Any sound financial plan begins with looking at protecting the downside. This process involves considering unforeseeable events such as:
- Death
- Temporary Disability
- Long Term Disablement
Lakeside believes that suffering a tragedy is traumatic enough without being burdened with increased financial hardship. Without regular income, the task of paying off the mortgage and raising and educating children would be impossible.
Australians spend millions of dollars every year insuring their homes, and forget that their income is their greatest asset! For example, a 35 year old earning $80,000 per year has the potential to earn (or lose, if totally disabled) approximately $2.4 million by age 65.
Income Protection, Trauma, Total and Permanent Disability and Life cover are some of the most valuable investments that you can own.
We have access to a large number of insurance companies. Our consultants are skilled in analysing clients' financial risks and works closely with them to establish their particular requirements should an unfortunate event occur. From here we are able to design a balanced insurance program to suit your particular needs.
A properly designed plan should include:
Life Cover
A lump sum benefit is payable on the death of the insured. It
may be used to clear the family/business debt, and/or replace the loss
of income of the insured. In addition it is important to consider cover
for a non-income producing spouse caring for children.
On the occasion that a claim is to be made, we have caring staff who can manage this process on behalf of our clients and their Estate.
Critical To Note: It is vital that the ownership of policies be set up so that the money gets to where it is supposed to, but additionally it is equally important that this goes hand in hand with written business agreements and wills prepared, such that the monies are transferred in the most tax effective manner, i.e. the Estate and dependants keep the majority and don't lose substantial amounts in unnecessary tax payments.
Lakeside Consultants now also exclusively offers Charity Life, a life insurance policy that not only allows you to protect your families' financial security but also donate to charity for free. Click here to learn more about what a Charity Life policy could do for you.
Income Protection
Provides for the payment of a monthly benefit – a steady income
stream, should you be unable to work due to illness or injury.
This way you can continue to meet your ongoing financial and family commitments. This product will pay if you are unable to work at all or if you can work just a few hours per day and also extends to paying you for hospital stays and suffering certain fractures. Contracts vary and not all provide these benefits.
Trauma Cover
This cover provides for a lump sum payment upon diagnosis of approx
35 specified conditions including heart attack, stroke, cancer, paraplegia,
quadriplegia etc.
Thanks to the advancement of modern medicine, we are living longer lives. Statistics show that from our 30's to 50's we are more likely to suffer a traumatic illness and survive, than die.
Typically trauma contracts extend to:
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Total and Permanent Disability
This cover pays a lump sum benefit when the insured is totally
disabled to the extent that they are permanently unable to return to work
or have lost the use of multiple limbs or vision.
With a tailored insurance program in place,
our clients have peace
of mind that their family is financially secure no matter what happens!
Business Protection
As with personal protection, business owners must analyse the effects of an unforeseen injury, illness or death would have on the viability of their business.
Partners should consider the following:
Do you have a “Rule Book” written that ensures:
- An exit strategy that is known to all partners and their spouses;
- It deals with the release of Guarantees;
- That the deceased's estate receives fair value for their share of the business;
- That the deceased's estate receives payment in a timely manner;
- That funding is available either by way of liquid assets or Risk Insurance.
