Understanding the importance of protecting your lifestyle

There are many events that could cause a serious disruption to your lifestyle and these disruptions have financial and emotional consequences. Disruption usually occurs when you least expect it and as a result emotional strain will be followed quickly by financial strain.

Losing your ability to generate an income may have serious consequences on your long-term financial security. Insurance removes some of the financial hardship by transferring the financial risk to a life insurance company.

What is Personal insurance?

The term ‘personal insurance’ refers to insurance policies you take out on yourself. It provides protection against events like sickness, injury and death that prevent you and your family from meeting your financial commitments and lifestyle requirements. The most common forms of personal insurance:

  • Life Insurance
  • Total and permanent disability insurance
  • Trauma insurance, and
  • Income protection

Whilst insurance does not remove the risk of something going wrong, it provides you and your family with protection, compensation and financial security if something does happen. Put simply, it helps you manage those unexpected events.

Everybody’s circumstances are different however, insurance is important for everybody. Your need for insurance will change as you move through different stages of your life. In addition, Pinnacle Advisory Services Group will be able to give attention to the ownership structure of insurances which will ensure maximum benefit with regard to premium payment and in the event of a claim. Of course, we also provide assistance in the event of a claim to ensure it is dealt with smoothly and with understanding.

Personal Insurance is further explained below or contact us for our insurance solution.

Life Insurance

Life insurance, sometimes referred to as term insurance and death cover, pays a lump sum if you die. It protects your family if you are no longer around to support them. While most people think that life insurance is only for the main income earner, the person who takes care of the family is also a large contributor to the home.

At Pinnacle Advisory Services Group aim to ensure levels of cover are adequate to protect you, your family and business assets in the event of the unexpected

For more information contact us for our insurance solution.

Are you certain you have enough life cover? Take this ’30 second questionnaire’
Please answer the following simple questions:

  1. Do you have a mortgage?
  2. Do you have any credit card debt?
  3. Do you have financial dependants?
  4. Would your financial position be affected if you were to suffer an illness or injury?
  5. Do you want to have enough money to look after your family if you were unable to care for them for an extended period of time?
  6. Do you have any personal loans?

If you answered yes to any of the above questions, we recommend you make an appointment with one of our life insurance specialists.

Total and permanent disability (TPD)

Total and permanent disability insurance (TPD) provides a lump sum payment if you suffer a disability before retirement and can’t work again, or can’t work in your usual occupation or chosen field. There are a number of definitions for TPD that can apply across different companies and products so good advice is essential. Payments under a TPD policy are generally not made until the insurer believes that you are unlikely to work again. This usually occurs only after you have been unable to work for at least six months.

For more information contact us for our insurance solution.

Trauma Insurance

Trauma (or critical illness) insurance provides a cash lump sum if you suffer a specified illness or injury (eg. Serious heart attack, stroke, cancer, kidney failure etc).

Advances in medical treatment have increased the need for trauma insurance because of the improved chance of survival, although you are more likely to survive, you are also more likely to have big medical bills to pay. Trauma insurance is a way to ensure you have enough funds available to seek medical treatment and take time off work to recuperate.

For more information contact us for our insurance solution.

Income Protection

Income protection insurance (also known as disability insurance or income replacement) provides a monthly payment stream to replace lost income if you are unable to work due to injury or sickness. It is designed to help you maintain a reasonable standard of living, while you are unable to continue earning your regular income.

While income protection insurance is an important consideration for anyone who works and relies on an income, it is also important for self-employed people, small business owners or professionals whose business relies heavily on their ability to work.

For more information contact us for our insurance solution.