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    What areas of financial planning are you looking for advice on?

Book a FREE consultation
and receive your complimentary eBook

Get started with a free strategy consultation and receive a copy of the Good Fortune Guide – written by James McFall, Managing Director Yield FP and 2020 National Finalist Certified Financial Planner of the Year to help educate you on your Financial Plan.

Life Insurance advice and policies are designed to protect you and your family financially if you cannot work. There are four different covers, which provide complimentary protection.

  1. Income Protection

  2. Life Insurance

  3. Total Permanent Disablement

  4. Trauma

Income Protection

Income protection is the most important ‘living’ insurance protection and cover you can have. Why? Because without your income, you cannot continue to pay your mortgage, put food on the table or carry on life financially.

Income protection is a monthly benefit that pays you up to 75% of your income and covers you if you are not able to work for a medical reason. It pays you until you are back at work and if necessary until you are 65, depending on your occupation, offering long term protection against this risk.

Income protection is tax deductible and therefore cost effective for the benefit it provides

Life Insurance

Life insurance is all about the loved ones you leave behind and leaving them in a position where they can financially absorb the impact of losing you. A good contract will cover you against the risk of death, regardless of the cause of death.

We will help you structure your life cover so it is paid for from your ‘gross’ income instead of ‘net’, keeping the after tax cost of this cover to a minimum.

Total Permanent Disablement (TPD) Insurance:

Total and permanent disability (TPD) cover provides a level of financial security to you if you are unable to work due to long term illness or injury.

You can interpret the name of this cover literally, as you must never be able to work again, as agreed by two doctors in order to claim, in either ‘any occupation’ or your ‘own occupation’. Understanding the distinction between the two definitions could make a significant difference to whether you are ultimately paid out or not and this is one area we can assist.

Trauma

Trauma insurance is a lump sum cover, which will pay out if you suffer a defined Trauma event. There can be significant differences between insurance contracts, and no more so than Trauma. Approximately 80% of claims paid out for Trauma are for Cancer, Stroke, or Heart Attack and taking out a quality contract that is affordable is key.

This is currently the least insured risk in Australia and a very misunderstood insurance. If you are unfortunate enough to suffer a Trauma event, this cover will make a significant difference to how you cope with it financially, both while you are acutely affected by the Trauma event, but equally importantly to give you financial options after the event occurs. We will assist you to identify a quality contract in market to meet your needs and assist you to structure it for maximum chance of payment.

Life Insurance

Your biggest financial asset is probably you

What would you and your family do if you lost your ability to earn an income? A cheap and effective way to protect this risk is to insure yourself. Yield Financial Planners will help you navigate the ‘sometimes’ murky world of insurance to identify good quality contracts, that are cost effective and by helping you structure them well, we could help you save literally tens of thousands of dollars.

We will ask you questions that identify what level of protection you want and then we listen. Understanding your need allows us to apply our extensive knowledge of the insurance market to identify a level of cover that is right for you and your family, that is cost effective and that is structured to maximise tax deductions. Our clients have over $600 million of life protection if the worst is to happen and when they need to claim on it, we are here for them and we are here for them.

Contact Us Today for a no obligation review of YOUR life insurance need.

Choosing the

Right Cover for You!

Your Life insurance and the advice and protection you need is unique. Simply plucking a number out of the air is probably not doing you or your family a real service when determining how much insurance you take out. In order to ensure you get the right level of risk protection for your needs, we take you through four easy steps.

Cover in line with your needs

We identify what you would like to happen if certain medical events were to occur, that could impact your ability to earn an income. We then take into consideration the assets you already have, that could be used to self insure some of your risk and help you calculate a suitable amount of cover.

Competitively priced policies

We review the market on price and identify cost effective policies. We use a market comparison software that WE PAY FOR monthly to assist and this ensures we’re taking a wide reaching search of the market options for you.

Policies that have good contracts

We filter the cost effective contracts against the quality contracts. The best policies for you will depend on your individual circumstances. Certain insurers are better for self employed people, for example, as they have more flexible ‘return to work’ definitions than others. Others we may favour for women for example, because the breast cancer definition is particularly good.

Correct policy structure

We see poor structuring of life insurance regularly, which means a higher NET cost. Our advice is very conscious of structuring your cover to deliver a low net cost.

 

How you structure your insurance matters - Weigh it up carefully

When getting insurance advice and protection, you will have the choice of Stepped or Level Premium. Stepped Premium is initially cheaper than level, however will increase significantly as you age. Level Premium however, will not increase due to you getting older.

Depending on your age, the potential savings on level premium can run into six figures and is therefore a very important consideration, as part of insurance structuring. Below is an example of how Level Premium works, showing a 25 year old, who takes 200,000 of Trauma insurance.

 

Get Started

All smart financial plans have a strategy that protects the downside. Otherwise it can all come undone in a heart beat!

Choosing Yield ensures proactive advice, regular reviews and claims handling support, for your peace of mind.

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