffers one of the listed insured events.
5.Total and Permanent Disability (TPD) Benefit
Payable if the life insured becomes Totally and Permanently disabled while the benefit is in force.
6.Life Protection Plan
Provides a benefit in the event of death of the life insured.
Glenmore Park, Silverdale, Mulgoa, Wallacia, Luddenham, Orchard Hills,
Cranebrook, Emu Plains, Blue Mountains, Wenthworth Falls, Glenbrook
Address: Level 1, 46 Station Street, Penrith NSW 2750
Postal address: PO Box
4158, Penrith NSW 2751
Phone: (02) 4722 3637 Fax: (02) 4722 3617
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