Insurance

Paradise Financial Group

Creating Your Ideal Retirement

On the road to financial paradise, many make stops to grow their wealth and boost their super. Life insurance, however, is the one stop that many people skip. But, protecting your wealth and more importantly, your family should be your top priority.

Our hope is that we never need to make a claim on our policies. However, if something was to happen, it’s assuring to know that we have the cover in place to protect us. In highly emotional and stressful times, cover to ease the financial burden will be welcomed.

For most of us, we insure our house, car and possessions, but not on what matters the most – our life. Life insurance, should you need to claim, can make a dramatic difference to your family’s financial situation.

Even though you think you are bulletproof, it’s not just you any longer. You have a partner and children to protect – your family. If something were to happen to you, you would want them to
continue with the lifestyle you have built together.

If you couldn’t provide for them, what would happen, who would pay the mortgage, car payments, groceries? As you can imagine, these expenses are increasingly harder to pay without a regular income. How would your family survive?

Now is the time to protect what’s most important to you. Now is the time to protect your ability to earn an income and provide for your family. Protecting you and your family is simple with Paradise Financial Group.

Paradise Financial Group collaborates with leading insurance providers to offer insurance solutions that are tailored to your specific needs.

We tailor an insurance package that will provide you affordable premiums and the best cover. We may also be able to have the premiums deducted directly from your Managed Superannuation account, providing you with more cashflow now.

Paradise Financial Group can help you with a full range of insurance policies including life insurance, income protection, trauma and total and permanent disability (TPD).

Click through to learn more about each of these policies and how they can be beneficial to you and your family.

Life Insurance

Life insurance doesn’t need to be complex.

Protecting your family. Keeping your children at their school, keeping them in their home and your partner in the life you built together is why you need life insurance. Life insurance is protecting the ones you love and the decisions you have made together if you are no longer around.

Future proof your family’s financial future with life insurance.

Do you or your family have any financial liabilities that depend on your income?
Do you have children or a partner who rely on your income?
If the answer is yes, then life insurance is certainly worth considering for you and your family’s future.

Within your life insurance policy, you are able to select the specific beneficiaries of your claim. The people or person who you nominate will be paid a lump sum payment on your death.

Generally, your children or partner are selected as your beneficiaries. It’s imperative to gain the advice of a financial planner such as Paradise Financial Group to ensure that your insurance policy and estate are structured in a way that it will provide the best possible outcome for your selected beneficiaries.

Your Paradise Financial Group insurance specialists can take you through different options and help you choose the best cover for your family now and into the future. When considering how much protection is required consider the following:

  • Current household income (including your current contribution)
  • Total assets and outstanding debts
  • Annual expenses including personal loans, mortgage, utilities, rent, school fees, etc.
  • Number of children and their ages
  • Plans for additional children
  • Child care and/or school fees (consider both current and future)
  • Predications for any future substantial payments such as medical, children’s wedding and/or education and cars.

Think about your current situation and your dreams for the future. We also recommend adding a small buffer for anything unexpected. Totalling these together should provide you with an estimation of the appropriate cover required.

As we work with the major insurance provider within Australia, we can provide you multiple options for life insurance cover at an affordable price. There are also options for your premiums to be taken directly from your superannuation account, reducing the strain on your current cash flow.

Get in touch with a Paradise Financial Group insurance specialist today and protect your family.

Paradise Financial Group also offers trauma insurance, income protection and total and permanent disability (TPD) insurance.

Income Protection

Income Protection Insurance. Preserve your income. Preserve your lifestyle.

What would happen if your income stopped? The mortgage, groceries and everyday expenses don’t stop because your income does.

Injury or illness can affect any of us. It’s not partial to your age, income or occupation. It could happen to you. Your partner. Your friend. We can all be affected.

Think it won’t happen to you? Just over 48,300 Australians made an income protection claim in 2013.

Income protection is the insurance to protect your income and thus your lifestyle. If you are unable to work because of injury or sickness, income protection can replace your lost income.

If you rely on your income then income protection is an important consideration.

On a successful income protection claim you will receive an agreed percentage of your income for an agreed period. For example, this could be 70% of your income for 18 months.

Various policy options are available and Paradise Financial Group can assist in selecting the best policy for you and your family. There are several considerations before choosing an income protection policy and they are outlined below:

Existing Leave Entitlements: If you have existing leave such as annual leave, sick and/or long service leave these can be used prior to accessing your income protection insurance. 

Based on the amount of leave you have accumulated you can adjust the waiting period on your income protection policy so your leave can cover the waiting period.

Waiting Period: Each policy comes with a waiting period. Your waiting period is the time after the claim that you have to wait before to your first payment. It’s generally between 30 and 90 days. Check your leave entitlements first before deciding on a waiting period.

Tax Strategy: According to the Australia Taxation Office the income protection premiums may be tax deductible. It’s worth double checking with your accountant.

Superannuation: You have the option of holding your policy inside or outside of your superannuation. If you have your superannuation with a retail or industry fund, you most likely have the very basic level of cover, which might not be enough to protect your family. Paradise Financial Group can offer you a customised insurance package that will provide adequate cover. In many cases the premiums can be taken directly from your superannuation freeing up your income now.

A Paradise Financial Group insurance specialist can discuss the best options for your situation.

It’s important that you take the necessary steps to protect your income now. Let a Paradise Financial Group insurance specialist tailor an insurance package for you today.

Total Permanent Disability

Back Injury. Hand or Limb Loss. Mental Health.

Unfortunately, disabilities are more common that we would like. If this were to happen to you then it would be ideal to have a total and permanent disability (TPD) insurance policy. )

If you’re injured and sick everyday bills and commitments still need to be met. Ongoing medical expenses and/or permanent lifestyle adjustments could be required to assist with your quality of life.

When considering taking a TPD policy it’s important to realise that what is defined as a total and permanent disability varies considerably between insurance companies and their individual policies. Most providers will ask you to select between ‘any occupation’ and ‘own occupation’ for your cover.

Unsurprisingly the definition of ‘any’ and ‘own’ also varies. Understanding the differences and how they relate to you could be the difference between a successful or unsuccessful claim.

For example, if a heart surgeon injured his hands, under the ‘own occupation’ definition he may have a successful claim. Under the ‘any occupation’ definition

he might not, as he could work in another capacity using his existing knowledge and skills.

If you are out of work and then recover, most insurance providers do not consider this a total and permanent disability claim. A more suitable option would be income protection.

You would want to protect your family and ensure that you have sufficient insurance cover to assist with the financial burden and lifestyle changes if the unthinkable was to occur.

A Paradise Financial Group insurance specialist can provide you with a custom solution. For many clients, we can deduct your premiums from your superannuation fund, providing you protection now and releasing your current cash flow.

Paradise Financial Group also offers income protection, trauma insurance and life insurance.

Contact our insurance specialist team today.

Trauma

Heart Disease. Stroke. Cancer.

A long list of traumatic experiences and diseases.

Our hope is that you will never experience any of these. But, if you were to, it’s worth having protection in place for you and your family.

The answer is Trauma Insurance.

It’s designed to help you cover the initial and long-term financial pressures that come with a serious illness. On a successful claim, you will be paid a lump sum one-off payment.

Different policies cover different illnesses and which ones you should include in your policy will depend on your current lifestyle and life stage. The most commonly covered conditions are cancer, stroke, heart attack, diabetes, coma, brain injury, dementia, paraplegia and quadriplegia.

If you have a significant illness or medical condition, trauma insurance is designed to protect you and your family from the financial pressures. The money can be used to cover medical expenses and your everyday living expenses.

The insurance companies don’t put any restrictions on how the money can be used. Most claimants use the proceeds for medical expenses and to build a financial buffer. Some ideas for the payment are replacing lost income, day to day living expenses, debt reduction and modifications to your home/car to improve the quality of your life. Your focus can firmly be on recovery and not worrying about your financial situation.

Even if you aren’t working, you can still take out a trauma insurance policy. As the main breadwinner, trauma insurance will allow you to take the time you need to recover. If you are a career or stay at home parent, the lump sum payment can be used to cover the costs of help or childcare.

In many cases your insurance premium can be paid from your superannuation fund and the payment you receive is not taxable.

Trauma insurance comes with many options and for this reason we recommend consulting with our insurance team. After looking at your circumstances, a variety of options will be provided.

Paradise Financial Group also provides total and permanent disability (TPD) insurance, life insurance and income protection.

Want to learn more?

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