Insurance is one of the most sensible investments you can make to protect the things you have worked hard to build and achieve. It’s there to protect your most valuable assets when the unexpected happens.
A regular review of your insurance policies will ensure that your level of coverage suits your current individual circumstances, considers any changes to your personal or business circumstances, and is a true indication of the worth of the items insured.
There is a range of insurance options we can help you explore to cover these key areas.
How would you and your family cope if you suddenly stopped earning a wage? Would you still be able to pay your everyday bills and expenses?
By taking out income insurance, you can rest easy knowing you and your family can still get by in the case of an accident.
Life insurance is an uncomfortable subject that many prefer to ignore.
But a lot of people don’t see the value in this investment until it’s too late.
By taking out life insurance, you’re giving yourself and your loved one’s real peace of mind.
This includes
Your Collective Financial Partners’ advisor will include a review of all your insurances as part of our comprehensive financial planning process.
Even if nothing in your personal or business circumstances has changed, you should still review your insurance strategy every year. Intense competition means that insurance providers are always looking for the ‘edge’ with their products.
This can often mean additional benefits, better policy definitions and the introduction of new additional options which can be of value if you need to make a claim.
Insurance acts as a safety net, protecting you and your loved ones from the financial impact of unexpected events. It provides peace of mind knowing you have support if things go wrong.
There’s no one-size-fits-all answer. Your insurance needs depend on factors like your income, assets, debts, dependents, and lifestyle. We’ll help you determine the proper coverage levels.
Essential insurance types include:
Insurance policies have exclusions – specific situations or events they don’t cover. It’s vital to understand these to avoid surprises when making a claim. For example, your home insurance might not cover flood damage if you live in a high-risk area.
Coverage limits are the maximum amounts your insurer will pay for a covered event. Knowing your limits helps you understand the extent of your financial protection. You’ll be responsible for the difference if a loss exceeds your limit.
A deductible or excess is the amount you pay out-of-pocket before your insurance coverage kicks in. For example, if you have a $500 excess on your car insurance and have a claim for $2,000, you’ll pay the first $500, and your insurer will cover the remaining $1,500.
Risk management involves taking steps to minimise the likelihood of claims. This could include installing security systems in your home, having regular car maintenance, or implementing safety protocols in your business. Reducing your risk profile may lead to lower insurance premiums.
Life changes – marriage, children, buying a home, or starting a business – impact your insurance needs. It’s crucial to review your policy annually or after significant life events to ensure you have adequate coverage.
While we hope you never need to make a claim, being prepared can make the process smoother. Here’s a step-by-step guide:
Superannuation-linked insurance can be a good start but may not offer enough coverage or the specific benefits you need. We can review your existing policies and identify any gaps.
We understand that insurance issues can be stressful, and we’re here to help you navigate any challenges you may face.
Here’s what to do if you’re unhappy with your insurer’s decision or service:
Other Resources:
Business insurance needs vary, but common types of business insurance include:
Dealing with the aftermath of a disaster is stressful. Here’s a guide to help you navigate insurance and recovery:
Reviewing your insurance policies annually or whenever significant changes occur in your life or business, such as marriage, starting a family, buying a property, or expanding your business operations is essential.
We provide personalised advice to help you:
Contact us today to discuss your insurance needs.
Our technical team has reviewed and analysed the Federal Budget announcements. In this Collective View, we explain these measures and how they might affect your advice strategies.