This is the foundation of any personal financial plan. Why would you plan for your financial future if there is a risk of losing your greatest asset - your capacity to earn an income? Income protection insurance or, at least, lump sum disability insurance (TPD - total and permanent disability or critical illness/trauma cover) is a must.
The next step is protection of your significant others – how would they cope if you were not here? Life insurance may provide an ability to clear any outstanding debts eg, a home loan and hopefully an ability to invest the remainder to create some level of ongoing ‘investment’ income.
With the exception of trauma/critical illness insurance the above covers can, if necessary, be incorporated in part or in full within your superannuation plan to minimise the ongoing cost of premiums.
At Frohloff Financial Solutions we will tailor an insurance package that provides the right level of insurance for you within your budget.