Life Insurance

How does it work

Life Insurance is designed to protect your family’s lifestyle and your hard earnt assets in event of unforeseen premature death.

Your family is arguably the greatest asset you will ever have. To leave them with huge mortgage bills or the inability to obtain further education because of lack of funds, let alone put food on the table, would to many, seem short sighted.

The level of cover is always the question we are so often asked. “How much do I need? “ That can vary dramatically as everybody’s situation is different. An initial “rule of thumb” is to firstly make sure there is enough to adequately clear all debts. Then work on how long any additional lump sum will last and what it may be required for. We also take into account, spouse’s lifestyle, children’s education, ongoing future medical cost and so on.

The premium can be tax deductible but it is recommended that you speak a tax accountant prior to taking on any tax concessions as there can be significant tax issues if done incorrectly.

It is in most cases the cheapest type of risk cover as you are covering one thing only. None of us like to think about our immortality but at some time it has to be addressed to ensure the future for the remaining family.

The cover can also be used to secure business debt. To save the remaining business partner the servicing of a debt he cannot manage alone. This cover can also be used in family estate planning for numerous reasons.

Contacting us will help you chose how much cover you require and how it should be structured. Don’t leave it to chance it’s too important to ignore.

Authorised Representative of PGW Financial Services Pty Ltd – AFSL 384713 ABN 15 123 835 441
Warning: General Advice only. Any advice stated above should be considered General Advice only and does not take into account your personal needs and objectives or your financial circumstances.  You should therefore consider these matters yourself before deciding whether the advice is appropriate to you and whether you should act upon it.
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