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Have you got enough insurance to protect your family and lifestyle?

A Merlin Insurance Guide

With insurance, it’s good to know you and your loved ones will be financially sound if the unexpected happened.

Why do I need insurance?

The one thing you can count on in life is that things won’t always go according to plan.

 

So why not protect yourself and your loved ones?

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Having the right insurance to cover you and your family is the cornerstone of any financial plan. It gives you certainty when you need it most.

Protecting your lifestyle

Taking out insurance – or even reviewing it – may not be a high priority for you just now.

 

But imagine what you could lose if things go wrong.


What if you suffered an injury in a road accident or an illness such as cancer, how would you cope then?
You may think your existing insurance inside super is enough, but it might not be.

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The right insurance allows you to keep your plans, and all your hard-earned cash, even if the very worst happens.

 

We will help you work out the right level and types of insurance for you.

How much is enough?

When choosing the types of cover and amount of insurance, you should think about how much you actually need for your day-to-day living – now and in the future.

How much do you need to:

  • pay your mortgage or rent?

  • make credit card and loan repayments?

  • pay mobile, car, electricity and gas bills?

  • cover your child’s education costs?

  • pay for groceries?

  • pay for medical expenses?

  • provide an income for your family if you’re no longer around?

Protect your greatest asset – your income

When you think about it, your ability to earn an income is one of your most valuable assets.

 

So, just as you insure your car and house, you should also insure your ability to earn an income. You can’t continue to grow your wealth if you’re unable to work.

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An Income Protection insurance payment can provide comfort if you’re no longer able to work due to illness or injury by giving you a monthly income protection payment typically up to 70% of your earnings.

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This can help pay your everyday living expenses, such as rent or mortgage repayments, and help to protect your lifestyle. Also, your premiums may be tax deductible, depending on your individual circumstances.

Protect your family and lifestyle with lump sum insurance

If you become sick or injured and take time off work, meaning your household earnings are reduced to just one income (or none at all if you are the sole provider), a lump sum paid from your insurance can help you cope financially.


Like many people, you may use debt to fund a range of purchases, including your family home. So you want to know your finances, such as your loan repayments, and your family’s future will be taken care of if something happens to you.


A lump sum paid from your insurance can be used to pay your debts and other expenses, and help provide an ongoing income.


There are three main types of Lump Sum insurance:

  • Life insurance

  • Total and Permanent Disability insurance (TPD)

  • Critical Illness insurance.

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We can help you find the right insurance or your individual needs and circumstances.

Changing circumstances

One of the amazing things about life is how quickly things can change. And when they do, it’s important to reconsider your financial plans.
Whatever your new circumstances may be, there’s a good chance your insurance needs may have changed as well.
So, whether you’ve had a baby, moved home, been promoted at work or are preparing to pay your kids’ education costs, talk to an adviser about the best way to revise your insurance strategy.

Next Read: Income protection

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Legal: General Advice Warning, Terms & Conditions, Financial Service Guide & Privacy Collection Statement​

General Advice Warning

 

Merlin Financial Services Pty Ltd ATF Claudio Tan Family Trust, Corporate Authorised Representative No. 1315582) and all our advisers are Authorised Representatives of Finchley & Kent Pty Ltd, Australian Financial Services Licence No. 555169, ABN 50 673 291 079, and has its registered office at Level 63, 25 Martin Place, Sydney NSW 2000.​ Finchley & Kent Pty Ltd Australian Financial Services Licence applies to financial products only. Please note that Property Investment, Tax & Accounting, Mortgages & Finance are not considered to be financial products.

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Disclaimer: The information contained within the website is of a general nature only. Whilst every care has been taken to ensure the accuracy of the material, Merlin Financial Services Pty Ltd ATF Claudio Tan Family Trust and Finchley & Kent Pty Ltd will not bear responsibility or liability for any action taken by any person, persons or organisation on the purported basis of information contained herein. Without limiting the generality of the foregoing, no person, persons or organisation should invest monies or take action on reliance of the material contained herein but instead should satisfy themselves independently of the appropriateness of such action.

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