Personal Insurance – what would happen if you suddenly could no longer work?

It’s a morbid conversation, but a necessary one to action.

Client Case Study
*Client names have been changed for privacy reasons.

Fred Jones is married with 4 children. He runs his own successful business and has a Self-Managed Superfund that owns a factory in which he trades his business from. There is a loan attached to this factory. He also has a rental property. Life is very good.

Tragedy strikes unexpectedly and Fred is diagnosed with Parkinson’s Disease. What happens to his business? What happens to financially supporting his family if he can’t work? Who pays back the bank loan?

Thankfully, Fred was a forward thinker and had prepared for the worst with a Total & Permanent Disability Policy when he updated his Will. This is a policy recommended frequently to business owners – no matter their age or income. The insurance cover he had was enough to pay out all of his debt. So, whilst he can no longer work, his business, family and debt have all been covered. He doesn’t have the stress of having to worry about anything other than his health and wellbeing.

If this true story has you thinking, please touch base with one of our experts at Highview here & start a conversation today.

Article written by Partner Silvio Marinelli, Accountant & Financial Planner.

Financial Planning is offered through our subsidiary Highview Wealth Solutions Pty Ltd T/AS Highview Accounting & Financial ABN 96 135 996 842. Highview Wealth Solutions Pty Ltd (Corporate Authorised Representative No 337009). Silvio Marinelli (Authorised Representative No 457162) of Akambo Pty Ltd t/a Accountants Private Advice. AFSL 322056.