Whether it is life insurance, disability, income protection or property insurance, Unity Partners clients are counselled on the financial risks they can afford to carry and those that could lead to financial ruin. Unity Partners clients are then encouraged to insure those risks that must be managed. When selecting insurers, Unity Partners consider the following;
- The strength and claims paying capacity of the insurer.
- The insurers claims paying history.
- The policy wordings offered by the insurer.
- The premiums charged.
This approach ensures that the quality of the insurance Unity Partners clients arrange will see them protected, not disappointed.
The need for cash to cover costs of any personal debts as well as providing your family with a replacement income to maintain their current lifestyle is of paramount importance.
No cash means assets need to be sold. The best assets are always the easiest to sell, however their true value may not be received as it will be dependant on the prevailing market conditions, at the time of sale.
The sale of assets could also trigger a capital gains tax liability thus further decreasing the cash received from the asset sale. Life insurance provides the cash in the right hands when it is needed and should form an integral part of any wealth & business protection plan.
Total & Permanent Disablement (TPD)
This cover is usually provided as a supplementary lump sum benefit under Life insurance. In this form is an advance of all or part of the death benefit in the event the insured person becomes totally and permanently disabled. To claim you must be unable to work and have no prospect of recovery.
The usual definition refers to your inability to work at “any occupation” for which you are suited by education, training and experience.
In some cases companies will allow an “own occupation” definition for eligible occupations.
Critical Illness insurance provides lump sum benefits if you are diagnosed with a critical health condition covered by your policy. It is designed to protect your lifestyle while you recover, provide capital to ensure the best medical treatment, and cover any debts incurred in relation to wealth accumulation strategies.
You have a 90% chance of suffering a critical illness before you die.-Dr M.S. Barnard
- Each year in Australia approximately 26,000 people of working age will die. However, 4 to 5 times more people (approximately 110,000) will suffer a critical illness (ie. heart attack, cancer, stroke etc.).
- 67% of women diagnosed with breast cancer survive 10 years, and 56% survive 15 years.
- Stroke is the cause of nearly 25% of all chronic disability in Australia.
- For 45 year olds, the risk of having a stroke before age 85 is 1 in 4 for males and 1 in 5 for females.
- Nearly 1 in 10 men will develop prostate cancer during their lifetime.
Your income is generated because of the energy and expertise that you both apply to your work. Money is not created by plant, equipment and stock. The people controlling the assets determine their profitability.
The well being of the family and your wealth accumulation plans depend upon your input. A sound investment plan should incorporate a protection plan to survive the loss of your income through accident or illness. Individuals are able to insure up to 75% of their personal exertion income against their inability to work due to sickness or accident.