Life Insurance – Protecting the financial security of your loved ones.
Life can always throw curveballs that no one can anticipate. In this article, Joe Crosara, Highview’s Personal Risk Insurance Manager, provides insight around how Life Insurance can help protect you and your loved ones if you are the primary financial provider, and something unexpected is to happen to you.
In addition to the emotional strain of losing a family member, the sudden loss of the primary provider or caregiver can lead to financial difficulties. It is, however, vitally important – albeit not a topic most people feel like delving into – to consider how dependents would manage without the primary provider’s support.
Here are some key questions to consider if an unexpected loss of a primary provider were to occur, and the affect of this financially on their dependents…
- Could they maintain any mortgage repayments for their home, or would they need to sell?
- Do the they have enough income to pay for other home expenses such as gas and electricity bills for the home they are living in?
- Is there enough savings for them to access to cover funeral expenses?
- How would they handle day-to-day costs like fuel, groceries, and school fees?
- If applicable, would your spouse be able to replace your income, and would they require additional assistance caring for your children?
- Could your family sustain themselves on government benefits if necessary?
By gaining professional advice and obtaining an appropriate Life Insurance policy, you can eliminate these concerns and ensure the financial stability of your loved ones, no matter what the future holds. Life Insurance provides peace of mind, allowing you to focus on living your life to the fullest.
Real-Life Case Study – provided by our Risk Insurance Manager, Joe Crosara
(For privacy purposes all names and specific identifying references have been changed)
John is in his late early 50’s and has been a plumber for his whole career. After many years of aches and pains, John underwent a left knee replacement.
His surgery was successful, but he also required a right hip replacement. During this surgery, John suffered from a stroke. John survived the terrifying stroke and began his healing journey. Subsequently, John also experienced mental health issues including anxiety and depression.
Throughout his recovery process, John received monthly Income Protection payments of $11,000, along with a Trauma / Critical Illness lump sum benefit of $100,000.
Our experienced Risk Insurance Team at Highview successfully manage many real-life case studies, just like John’s.
Joe Crosara, in direct reference to the case study above, helped John secure his Income Protection payments and a lump sum benefit during his health challenges, providing him and his loved ones with financial security. Joe proactively managed and processed John’s entitled benefits liaising with John’s insurance policy providers.
Contact our professionals at Highview for a complimentary review of your current Life Insurance policies, or to explore your options for coverage.
Email Joe Crosara directly: joe@highview.com.au to make an appointment.
Article prepared by Joe Crosara, Personal Risk Insurance Manager
Highview Accounting & Financial
PERSONAL RISK INSURANCE DISCLAIMER: Highview Risk Protection Pty Ltd ACN 656 219 528, T/AS Highview Accounting & Financial, is a Corporate Authorised Representative (No. 1301852) of MRC Financial Advice Pty Ltd ABN 58 636 335 227. AFS License No. 520249. PO Box 7206, Melbourne, VIC, 3004.