Paul Ryan of Patron Finance

Paul Ryan (Dip FS (FP) Dip FM) of PATRON Financial Services Pty Ltd., has provided a series of helpful articles to assist you with your finances.

Paul is a highly qualified and experienced Financial Advisor with over 30 years experience in Risk Insurance, Superannuation and Investment in the Financial Planning Industry. Paul provides advice in the areas of Wealth Creation Strategies, Personal Insurances, Debt minimisation strategies, Estate Planning strategies and Superannuation (both Personal and Corporate). Paul may be contacted on Mobile 0418 423 720 or email: pryan@patronfa.com.au

Types of Insurance and Why Insurance Is Needed.

There are a number of different types of insurance available and it can be confusing when considering your options. That is where an experienced adviser can assist you in determining which type of insurance is important for you, taking into account your personal circumstances and needs.

Here is a brief summary of the types of insurance, what they cover, why you may need them and other important relevant information. For more details, please call me for a friendly, no obligation chat about how I might be able to assist you in selecting the right option to protect you and your family from unneccessary financial worries should anything prevent you from providing for your family.

Income Protection

• Why Do I Need It?:
  • To ensure that in the event of illness or an accident your income continues.
• For how long am I covered?:
  • 2yrs/5yrs or Up to the age of 65
• Can it be cancelled (by the insurer)?:
  • Most insurances are NON Cancellable
• Is it Tax Deductible?:
  • In most cases it is, even for employed persons.
• Superannuation?:
  • Yes it can be paid for through superannuation (but then it is not tax deductible)
• How much can I insure for?:
  • 75% of income + SGC contributions
• How much does it cost?:
• Depends on your occupation and choice of insurer.
• To find out the cost: Call me and I will supply you with a quotation.

Life Insurance

• Why Do I Need It?:
  • In the event of a person dying all debts are covered as well as leaving money for the family left behind.

• What protection does it offer?:
• Mortgage Protection
• Debt Protection
• Family protection
• Funeral & Medical Expenses

Total Permanent Disability

• Why Do I Need It?:
  • If you are no longer able to work for a living due to Illness or Accident and are incapable of being able to return to the work force.
• What protection does it offer?:
  • Mortgage Protection
  • Debt Protection
  • Family protection
  • Medical Expenses
  • Future Income

Trauma (Critical Illness)

• Why Do I Need It?:
  • Critical Illness benefit will pay a lump sum if you are diagnosed with one or more of the serious illnesses listed in the crisis groups of Cancer, Coronary and other serious Crisis Events.
  • In other words, should you suffer a Heart Attack (and 8 things that can happen to your heart), have malignant cancer, Trauma covers these and from 36 to 38 other crisis events.
  • Trauma insurance is vitally important in protecting people who suffer from Prostate Cancer and Breast Cancer.

This is a very brief summary of what Life Insurance can do. Should you need further information, please contact me on 0418 423 720 or email pryan@patronfa.com.au.

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