A risk management plan is a vital part of your financial strategy

A well-constructed risk management plan should consider the risks that can be avoided, the risks that can be accepted, and the risks that should be insured. As your wealth accumulation plan plays out, your income is needed to service investment costs and living expenses. The goal of a risk management plan is to ensure your wealth accumulation plan can continue, even in unforeseen or unfortunate circumstances.

Most people have insurance cover for their home, contents and motor vehicles as a matter of course, and most superannuation schemes provide some level of life insurance cover. However, few of us have properly considered the potentially devastating consequences of an unexpected injury, life-threatening illness or permanent disability.

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Get the right risk strategy to protect your family

A sound risk management plan will provide the finances you need if you’re unable to earn an income. This provides some relief and freedom to address the many other issues you’d be forced to face in stressful circumstances. Nexus can work with you to ensure you have the right risk strategy for peace of mind.

Some policies can have important implications from an estate planning and tax perspective. At Nexus, we take an holistic approach to your financial strategies. We can collaborate with insurance providers, accountants and solicitors to create a personalised solution for you.

Our risk management strategies start by considering income, family, lifestyle and mortgages. Your strategy should provide a replacement income stream in the event that you’re unable to work at your usual occupation as a result of injury or illness. This ensures you can maintain existing financial commitments even when everything else is in a state of upheaval.

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There are different types of insurances that might form part of your risk management strategy

  • Trauma insurance
    Is a diagnosis-only insurance that pays a lump sum benefit if you’re diagnosed with an illness like cancer, heart attack, stroke and a number of other traumatic conditions.
  • Life insurance
    Is usually activated in the event of your death. It pays a lump sum benefit to cover the needs of your estate and can be activated earlier in the event of a terminal illness to cover medical expenses.
  • Income protection
    Provides a replacement income stream should you be unable to work as a result of injury or illness.
  • Total and permanent disability insurance
    Pays a lump sum benefit when you meet the definition of totally and permanently disabled.
  • Mortgage protection policies
    Will meet your mortgage repayments in the event of illness, injury or death, but policies will differ significantly from providers. They can be a combination of life, income and total and permanent disability insurance or a stand-alone product. Not all policies will pay your mortgage out fully in the event of your death.
  • Private Health Insurance
    Is generally divided into hospital cover, general treatment cover (also known as ancillary or extras cover) and ambulance cover.
  • General Insurance
    Covers the replacement of buildings, contents, motor vehicles etc in the event of disaster or accident.
  • Landlords Insurance
    Covers the maintenance or replacement in the event of your tenant damaging your investment property.

Improve your cash flow with insurance in superannuation

Today, most insurance premiums can be paid with superannuation monies if structured correctly. This strategy can help you get cover with less burden on your out-of-pocket expenses. Nexus will ensure that all your risk management needs are met when preparing your plan.

Assessing your insurance needs alongside your investment goals and estate plan can often result in better outcomes for your beneficiaries, as well as your cash flow.

Contact Nexus and set us to work on your risk management plan to day.

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