Insurance basics

Nothing can take away the devastating emotional impact of serious illness, disability or death, but being forced to deal with money matters can make this kind of situation much worse. Having money available when you or your loved ones need it most is what makes insurance so valuable, and that’s why insurance is a critical component of any comprehensive financial plan. It protects what you work hard to earn and save, both on the job and in your investments.

 

Life insurance products in particular – such as life cover, income protection, trauma cover and total and permanent disability cover – are important when planning for the future, as they can help your family carry on if the main income earner is injured, ill or passes away. Income protection, for example, can replace up to 75 per cent of your regular income if you’re unable to work due to illness or injury, and it can cover your regular super contributions until you’re back on your feet.

 

Premiums for certain types of insurance, such as income protection, can sometimes be tax deductible and any of our Commonwealth Financial Planner would be able to help you take advantage of that.

 

 

If you’d like advice on how to identify the kinds of insurance that fit your individual needs and options that might suit you, you can book an appointment online to organise a complimentary, no-obligation consultation with us and start planning today.

 

• Important information
  As this advice has been prepared without considering your objectives, financial situation or needs, you should, before acting on the advice, consider its appropriateness to your circumstances and consider seeking professional advice relevant to your individual needs before making a decision based on this advice.   Loan Protection is issued by The Colonial Mutual Life Assurance Society Limited ABN 12 004 021 809. A Product Disclosure Statement (PDS) (PDF 856KB) for Loan Protection is available here, from any Commonwealth Bank branch or by calling 13 10 56 (from overseas call +61 13 10 56) and should be considered in making any decision about Loan Protection. The offer made in this PDS is currently available only to persons receiving this document within Australia. Applications from outside Australia will not be accepted.
  Commonwealth Financial Planners are Representatives or Authorised Representatives of Commonwealth Financial Planning Limited ABN 65 003 900 169, AFSL 231139, a wholly owned but non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124.