Protecting your estate
Leaving a legacy and providing for future generations is a key objective of estate planning. But what if you were to become ill or die early? Do you want your estate to be used to pay bills and debts that were left behind or to provide for your family when you're not around?
You can protect yourself, your earning capacity, and your family with the following types of insurance:
- Income Protection - covers up to 75% of your income if you're injured or too sick to work.
- Total and Permanent Disablement Cover - if you become permanently disabled.
- Trauma Cover - if you're diagnosed with a specified medical condition or go through a medical procedure.
- Death Cover - cover for your family in case you die.
- Business Overheads Insurance - covers eligible business overheads in case you become injured or too sick to work.
Clicking on the titles will lead you to fact sheets and web pages giving you more information about each type of insurance.
How much is enough?
Working out how much cover is enough means putting a value on yourself and considering the costs your family would face if you were unable to work or weren't around.
You'll have to consider how they will:
- pay off their mortgage and any other outstanding loans
- maintain their current lifestyle, and
- plan to meet the cost of your children's education.
A simple way to work out how much insurance you might need is to contact Myrtle Ridge and make a time to discuss your Insurance needs with one of our qualified advisers.
Stay actively interested in your insurance. As your life situation changes, review your cover. For example, you might need a policy that covers other medical conditions or you might find the level of insurance you have no longer suits what you need.
It's about protecting what you have to look after those you care about.
By having the right amount of death cover and an effective will in place, you can ensure your family's financial security.