Insurance: The Elephant in the Room
When structuring a financial plan, there is often one important element that is rarely spoken about: insurance. Whilst the role of insurance in a comprehensive and secure financial plan is paramount, it is commonly the most neglected element of a person’s financial plan. Why? Because many people view tragedy or speculating on unfortunate events as taboo.
Whilst the stock market is viewed as a topic worthy of discussion, whether at work or at the pub, insurance, – particularly with regards to life and income insurance – is not afforded the same luxury. For many people, it therefore becomes easier to avoid the issue altogether rather than confront it head-on. So here at MW Lomax, we are going to get the conversation started right now.
Why do I need insurance?
Quite simply put, life can throw up all kinds of unexpected obstacles and challenges. In the case of a serious accident or illness there are a number of consequences associated – with financial costs being one of them. To place this into perspective, how prepared are you if tomorrow you found out that you had an illness that would stop you from working? If tonight you were injured in a car accident that caused serious injury? Whilst on the surface they sound like a pessimistic outlook on life, these kind of events do happen and many people find themselves unprepared.
So why do you need insurance? In order to protect your income and financial assets, integrated within your broader financial plan. A strong financial plan has strategies to deal with times of financial downturn or stress – hoping against negative events is not a strategy. Insurance guarantees financial stability for yourself and your family in times of serious impairment. It also allows you to achieve the goals established in your financial plan.
What kinds of insurance are available?
There are a broad range of insurance options available on the market, for all kinds of events, assets and items. With regards to the more ‘big picture’ insurance products, there are four major types of cover:
Total & Permanent Disability:
This type of insurance cover provides payouts if you suffer a serious permanent disability. This capital amount may be used for home modifications, replacement of lost income or any other need.
Provides regular monthly payments to protect your lifestyle and wealth plans. This applies to illness or injury (short and long term).
Covers instances such as heart attacks and cancers, and may be used for medical expenses, rehabilitation costs and alternative treatments whilst protecting your financial position.
Eliminates debt and replaces lost income for your family in circumstances of death.
How can MW Lomax help with insurance?
MW Lomax’s Insurance for Life division specialises in making sure that you have all the protection you require, at a price that you can afford. Furthermore, when purchasing insurance through MW Lomax we make sure you are covered. As specialists in the industry, we can guide and assist you in selecting the most appropriate insurance products for you situation, and given the complexity of the insurance industry, provide advice that is easy to understand.
One of the biggest benefits of using MW Lomax for insurance services is their Claims Support Service. Over recent years MW Lomax have successfully executed $19.6 million with their experienced and dedicated claims team.
Furthermore, the specialist insurance advisers at MW Lomax can work with our accountants and financial planners, in order to ensure your insurance program is compatible with your broader financial objectives.
Contact MW Lomax and live with the peace of mind tomorrow.
Melbourne on (03) 9866 5888 | Sydney (02) 8404 6700 | Brisbane (07) 3226 2966