Income Protection Insurance
Many of us have the mentality ‘It will never happen to us’ but unfortunately accidents and illnesses do happen, more often than we would like to admit actually, and the loss of income to a family can be very damaging. Having the peace of mind that your loved ones will be taken care of financially if anything was to happen to you is reassuring. 7 Wealth can give you income protection insurance advice, we begin by discussing exactly how much protection you need and what you might already have. We will ask questions like – What percentage of your income are you currently allocating towards securing your income during your working life? We are quick to purchase insurance for our cars but often don’t think enough about insuring our own income which pays for life expenses such as mortgage, car, food etc. We will develop your understanding of the four different types of protection – income protection, life insurance, total and permanent disability (TPD) insurance and trauma insurance. Life insurance advice is essential but can be overwhelming and difficult to think about, we at 7 Wealth will make this process simple for you, come and see us today. We will ensure you get value for money and competitive premiums as we have access to 95% of the insurers in Australia, this allows us to find you the best deal without the hassle. In addition, we do all the applications and work to get your insurance in place, so if your time poor but need the cover we can help you.
Business Expense Insurance
If you are injured or too sick to work, how will you keep paying your business overheads? If the cash flow of your business is generated largely from your own personal effort, you may like to consider Business Overheads Insurance. Typically, in small to medium size businesses it is common to rely on the business owners daily input, if this is removed the business can suffer. The same level of expenses will continue to follow in but the income/ sales may reduce. Business expenses insurance can take the stress off the business until the insured person returns to work.
Key Man Insurance
Most businesses have one or more individuals whose continued association with the business, as a result of their investment, experience, technical expertise or connections, provide the business with a significant and direct economic gain. Such individuals can be identified as key persons. There loss from a business could result in a significant impact on revenue, profits or other financial aspects of a business, e.g goodwill, ability to repay debt and other expenses or access to credit, business contacts and customers. Key man insurance is essentially life, TPD or trauma insurance policies taken out by a business on the life of a key person.
Get the right protection for you and your family with 7 Wealth
