Wealth Protection

Ideal Financial Group helps you define then transform your goals into a secure reality that allows you to realise your ambitions.

Ideal Financial Group helps you define then transform your goals into a secure reality that allows you to realise your ambitions.

Personal Insurance

The common belief that “it won’t happen to me” often results in many people having a sound plan for wealth creation, but not an adequate plan to protect the very thing that generates the wealth – themselves!

How death, disability or illness affects your ability (or your family’s ability) to realise your lifestyle goals and objectives will depend on the wealth protection strategy you have in place.

By taking out personal insurance you can provide some financial protection for your family’s personal needs. Insurance can be structured to provide for such things as the repayment of your debts upon death or disability, financial assistance for dependants, and protection against the loss of income.

Below is an overview of the common types of personal insurance cover available.

Income Protection Insurance

Your income is one of your most valuable assets and should be insured – no question!

Life Insurance

Life insurance can be critical for a secure financial future. In simple terms, you insure yourself for a particular amount, and in the unfortunate event that you die, the insurer pays that amount.

Total and Permanent Disability Insurance

Total and Permanent Disability (TPD) insurance will provide a lump sum payment should you suffer an illness or injury which totally and permanently prevents you from working again.

Critical Illness Insurance

Critical illness insurance (also known as trauma insurance) provides a lump sum benefit in the event that the life insured suffers a “critical condition” as defined by the insurance provider. Critical illness cover is designed to help you financially recover from a trauma or crisis, such as a heart attack, stroke, cancer or other life threatening conditions.

Less-common types of Personal Insurance

  • Endowment Policy
  • Whole of Life

Tax Deductibility of Insurance Premiums

The premiums payable on income protection policies are generally tax deductible; however, the income payments received will be taxed at the applicable tax rate. Generally, death, trauma and TPD insurance premiums paid are not tax deductible, but when a claim is paid the benefits are not subject to tax. Insurance in Superannuation or within a Self Managed Super Fund (SMSF). It can also be beneficial to hold some insurances via superannuation or within a Self Managed Super Fund.

Contact our team or call us on 02 6584 4971 to get started.