© Copyright 2018 Personal Risk Professionals Pty Ltd | Corporate Authorised Representatives of Bombora Advice Pty Ltd

Specialist Life Risk Advice

Risk Management Advice

We provide a specialist life risk advisory service.

Please refer to the items below further information on how we can assist you in this area.

Why is Life Risk Advice Important?

Life Risk Advice ensures that …

Your risks are identified

E.g. What would be the impact on your family or business if you passed away or suffered a disability?

Your risks are quantified

E.g. What is the extent of future family income lost in the event of your death or disablement?

Your risks are transferred

E.g. Who is the appropriate insurer to place your risk with to ensure you are suitably provided for should the worst happen?

The key to good protection is the right amount of money, for the right person, at the right time.

How does the advice process work?

As life risk advisers we will work closely with you, the insurance underwriters and where appropriate your team of advisers (accountants, lawyers etc.), to coordinate a life risk plan specifically tailored to the risks you face. Our unique process allows us to implement an insurance portfolio in a timely and cost effective way that is suited to your needs. Most importantly we are there for you, should the worst happen.

Click on the icon to download the Why is Life Risk Advice Important full brochure.

The basics of life risk insurance

Life Risk Insurance is used for the following personal and business funding purposes in the event of death, permanent incapacity, major medical trauma or disablement.

Personal:

  • Funding to reduce or pay off debt
  • Funding to provide an replacement income for the family income generator
  • Funding to replace primary care and household duties provided at home
  • Funding to equalise your estate
  • Funding to cover out-of-pocket medical expenses, home modification or nursing care costs
  • Funding to provide for financial dependants

Business:

  • Funding to protect the ownership of the business
  • Funding to protect the assets of the business
  • Funding to repay debts of the business
  • Funding to replace key persons of the business
  • Funding to replace lost revenue or cover increased costs of the business
  • Funding to replace lost business value

Click on the icon to download the Basics of Life Insurance full brochure.

Income Protection Financial Endorsement

Income protection insurance is designed to provide you with adequate ongoing income in the event that you are unable to continue working either temporarily or permanently. It should reflect your level of income at the time of your claim.

But about 70 percent of all policies in Australia today offer no such guarantees simply because they are not financially endorsed, meaning that the insurable income is not proved and agreed by the insurer. This may leave the policy-holder with a considerably lower benefit than anticipated in the event of a claim. It may also mean the policy-holder is paying a premium based on an assumed benefit that, in fact, does not materialise.

The majority of our clients are business owners or are in professional or executive roles that involve variable personal exertion income. We always recommend our clients take out a financially endorsed policy. This means that the insured person provides financial evidence of income at the time of application, so that no further evidence will be required in the event of a claim. Thus, the premium is based on a known benefit. A policy that is not financially endorsed will almost certainly be reviewed in the event of a claim; the policy holder may find the benefit is considerably lower than anticipated.

The relatively small time cost involved at the beginning by preparing a financially endorsed policy can pay strong dividends in the medium and long term.

Click on the icon to download the Income Protection Financial Endorsement full brochure.

Protection for Medical Professionals

At PRP we have recognised this unique risk especially for those in exposure prone specialties such a surgeons and dentists. A number of insurers now offer specialised needlestick insurance, providing a tax-free lump sum in the event of a covered needlestick injury. This could provide vital financial support at a time when your ability to work and earn an income could be compromised. As an advisory firm specialising in providing protection solutions to medical professionals, we have access to needlestick insurance options from Australia’s leading life insurers. We are able to analyse your circumstances and tailor a tax and cost effective plan to your own unique needs.

Click on the icon to download the Protection for Medical Professionals full brochure.

Protection for Pharmacy Proprietors

Pharmacy proprietors are in the unique position that should they suffer a disability and be unable to work, their income and profit will continue provided the remaining employed pharmacists or an additional pharmacist can be sourced to continue running the business.

Employing the additional pharmacist or increased wages can cost up to $100,000 per annum in additional expenses, which essentially comes off your bottom line or is the structured salary you may otherwise pay yourself. However, despite this loss of income you will most likely still generate ongoing profit (albeit reduced).

It is this ongoing profit or income stream which creates a challenge when obtaining appropriate income protection insurance as our research has found that insurers deal with this issue in one of the following ways:

  1. Most policies will have an ongoing income offset clause built into the policy wording.
  2. At the point of application the underwriter assessing the case will apply this offset clause as a special condition on the policy.
  3. Depending on the level of ongoing income, income protection cover may be declined outright.

Click on the icon to download the Protection for Pharmacy Proprietors full brochure.

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