Presentation By Criag Boss
Today Craig Boss went back to the basics on Wealth Protection. As an extremely experienced Risk Insurance advisor, Craig spoke about the 4 types of cover, together with the benefits of taking out each.
He explained that both Life Cover and Total and Permanent Disability (TPD) are “burden” insurances, ie you are either dead, or will be in a position where you are unable to care for yourself. On the other hand, Critical Illness and Income Protection are “living insurances” ie they help you survive financially while you focus on recovering and getting back to everyday life.
The biggest take aways for me were:
* Critical Illness and Income Protection are the most likely to happen, so make sure if you get sick and live, you are financially covered.
* 97% of Australians will be in mortgage/rental stress within 2 months if they could not work due to injury or illness.
* Your ability to earn an income is likely to be worth more than all your other assets, so Income Protection is vitally important, especially for the self-employed.
* Any insurance that does not do underwriting is in favour of the Insurer as they know nothing about you, so less likely to pay out when you make a claim.
* Even if you have insurance through your superannuation, you need to review this to ensure it is appropriate and you have enough cover.
* You pay for what you get!
Craig went through his process of Insurance Advice. This includes the following:
* A fact find meeting to gather all information and understand what your priorities are.
* Calculating how much cover you need using various Smart systems to assist this process.
* Armed with this information, researching the market to find the most appropriate policy. This would be different for all clients and he will ensure all terms and definitions of each policy are considered to ensure your best chance of a claim if the unthinkable happens
* Provide recommendations that will enable you to make the most informed decisions
For More Contact Craig