Insurances – Personal and Business

By Brett Cribb, Financial Adviser

I advised a mining professional, aged in his 40s to implement an appropriate wealth protection package.  Four years later, he was in Central Africa when he suffered a stroke.  His trauma and income protection insurance were paid within days of his doctor’s report being submitted. The peace of mind of financial certainty that included paying out the mortgage on the family home, was immeasurable during the period of his recovery. Our advice considers your insurance in terms of the most appropriate structure that is, for example within a superannuation structure or a non-superannuation structure.

In conjunction with Resources Unearthed, Stratus Financial Group consults with Mining and Resources industry personnel to coordinate personal and business insurances for protecting assets and the livelihood of family members in the event of death or disability.

Income Protection

Income Protection replaces income up to the insured benefit amount of the policy usually 75% of earnings.

Life Insurance

A lump sum benefits paid upon the death of the policy holder.  Our role is to assist with the arranging cover as well as integrating the benefits payable into debt protection and estate planning strategies.

Trauma Insurance

Trauma insurance provides a lump sum payment when the policy holder suffers a major medical trauma as defined by the insurance policy, among the most common traumas are heart attack, stroke, cancer, severe burns and major organ failure.

TPD Insurance

Often abbreviated to TPD, Total and Permanent Disability insurance provides the insured with financial benefits when they are permanently unable to work as a result of sickness or injury.

Buy Sell Insurance

Buy/Sell Insurance funds a business agreement for transitioning ownership to the surviving owner should one of the business owners die or become unable to work due to illness or disablement.

Key Person Insurance

The loss of an experienced and highly credentialed staff member could adversely affect future sales prospects and profitability, operational management and goodwill. Key Person Insurance compensates the loss of business revenue, protects the business profits and the cost of finding and hiring a replacement person.

If you’re concerned about your insurance needs, contact Brett or Stratus Financial Group on (07) 3007 2007.

Stratus Financial Group and its advisers are Authorised Representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306. This information is of a general nature only and neither represents nor is intended to be personal advice on any particular matter. Stratus Financial Group strongly suggests that no person should act specifically on the basis of the information in this document, but should obtain appropriate professional advice based on their own personal circumstances.

Taxation outcomes are illustrative only. Always confirm your tax position with a registered tax agent.