Foundation believes in identifying client needs and then applying the appropriate product to that need. This is not about products, but rather about solutions.
Some of the questions we help clients resolve are as follows:
- Do you have any cover in place?
- How did you come up with the amount of insurance cover you currently have in place?
- When last was it reviewed?
- Do you know who all your cover is with?
- What are the benefits on your cover?
- Who is the beneficiary listed on your policy? Do you know what happens if you die without a beneficiary being listed?
- Does your spouse know who you have cover with in the event of your death, and would he/she know where the policy documents are in order to claim?
- Are there any tax issues with your cover? Are any of your benefits subject to tax?
- Could you be paying premiums for a benefit that you may not be eligible to receive?
Our job is to help you answer these questions, and then come up with a strategy appropriate for your individual circumstances, which considers your debts, the ongoing income needs of your dependants, and your other requirements. The types of products we use to help our clients solve these questions, and some of our tips on what to look for, are as follows:
Term Life Insurance
Term Life insurance is commonly known as life insurance and provides a lump sum on your death or diagnosis of terminal illness. Term Life insurance provides financial security and peace of mind at the time it is needed most so that your family has financial support and security. Term Life Insurance is generally used to clear debt and supplement lost income of the life insured.
Total and Permanent Disability Insurance
Total and Permanent Disability insurance (TPD) provides a lump sum if you suffer an illness or injury that leaves you totally and permanently disabled. TPD insurance benefits are often used to eliminate debts, provide additional and ongoing income, pay for medical expenses or fund any permanent changes to your lifestyle that are necessary as a result of your disablement.
Trauma insurance – or Recovery insurance – provides you with a lump sum on the diagnosis (or occurrence) of one of a list of specified serious medical conditions and procedures. Each insurance company maintains their own list, but they generally include serious medical conditions, such as cancer, heart attack or stroke.
Trauma insurance is designed to provide you with money when you need it most. You can use the money how you choose, for example to cover medical costs and treatment, or to reduce debt. Some people choose to make a permanent lifestyle change, such as reducing their working hours, so they can spend more time with family.
Income Protection Insurance
Income Protection Insurance, also called Salary Continuance Insurance, provides you with a monthly payment while you are unable to produce an income as a result of illness or injury. Many policies will cover up to 75% of most people’s salaries if you are totally or partially disabled.
By replacing your regular income, Income Protection payments can assist you and your family to function at a level of financial normality. Income Protection gives you the financial security to focus on your recovery or treatment, without worrying about regular expenses. Income Protection policies are very flexible and can be tailored to suit your individual circumstances.
Foundation Life Insurance
Easts Tower, Suite 203, LVL 2,
9 Bronte Road, Bondi Junction, 2022
Patrick McLaughlin: +61 438650739
Leonard O'Meagher: +61 409582484