Providing for your family

  • Do you have a partner and/or dependants?
  • Would they be able to sustain their lifestyle without you?
  • Do you have any other financial commitments that rely on your income?

What is life insurance?

When you’ve made major financial commitments, like having children or taking out a mortgage, you’re relying on your ability to keep supporting them for many years. But if you takeyourself out of the picture, those commitments can become a major burden for your family. Life insurance provides for the insured benefit amount to be paid to your dependants if you die or are diagnosed asterminally ill.

What this means for you

The money provided by life insurance can play an important role in eliminating your debts and other financial obligations. If you have a family, it can also be used to provide an ongoing source of income for their future needs — helping them maintain their current lifestyle. Some of the outcomes that life insurance is often used to achieve include:

• Paying your medical bills and funeral expenses

• Eliminating your mortgage and other debts (including business debt if you’re self-employed)
• Providing for household bills and everyday living expenses
• Providing for the future education costs for your children
• Adding cash to your estate so it can be divided equitably without the need to sell assets.

Insurance policies will often vary in their features and benefits, so you should work with your financial adviser to choose a policy that suits your needs and your budget.

Case study

Lucy, 36, was married to Jason, an IT salesman aged 41. Jason’s job required a regular amount of travel, both locally and nationally, but he didn’t mind — he enjoyed his work, and Lucy was happy to stay at home with their five year old daughter.

After returning home from an overseas sales conference, Jason was at the airport flagging a taxi when he went into cardiac arrest. Despite the paramedics’ best efforts, Jason was pronounced dead on arrival at the hospital.

If Jason didn’t have a life insurance policy, Lucy would face the prospect of having to immediately return to work full-time to support their daughter. Having been out of the workforce for six years, it would also be difficult for Lucy to earn an equivalent amount of money as her husband did before he died — which may mean she would have to sell the family home or significantly adjust their lifestyle.

However, Jason did have life insurance, and as result Lucy received a lump sum amount of $800,000. This money enabled her to pay for the funeral and eliminate the mortgage. It also meant Lucy could create an ongoing income to help cover future expenses, and set up a trust fund for her daughter.

What are the chances?

Six in ten people with dependants don’t have enough insurance cover to look after their family for more than one year if they were to die.
IFSA -Rice Walker Fast Facts: A nation exposed! Underinsurance key facts, August 2005

To find out more, or to make an appointment, simply call Maximum Wealth Strategies on 02 60562229 or contact us.

Securitor Financial Group
Securitor Financial Group Ltd
ABN 48 009 189 495
AFSL & ACL 240687

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Testimonials

Advanced Roof Restoration

We have been associated with Wes Curnow for over 18yrs when we first commenced our business. Wes is a highly professional and trustworthy individual and we are more than impressed with the handling of all aspects our insurance matters.    Wes is very approachable and we have the highest regard for him both professionally and personally   Mick & Flo...

Sherry Thomas

Having experienced 3 events covered under our Risk Insurance. Namely; Death, Trauma & Income Protection. My husband and I have had the fortunate advantage of having Wes Curnow from Maximum Wealth Strategies to guide us through the maze of paperwork and support our claim applications.   We didn’t even realise we were eligible to claim after one such event until Wes advised us he...

Petar Gvozdenovic

I have been dealing with Wes Curnow for a number of years now in relation to my ongoing Income Protection claim. I have found his advice and assistance in relation to the management of my claim nothing but first class. I would highly recommend his services to any one that needed advice in respect to personal insurance knowing that if a claim arose Wes would be there to take you through this...

R and N Lombaert

We have dealt with Wes Curnow as our personal insurance adviser for many years. His insurance knowledge and advice has been of great benefit to us.Wes has been very supportive and proactive especially when we required guidance to take us through the claims process when we needed to make a claim. His service has gone beyond expectations in obtaining the best possible outcome during the years we...

Neil Johnstone

I have been dealing with Wes for over 20 years and have always found he displays a professional image and unquestionable integrity.Recent claims were trouble free due to the explanations of insurance jargon broken down to simple English terms.Nothing is too much trouble for Wes despite his hectic workload. Neil Johnstone

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I was referred to Wayne Barber of Maximum Wealth Strategies when I retired in 2007.Wayne has been an enormous help in everything financial.  I have found Wayne to be very professional and a wealth of information in all aspects relating to money matters in my retirement.Thank you Wayne, Robyn Sullivan

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We have been dealing with Wes Curnow for over 10 years. We have found him to be very helpful and caring. His advice and support to our family has been very much appreciated especially when we needed help to make a claim for a family illness. His ability to make a tough process run smoothly was exceptional. The peace of mind in obtaining money swiftly when it was most needed for our family was a...

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Rozz Curnow has been our financial advisor for many years.  She has an astute knowledge and perception of the financial climate. She is a caring and ethical person, making suggestions for our financial needs always with our wishes and best interests at heart. She is meticulous and never hurried in her explanations and discussions of financial options.Rozz has helped us with our...

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I was referred to Wes Curnow from M.W.S. eighteen months ago in regards to my income protection claim. During that time Wes turned a mountain of paperwork and legal jargon into an easy manageable process. Wes took out the burden in what was a very stressful time in my life. I could not have managed my claim without Wes's assistance. Wes's professionalism and knowledge is exceptional. I would...