Elodus Financial Planning - Risk Management

Risk Management

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Insurance is a necessary and critical component of any well constructed and holistic financial plan, having the capacity to address both personal and business requirements.

In the event accident, injury or illness resulting in a families primary income earner being unable to work; being totally and permanently disabled; or worse still, actually losing their life, ask yourself the following questions:

Is there sufficient income to meet our lifestyle requirements or will they have to be reduced?
Is the family home secure?
Will we be able to educate our children as we expected to?
Can our investments be continued?
Are we able to continue to service debt?
What impact will this have on our retirement aspirations?
Do we need to modify our home and cars?
Will (or can) the non working spouse return to full time employment?
From a business perspective, are key persons able to be replaced?
Who now has control of the business - operational partners or their injured or deceased partners spouses?

These questions and the ramifications that result are many and varied. Without experiencing the effect these tragedies can have on families and business' (as we unfortunately have) it is hard to truly imagine the implications that can result. Be assured however, they are significant! While never compensating for the emotional and human costs of these circumstances, not having financial burdens at these times make coping and managing with a difficult situation that much easier!

What we offer

Elodus will work with you to determine appropriate, funded, tax effective and affordable strategies to help protect yourself, your family and your business in the event you suffer an insurable event. We will also take into account your estate and succession planning requirements in this process.

We utilise the following to achieve these objectives:

Life Insurance
Total and Permanent Disability Insurance
Trauma Insurance
Income Protection
Salary Continuance
Business Expense Insurance
Insurance through Superannuation

Case study

Ian and Lana had a business and were well insured for Life, TPD and Trauma. Because relief mangers were easily available, they had decided not to utilise Income Protection cover. After building the business up, they received an offer to purchase it which they accepted. Moving back to the coast, the family bought the home they had always wanted and Ian recommenced his trade of boilermaking, becoming an employee of a large corporate mining organisation. With the families income being dependent on his ability to go to work every day, on our advice, Ian took out an Income Protection policy. Approximately 4 months into his new role, an accident occured where Ian lost the largest part of 1 foot. Work Cover replaced his income for a period of time, but reduced incrementally. Ian's income protection policy picked up the shortfall and in time will provide 100% of his income. In addition, despite not being Totally and Permanently Disabled, his insurance paid a lump sum of $20,000 that covered all medical expenses with monies left over. It is hoped that after rehabilitation Ian will return to work, but should he be unable to, 75% of his pre-disability income, indexed to inflation, will be paid until he is aged 65. He is in his early 40's now.