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When preparing a personal protection review, we take into account your current financial position and then identify areas where appropriate cover would protect you and your family against financial loss.
Types & purpose of Personal Protection Insurance
Some of the key areas and considerations are outlined below:
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Life Protection |
- Provides funds to extinguish debts and ongoing income to support lifestyle requirements of dependants.
- Paid on death or terminal illness.
- Maybe tax deductible depending on circumstances e.g. via SMSF.
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TPD Protection |
- Provides funds to extinguish debts in the event of Total & Permanent Disablement (TPD) and provides ongoing income to support lifestyle requirements and lifestyle modifications.
- Paid where individuals are ‘unlikely’ or ‘unable’ to ever work again.
- Maybe tax deductible depending on structure, however not recommended due to taxation and conditions of release implications.
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Trauma Protection
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- Provides a lump-sum to deal with an unexpected ‘crisis’.
- Paid on diagnosis of a specified condition e.g. Heart attack & Breast cancer
- Paid either as a full or partial payment depending on severity of condition.
- Not tax deductible, nor tax assessable.
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Income Protection
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- Replaces up to 75% of ongoing income if unable to work due to a sickness or injury.
- A full or partial benefit is available depending on the severity of disability.
- Provides rehabilitation & ancillary benefits.
- Tax deductible and tax assessable.
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Our primary objective is to provide a Personal Protection Solution that is tailored to meet your needs, supported by a regular review of your circumstances to provide peace of mind for you and your family.
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