Safeguarding Your Future: Our Insurance Philosophy Explained
At Vantage Wealth Management, we are committed to making a meaningful difference to each of our client’s financial wellbeing including personalised insurance solutions. In this article, we share a few of the key factors that we consider as part of our Insurance Philosophy that may be of use in considering your own personal situation.
When considering your insurance needs, it’s important to fully explore providing for yourself, your family or business in the face of unforeseen events such as illness, injury or death so that your plans to become, or stay, financially independent remain on track.
Most importantly, there should be consideration for covering most of your debts, and other costs that occur if you were to die or have other serious medical issues arise unexpectedly.
Having sufficient insurance could mean that your family can remain in the family home, your children can continue education in your preferred school, food and bills will be paid. As critical as anything is to relieve the additional financial anxieties that would occur on top of the severe emotional upheaval the whole family will be experiencing.
It is one thing to strive towards leaving an amazing business or community legacy during your time on the planet. But to overlook the distress an underinsured situation is quite simply a disaster.
If you operate a business this could mean that your day-to-day operations, debt obligations and allowances for your business’ going concern would be covered, alleviating additional commercial strain on remaining stakeholders. Just as importantly setting up a ‘buy/sell’ insurance funding policy so you know the value of your share of the business can be covered immediately.
Insurance Philosophy at Vantage provides the basis of insurance advice for both our private and business clients. This ensures they have the knowledge to make informed decisions about the appropriate levels and types of insurance for their specific needs.
Using our underlying philosophy, we assist clients in understanding the differences between basic and comprehensive insurance plans, including:
- using short or long-term premium strategies;
- insurance ownership strategies that cover the advantages and disadvantages of various ownership options;
- structuring policies in a tax-efficient way, whether owned personally, within super, or through other entities such as a trusts or private companies;
- assistance with advice on beneficiaries nominations to ensure funds reach the appropriate people at the right times;
- and how we assist in claims to make sure you get all you are entitled to.
Our advice process ensures that insurance solutions are tailored specifically to each client. We help outline, in our view, a minimum benefit level someone should set up in the event of death, disability or prolonged illness, so that they can feel confident their financial plans are still underwritten even in the event of the most dire of health related events.
To make sure that you are covered in times of need, be sure to fully explore and understand the insurance options and strategies available to you. These issues have huge impact on your cash flows where you don’t get the strategy and structure correct. If you’re unsure about which strategies and solutions would be right for you or want to know more about your options, we recommend that you seek the advice of a professional financial adviser.
* This article contains purely factual information and/or general advice and does not constitute personal financial product advice. The content of this article does not take into account your personal objectives, financial situation or needs and you must determine whether it is appropriate to your situation. We recommend you obtain financial, legal and taxation advice before making any financial investment decision.
About the Author:
Robert Tawil – Private Client Adviser– Vantage Wealth Management
Robert holds a Bachelor of Economics (Economics, Quantitative Economics, Money and Banking, and Finance) from the University of Western Australia and a Diploma of Financial Planning. This allowed him to qualify as a Certified Financial Planner®. He commenced working in the financial services industry in 2015 and is a member of the Financial Advice Association Australia. Read more about Robert here.
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