Insurance is the corner stone of every financial plan because it determines how solid the foundations of the plan are. In effect it determines how far you will fall should the worst-case scenario occur. From this base, financial planners can build a wealth creation strategy.

Key questions business owners should consider are:

  • What if I was diagnosed with an illness or I am injured and unable to work?
  • Can I continue to pay my bills if I take timeout or will I need to sell off existing business or personal assets to stay afloat?
  • If I die, how will my partner cover the cost of our mortgage and what debt will I leave behind?
  • If I am unable to work for a period of time, how will I cover my living costs and my business costs?

The list goes on, but the key takings from these considerations is that without a lifeline such as insurance, most of us would be paddling somewhere up a creek without a paddle, especially as statistically every working Australian has a one in three chance of becoming disabled for more than three months before turning age 65.

Statistically Every Working Australian Has A One In Three Chance Of Becoming Disabled For More Than Three Months Before Turning Age 65
Statistically Every Working Australian Has A One In Three Chance Of Becoming Disabled For More Than Three Months Before Turning Age 65

There are five key types of insurance we believe business owners should consider and your VJC financial planner will be able to work with you on determining which best suits your needs.

1. What is Life Cover insurance?

Life Cover secures the financial future of those you leave behind if you die by insuring you for a particular amount that can be used to cover costs such as ongoing mortgage repayments.

2. What is Income Protection insurance?

Income Protection covers up to 75 per cent of your monthly salary if you are unable to work for a period of time and helps cover your living costs.

3. What is Total and Permanent Disability insurance?

Total and Permanent Disability pays you a lump sum amount should you become permanently disabled and unable to work.

4. What is Business Expenses insurance?

Business Expenses insurance keeps your business afloat if you need to take time out due to sickness or injury by reimbursing your fixed expenses during that period.

5. What is Critical Illness insurance?

Critical illness (aka Trauma) insurance pays out a lump sum to those suffering a serious illness. It also connects patients with leading specialists who can provide a second opinion about your diagnosis and treatment plan.

While most superannuation funds will cover the above to an extent, it is often only at a very base level and it is worth having your financial adviser review that it effectively covers your individual and business needs.

At VJC we firmly believe in offering our clients not just a contingency plan but peace of mind; because when life gives you lemons, we think you’d be better off with a good insurance plan, rather than wasting time making lemonade.

Life Changing Medicinal And Daily Uses Of Lemon

For the month of September we are offering free insurance reviews for new and existing clients.

Contact us here to make an appointment today.