Protecting the Wealth You’ve Worked Hard to Build

What would happen to your financial position if illness, injury or another unexpected event suddenly affected your income?

When you think about building wealth, investments, property and superannuation may come to mind.

But protecting what you’ve already built can be just as important. That’s where insurance can play a valuable role.

Protecting You and Your Family

  • Illness, injury or death can have a significant financial impact on you and your family.
  • Insurance can provide money when it’s needed and help avoid having to sell investments, property or other assets unexpectedly.
  • Common types of personal insurance include:
  1. Life insurance.
  2. Total and Permanent Disability (TPD) insurance.
  3. Trauma insurance.
  4. Income protection insurance.

Life, TPD and Trauma Insurance

  • Life insurance can provide a lump sum to your beneficiaries if you pass away.
  • TPD insurance can provide financial support if you become permanently disabled and are unable to work again.
  • Trauma insurance can provide financial assistance following certain serious illnesses, such as cancer or heart disease.

Income Protection

  • Income protection can provide part of your income if illness or injury prevents you from working.
  • This can help cover everyday expenses and reduce the need to dip into savings or sell investments at the wrong time.

Protecting Your Business

  • If you own a business, insurance can also help protect against unexpected events.
  • Depending on the business, this could include cover for property damage, public liability, professional indemnity and cyber risks.
  • Life insurance and key person cover can also help protect the business if an owner or important team member dies or becomes seriously ill.

Car, Home and Contents

  • It’s also important to make sure your everyday assets are adequately insured.
  • Consider whether your current cover would be enough to replace your car, rebuild your home or replace your belongings after a major event.

Reviewing Your Insurance

  • Your insurance needs can change as your life and financial position change.
  • Too little insurance could leave you financially exposed, while too much could mean paying unnecessary premiums.
  • Regular reviews can help ensure you have the right cover at the right time.

Why Does It Matter?

In summary, insurance can help protect:

  1. Your income.
  2. Your family.
  3. Your investments and assets.
  4. Your home and belongings.
  5. Your business.

Insurance may not build wealth directly, but it can help protect the financial position you’ve worked hard to create.

Is It Time to Review Your Insurance Cover?

As your circumstances change, it’s worth considering whether your insurance has kept up.

We’re here to help. Talk to us about whether your current cover still suits your financial circumstances and goals.

Important Notice:

The information contained in this article is general in nature only and does not take into account your personal objectives, financial situation or needs. You should consider whether the information is appropriate for your circumstances before acting on it and seek advice from a qualified professional.

Personal financial advice can only be provided after considering your individual circumstances and providing the appropriate disclosure documentation. VJC Wealth accepts no liability to any party for any loss arising from reliance on this information unless it has been provided as part of a formal advice engagement.