Estate Planning and Risk Management
How Can GPA Financial Planning Help
Life insurance is designed to make sure your family is not left in a horrible financial situation if you were to pass away. This might include enough insurance to pay off debts or provide a level of passive income for your family.
A lot of accidents or illnesses can stop you from working without leading to your death. Income Protection is designed to provide you with an income if you are unable to work (temporarily or permanently).
Your assets do not always just go to your spouse. Making sure your estate is distributed as per your wishes is important part of planning.
Total and Permanent Disability (TPD)
You might have an accident or illness that, although not killing you, means you will never work again. You might need your debt payed off or money to produce an income stream. This is what TPD is designed for.
Sometimes an illness does not mean you can not work or kill you, but can cost you thousands. Not all drugs are on the pharmaceutical benefits scheme. Private Health Insurance does not cover everything. Trauma (or Critical Illness) is important to help you fund the gap.
Not everything can be insured against. Life is full of unexpected expenses. That is why having an emergency fund is important. Setting up the right savings strategies and financial plan can help you build an emergency fund.