Personal Insurance: Your Financial Fortress

Your ability to earn an income is the engine that powers your entire financial life. It pays the mortgage, supports your family, and builds your future.

What would happen if that engine suddenly stopped?

At Concord Private Wealth, we believe in a “Protection First” philosophy. This means that before we even talk about investments or retirement, we ensure your greatest asset—your future earning potential—is fully protected.

We specialise in personal insurance, building a financial fortress around your family so that no matter what life throws at you, your financial plan remains intact.

Why Personal Insurance Isn’t a Luxury – It’s a Necessity

Many people see insurance as an expense, but we view it as the most critical investment you can make. It’s the ultimate “Plan B” that protects everything else you’re working so hard to build.

Without adequate personal insurance, a serious illness, injury, or untimely death could:

• Force the sale of your family home.
• Deplete your life savings and superannuation.
• Leave your loved ones with a significant financial burden.
• Prevent your children from completing their education.

Our role is to ensure these devastating scenarios don’t become your reality.

Our Insurance Expertise: Beyond the Basics

We go far beyond quoting generic policies. As specialists, we provide tailored advice on the types of personal insurance that truly matter for your family’s security:

1. Income Protection Insurance

• The Problem: Your most valuable asset is your paycheck. If you can’t work due to illness or injury, how will you pay your bills and maintain your lifestyle?
• Our Solution: We help you secure an income stream that replaces a significant portion of your salary if you’re unable to work. We ensure the policy structure, definitions, and waiting periods are exactly right for your profession and needs.
• The Benefit: Peace of mind that your family’s daily expenses and your mortgage are covered, allowing you to focus on recovery.

2. Total & Permanent Disability (TPD) Insurance

• The Problem: A severe illness or accident could leave you permanently unable to work, facing significant medical costs and the need for long-term care, profoundly impacting your family’s future.
• Our Solution: TPD provides a lump sum payment if you become totally and permanently disabled. We ensure the definitions are clear and the cover amount is sufficient to pay off debts, fund medical treatments, make necessary home modifications, and provide for future care.
• The Benefit: A crucial financial safety net that allows you to rebuild your life without the added burden of financial stress.

3. Trauma (Critical Illness) Insurance

• The Problem: Life-changing illnesses like cancer, heart attack, or stroke can incur massive medical costs and force you out of work for an extended period, even if you eventually recover.
• Our Solution: Trauma insurance pays a lump sum upon diagnosis of a specified critical illness. This money can be used to cover medical expenses not covered by Medicare or private health, reduce debt, fund specialist care, or simply provide financial breathing room.
• The Benefit: Financial flexibility during a critical time, allowing you to focus on your health and recovery without added financial strain.

4. Life Insurance

• The Problem: If the unthinkable happens, would your family be able to maintain their lifestyle, pay off the mortgage, and fund their future without your income?
• Our Solution: Life insurance (often called Death Cover) provides a lump sum to your beneficiaries upon your passing. We carefully calculate the amount needed to cover debts, future living expenses, childcare, and education.
• The Benefit: The ultimate act of love—ensuring your family’s financial security and future well-being, even if you’re not there.

Our Expert Insurance Advice Process

Navigating the world of personal insurance can be complex. Our process makes it clear, simple, and tailored to you:

1. Needs Analysis: We conduct a thorough assessment of your personal circumstances, income, debts, dependents, and future goals to determine exactly what types and levels of cover you need.
2. Market Research & Comparison: We compare policies from a wide range of insurers, focusing on benefits, definitions, exclusions, and cost to find the best fit for you. We don’t just pick the cheapest; we find the right cover.
3. Superannuation Integration: We advise on whether it’s more beneficial to hold certain types of insurance within or outside of your superannuation, considering tax implications and claim accessibility.
4. Application & Implementation: We manage all the paperwork and guide you through the application process, ensuring it’s as smooth and stress-free as possible.
5. Ongoing Review: Your life changes, and so should your insurance. We periodically review your policies to ensure they remain relevant to your evolving needs, family situation, and financial goals.

Stop Gambling with Your Family’s Future.

Don’t leave your family’s financial security to chance. Our “Protection First” approach ensures you have the right safeguards in place so you can build your wealth with confidence.
Book Your Free 15-Minute Call Now

For a quick summary or to explore our detailed articles on specific insurance strategies, please see the links below:

Foundations:

• Calculating your sums insured
• Insurance covers summary cheat sheet
• If you have existing cover and looking to review it

Things to consider:

• Think twice about changing your income protection (pre-Oct ’21 policies)
• TPD paid from super tax trap
• TPD mental health definitions trap – TPD from super fund v’s what we recommend

Summary of covers