In times of need, insurance can take the financial concern out of the equation.

Consider the financial consequences of not being able to work as a result of illness or injury.

Or possibly the death or disablement of a family member, in particular the major breadwinner.

How would your business cope with the loss of a Key Employee?

While nothing can compensate for the emotional loss that such a catastrophes cause, it is possible to protect your family and business finances by putting in place appropriate risk insurance.

Contact GBA to find out what Insurance Strategies we can put into place for you.

Term life insurance pays a lump sum benefit on the death of the life insured. It provides a lump sum payment for your family to ensure the plans you had for them can be achieved in the event of your death. Commonly these policies are primary protection covering Debt (such as your mortgage), future education or maintenance for children, or to provide a lump sum to replace future family income lost by an unexpected death. In addition, there is usually a payment made in the circumstance of a terminal illness.

If you would like to find out more, contact GBA Wealth Services to discuss how Life Insurance may be a solution for you.

Total & Permanent Disablement (TPD) insurance will provide a lump sum payment should you suffer an illness or injury which totally and permanently prevents you from working again.

This will help you maintain your current lifestyle whilst paying the additional expenses that arise as a result of an ongoing illness or injury.

If you would like to find out more, contact GBA Wealth Services to discuss how TPD Insurance may be a solution for you.

Critical Illness cover or Trauma Insurance provides a lump sum benefit on diagnosis of a defined condition. Unlike TPD or Income Protection, a lump sum crisis benefit is paid immediately upon diagnosis of the defined condition. Critical Illness cover is designed to help you financially recover from a trauma or crisis, such as heart attack, cancer or a list of other threatening conditions.

If you would like to find out more, contact GBA Wealth Services to discuss how Trauma Insurance may be a solution for you.

Income Protection (Salary Continuance) Insurance is designed to provide a regular income in the event that you are unable to work due to sickness or injury. Generally, Income Protection Insurance provides a regular income during a period of disablement up to the agreed benefit period. The benefit amount payable is up to 75% of your income.

This will help you maintain your and your familys lifestyle until you are able to return to work.

If you would like to find out more, contact GBA Wealth Services to discuss how Income Protection may be a solution for you.

KEY EMPLOYEE PROTECTION

Many businesses have an employee or employees whose skill, experience or good judgement are clearly contributing to its success and profitability. He/She might be the managing director, the sales manager, the finance manager, the research manager, a sales manager or foreman. The business would suffer a reduction of turnover if any of these employees died, become disabled or suffered a major illness. Key employee insurance will provide the employer with a cash cushion to help offset the reduction of turnover until a replacement with the necessary skills can be found.

BUSINESS SUCCESSION PLANNING – BUY/SELL

On the death of a principal (shareholder/partner) arrangements need to be in place to provide the right and the cash to enable the survivors to purchase the deceased principals interest in the business. As an alternative, the deceaseds spouse or a manager or relative appointed by the deceaseds spouse could join the survivor in the business. Other alternatives are for the deceaseds share in the business to be sold to an outsider or for the business to be wound up. A common solution is to put in place a buy/sell agreement where the survivor is given the right to buy the deceaseds interest in the business for an agreed price. Insurance on the lives of the principals ensures that the survivor has the cash to purchase, and that the deceaseds beneficiaries receive a fair price in cash and promptly.

BUSINESS LOAN PROTECTION

The role of business loan insurance is to protect a business which may have difficulty in meeting its commitments under a loan following the death, total and permanent disablement or major illness of a person who is contributing significantly to its success and profitability. It also protects the estate from a personal guarantee or security that has been lodged. In summary it provides cash to repay a business loan on the death, disability or major illness of the key person(s) and/or one who has given a personal guarantee, thus releasing security such as the family home and business premises.

If you would like to find out more, contact GBA Wealth Services to discuss how Business Insurance may be a solution for you.