Not many people know, but if a director has personal guarantees on a loan, the financiers have a clause in the majority of contracts that if that director dies, they will call on the full amount of that loan immediately!
Keyperson insurance is a simple Life Insurance cover for the business. This is why you MUST have it in place.
One major reason why many Australians don’t have adequate insurance is that it can be sometimes unaffordable. With more and more pressure on families and incomes to reach commitments, life insurance and income protection are usually the last thing we think about paying.
In recent times, the governement has somewhat softened it’s approach to superannuation and [...]
The two names generally mean the same thing, but when you are ’shopping around’ for insurance that will cover you if you are unable to work, you may be in for some surprises if you take the wrong one. I’ll outline as simple as possible the differences to save you the dramas at claim time.
There [...]
Income Protection, otherwise known as Sickness & Accident Insurance, or wages insurance, pays you a benefit (up to 75% of your gross income) for a period of time selected by you at time of application.
These policies are made up of three things:
1) Insured Amount: Up to 75% of your gross salary (if employed) is covered [...]
When discussing Life Insurance or any lump sum type cover, one of the major considerations needs to be who the benefit will be paid to.
Most people simply write their partner or child along with the relevant percentage they wish to nominate. What many are unaware of, is that your beneficiary could potentially wear a large [...]
Life Insurance is a simple insurance that pays a lump sum in the event of the insured person’s death. The benefit is normally paid to the beneficiary if nominated. For more information on beneficiaries, please see HERE.
Policies vary with different insurers, but in the main, the benefits will be paid on the following events:
Death & [...]