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Wealth Protection

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Wealth protection advice

What would happen if you were injured, fell ill or died? No one likes to think about it, but have you considered whether your family would be protected? Could you get by financially if you were no longer able to work either for an extended period of time or permanently? And what if you died?

Wealth protection is an essential part of every financial plan. Without income, trauma, life and TPD protection, the wealth you've built up can rapidly erode as a result of an accident or illness.

Sterling Financial Group can assess your personal situation and recommend policies that best suit your needs. We can also review your current policies to ensure they continue to provide an adequate level of cover. This is particularly important if your financial situation changes and extended coverage is needed for additional family members.

Life protection

Imagine leaving your family burdened with the debts you created if you died. Insuring your own life ensures you leave adequate resources to your family and dependants, you might be surprised how little that peace of mind costs.

Total and permanent disability (TPD) Cover

TPD cover provides a lump sum in the event that you suffer total and permanent disability. It is available either on its own (Standalone TPD), or in conjunction with Life Care (but cannot exceed the amount of Life Care, if applicable). The lump sum paid is the amount for which you are insured.

Trauma protection

Trauma protection can provide a lump sum payment should you suffer from a number of medical conditions such as cancer, stroke, heart attack and coronary artery (bypass) surgery.

Trauma protection can be used to take care of all your bills so you're free to recover and get on with your life or pay for a long held dream. Your lump sum is paid on diagnosis of the covered illness.

Income protection

For most people, their income is their most valuable asset.  It's essential to protect your primary source for maintaining and building your wealth.

Income protection policies can replace up to 75% of your gross income if you're unable to work due to sickness or injury. That means if you could not work for an extended period of time due to accident or illness, up to 75% of your salary would usually be paid for up to age 65 depending on the terms of your contract.

The cost of that peace of mind (income protection) is tax deductible.

Succession planning and business protection

In the event of sickness, injury or death, will your business be left in safe hands? Sterling Financial Group can help put a succession plan in place and recommend appropriate wealth protection to ensure your business and family can carry on financially. Plus, we will regularly review your situation to ensure you are meeting your goals tax-effectively.

Sterling Financial Group can help with:

  • Business expense protection – provides cover to ensure your business can meet regular fixed operating expenses.
  • Buy/sell agreements – a legal contract that ensures that in the event of the death of an owner, the business is transferred to the agreed party. The agreement removes the uncertainty of who will take over the business and minimises disruption to the business and profits.
  • Key person protection – provides your business with funding in the event of the loss of a ‘key person’ in the business – someone with specialised knowledge or relationships that are integral to the business’s success.
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