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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What our clients say…

For many years my husband and I struggled with where to go for financial advice. We wanted somewhere that was a one stop shop and to find an adviser who would look at our whole of life needs now and for the future and be able to tailor solutions accordingly. Someone who would take the reins in some ways, to take the pressure off us, set it all up, monitor and manage it all for us. We wanted someone who would be genuinely interested in what was the best for our family and not just pretend to be ... Read More

Gillian & Jeffry
Heritage Park

I have been a Nexus client for nearly 3 years now. They have always been there for me, even just to touch base when I was unwell. Nothing is too much trouble and the effort they put into finding and giving you the best comprehensive advice is tremendous. They have all been a pleasure to deal with and I feel so comfortable with them I am using them more and more for my wealth management. Super, Insurance, Property, financial planning, mortgage brokering and my accounting now all in one place. I ... Read More

James & Lisa
Hope Island

Sonya and I have been a Nexus Client since 2012 and in that time the global economy has been subject to volatile property and share market fluctuations often ending in negative growth for most investors. The investment strategies Nexus have provided us with have improved our financial position during these challenging times whist also positioning us for future growth opportunities when they arise. A combination of having strategies in place and the ongoing coaching by the Nexus staff to better ... Read More

Mick & Sonya
Kirwan

It has been a pleasure working with John. My first contact with him was over the phone when I was really overwhelmed with multiple decisions I needed to make to clean up my finances. He has provided clear and concise guidance to both myself and my partner reducing the stress around changing things for the future. His presentations are clear, he takes his time and really goes above and beyond what he needs to do in order to please his clients. I have since referred several of my close friends and ... Read More

Dr Heidi & Dean
Tarragindi

I first went to Nexus about 18 months ago at which time I had just left the army and started my own business. Nexus did something I suspect very few wealth management companies would have done. They advised me to NOT pay them and wait until I was in a better financial position. This instantly tells me they are an ethical and people centric company. They could have taken my money and put me in a position of high risk, but they chose to forgo a commission to give me the most honest response possible. ... Read More

Neil
Albany Creek

We have been with Nexus right from the beginning. When we decided to start a SMSF we wanted to go with a company that could do it all. Nexus provided us with that. They know everything about us now and look after our SMSF, Trusts, business tax and personal tax. Every member of their staff are knowledgeable and approachable. We are so happy and fortunate to have found Nexus. They have made our life so much easier.

Kellie
Camira

I’ve used Nexus for creating a SMSF, tax, legal and estate planning. Great team, great value and great advice over the last year.

Andrew
Morningside

We have had a great experience with Nexus. They were recommended by family and we too would recommend them to anybody. Steve and John took the time to explain everything and never used pressure tactics. They also made sure they really got to know us and our goals before making a plan.

Rachel & Leon
Burpengary

Nexus has helped my wife and I establish a holistic financial plan, including long term financial planning, as well as the recent purchase of an investment property.
Stephen and his team have always gone to the effort to understand our personal priorities, and we trust their views and advice which is informed, balanced and focused on our best interests. We highly recommend Nexus Private Wealth Management to anyone who needs financial advice.

Brett & Belinda
Heritage Park

My wife and I have been working with Nexus for a number of years now and outside of the financial advice, we have stayed for two main reasons. Firstly, the customer service is second to none and as the Nexus business grows, they manage to employ staff with the same focus on serving the customer. Secondly, the complete service offering means that we don’t need to find different providers for our super, versus our business needs versus our personal tax.

Martin
Camira

John has been working with my partner Jarryd and I for roughly six months to one year now, we are both young professionals and were looking to buy our first house. Obviously not knowing anything about the property industry or setting up long term wealth in general we really wanted to set ourselves up for the best chance of success. After meeting with John and the team at Nexus there was no question in our minds that we were going to utilise their services. John has spent copious amounts of hours ... Read More

Sarah & Jarryd
Kedron

Nexus are great! The support and tailored advise received has been very beneficial. We now have long term financial goals to set ourselves up for the future. I would highly recommend them to anyone looking for financial advice.

John & Sharleen
Loganholme

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