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0 comments on “Our New Website – We’re Listening”

Our New Website – We’re Listening

We are really excited about launching our new website however we want to ensure that it is as useful to its visitors. just like yourself, as possible.  We would really appreciate it if you would take our poll and tell us how you found your first browsing experienced.  Your feedback is sincerely appreciated.

0 comments on “Protection for your financial plan”

Protection for your financial plan

A financial plan is a powerful thing, but it’s most potent when supported by a solid insurance
strategy. What are the specific purposes of the main types of personal insurance?

Protection For Your Financial PlanWhat is the point of personal insurance? Put simply, it can help to smooth out some of the unexpected turbulence that life sometimes encounters, just as motor vehicle insurance can help take the financial shock out of events that can occur on the road.

If you have a financial plan, whether it’s a short or long term one, then your financial journey along life’s road is already mapped out. Serious threats still exist though, particularly in the form of death, illness or injury.

Helping to guard against such threats are three main types of personal insurance – life insurance, total and permanent disability and income protection. But what is the difference between the three? And how can they help to support major life and retirement goals?

Life Insurance: Putting aside the obvious emotional consequences for your family, if you died tomorrow then who would be affected financially, and how? Could the mortgage be paid? How might future school fees be financed? What would happen to the lifestyle of those closest to you?

In the event of the death (and sometimes the diagnosis of a terminal illness) of the insured, a life insurance policy pays a lump sum. The size of this lump sum will depend on the amount agreed with your insurance company.

Such insurance is not necessarily only for the main breadwinner, but for anybody whose death may affect the family’s ability to earn an income. The payment of the lump sum helps to soften the blow of the loss of income, meaning survivors have a better chance of continuing in the lifestyle to which they have been accustomed, and of protecting their financial future.

Potential financial benefits:

  • pays debts
  • lump sum can be invested for future
  • pays funeral costs
  • covers living expenses for family.

Total & Permanent Disability (TPD): An injury or illness that results in your being permanently disabled is also very likely to damage your income earning capabilities. But debts and medical bills must still be paid and the future financial health of your loved ones must be managed.

TPD pays a lump sum if you are ‘totally and permanently disabled’ and unable to work. Various TPD products carry differing definitions of ‘totally and permanently disabled’, so ensure this is clarified by your financial adviser.

As with life insurance, the TPD payout amount is agreed before the policy is put in place, to ensure it will do the job of helping to pay medical bills and protect your loved ones financially.

Potential financial benefits:

  • pays debts
  • helps to cover medical costs
  • covers living expenses for family
  • funds lifestyle and property changes resulting from disability.

Income Protection: If illness or injury leaves you unable to work for a short or long period, the result on current finances and future plans can be serious. An income protection policy can be put in place to help soften the blow, usually offering up to 75% of your current income to be paid to you in place of your regular income. The replacement income is usually paid monthly, taking away some of the typical financial stresses during recovery and helping to protect future financial plans. Income protection policies cab be highly personalised, including lower premiums for longer waiting periods (replacement income does not kick in until six weeks after disablement, for instance), longer or shorter benefit periods, and either a pre-agreed payout value or a value that is assessed at the time of the illness/injury. Premiums for income protection may also be tax deductible.

Potential financial benefits:

  • provides ongoing income to cover living expenses
  • helps to cover medical costs
  • investment strategy can potentially continue uninterrupted throughout recovery period.

Speak to us for more information or if you would like to understand more.

DISCLAIMERS:

General advice warning: The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.

Insight Financial Partners Pty Ltd ABN: 73 101 279 663 is an Authorised Representative of Count. ‘Count’ and Count Wealth Accountants® are trading names of Count Financial Limited ABN 19 001 974 625 Australian Financial Services Licence Holder Number 227232 a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124. Professional Member of the Financial Planning Association of Australia Limited. Head Office: Commonwealth Bank Place, 11 Harbour Street, Sydney 2000 | 1300 650 432  www.count.com.au.

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0 comments on “It’s what you know…”

It’s what you know…

A lifetime of sensible investment experience could mean you have the opportunity to change a younger person’s life for the better.

Helping Young PeopleAccording to Ph.D. research by clinical psychologist Dr Meg Jay, the person you develop into during your 20s is the one you will be the rest of your life. Jay’s 2012 book ‘The Defining Decade’ says that in terms of good and bad financial traits, the habits you set in your 20s will build an everlasting foundation.

Helping to positively influence a younger person financially could be the gift that keeps on giving, as long as the advice you are offering is welcome and correct. We can’t help with making sure the advice is welcome, but we can suggest a few useful topics.

What not to do  –  Investment advice and strategies are always best left to the professionals. The performance of asset classes and industries changes as time goes on. New regulations, tax laws and other legislation can drastically alter the performance of a financial instrument.

Be penny-wise from day one  –  Teaching younger people to be wise with their pay packets is a good start. Time is on their side in terms of compound interest. If they can truly understand this then they will benefit throughout their lives.

Don’t leak dollars  –  In ages past the big expenses were the ones to be wary of, but these days marketers and retailers are far more savvy at removing money from our accounts in a much less noticeable fashion. Teach younger generations to budget, and to look out for their funds being eaten away by subscription providers such as digital music services, pay TV providers, mobile phone deals and pay-as-you-go software services etc.

Use technology  –  Younger people live in a world saturated by technology and this can be a good thing. A seemingly endless list of apps is available to help save, invest, seek loans, figure out retirement savings plans, and calculate superannuation payments – all of which may assist in making sound financial decisions.

Gender specifics  –  It is always worth having a conversation with young women around the gender-specific challenges they could face when it comes to superannuation, and discussing how they might prepare financially, well in advance, for periods out of the workforce raising the family.

Do something  –  Empower young people to make choices and start something for their financial futures. Doing something is infinitely better than doing nothing. Even if they make mistakes, the lessons they learn early on will offer powerful insight and knowledge later in their lives.

Speak to us for more information or if you would like to understand more.

DISCLAIMERS:

General advice warning: The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.

Insight Financial Partners Pty Ltd ABN: 73 101 279 663 is an Authorised Representative of Count. ‘Count’ and Count Wealth Accountants® are trading names of Count Financial Limited ABN 19 001 974 625 Australian Financial Services Licence Holder Number 227232 a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124. Professional Member of the Financial Planning Association of Australia Limited. Head Office: Commonwealth Bank Place, 11 Harbour Street, Sydney 2000 | 1300 650 432  www.count.com.au.
Member of Count