FOR INDIVIDUALS AND BUSINESSES
Insurance is integral to financial stability for individuals and businesses. Bottrell Wealth, part of the forever expanding Bottrell Group, are a team of financial planners, who are driven to grow your wealth. Whether you are an individual looking for cover, or a business who wants to know more about what you should be protected for, our group of financial planners can provide recommendations and share their knowledge accumulated throughout their careers.
Selecting the right cover can be a complex and confusing process without the aid of expert guidance. In worst case scenarios, you may not even be covered for an event which you are under the impression you are. We can provide advice so you are covered in the event you need it. Experiencing serious illness or injury can cause a loss of income, and in some cases it can lead to a long-term disability, and consequently, a long-term loss of income. Could you afford to take a number of months of work without any income? That is why it is important to protect yourself against the risks.
The term life insurance covers the definition of a substitute for an individual’s income if they are to die. Policy holders buy cover from an insurance company, and periodically pay the set premium for the term of the policy. If the individual holding the policy dies within this time, a guaranteed sum id paid to their beneficiaries. If the insured sees out the policy term, they may receive part of the face amount of the policy.
Originating from the old practices of saving money for funeral costs, Life Insurance or Assurance is the peace of mind that if you or someone you rely on is no longer in this life, the commitments left such as loans or living costs can still be covered and a standard of living still maintained.
Total and Permanent Disability Insurance
Accidents are bound to happen in life, some far worse than others. If you or someone you depend upon were to become permanently disabled due to an illness or accident, rendering you unable to work. TPD Insurance ensures a lump sum of money is paid to the policy holder, giving a means of access to quality medical and rehabilitation treatments for those unable to engage in their qualified occupation.
This Insurance ensures financial security to you and your dependants, funding ongoing income, paying off outstanding debts and funding lifestyle changes that come from an unfortunate accident.
This particular type of Insurance covers you or the policy holder if they were to suffer from a major illness or injury, such as cancer and heart attacks. Critical illnesses require extensive medical treatment to ensure your quality of life. Taking out this level of Insurance gives peace of mind by ensuring a lump sum payment to cover stressful matters like loss of income and reduced working hours, medical charges and rehabilitation fees.
If you are suddenly unable to work, either via sickness or an accident, Income Protection Insurance is an alternate source of cash flow, contributing up to 75% of your gross income. This type of Insurance takes the financial pressure off the policy holder until they are able to return to work. If the individual is unable to return for unforeseen reasons, they are covered until the age of retirement.
Your business is often a huge asset, and you have probably spent a lot of time getting it to where it is today. Having the right insurance can ensure that it doesn’t get taken away from you. Bottrell Wealth can provide guidance and recommended insurance for your business. We also provide additional business services, such as valuation and shareholder agreements.
Key Person Insurance
Regardless of the scale of a business, every company has crucial figures that keep your cash flow coming in. In the event that just one of these large contributors were to leave or become unable to work, your business could lose substantial revenue in not only income but in knowledge and capital as well.
Key Person Insurance covers the costs associated with replacing this employee, with the policy taken out over the life of a particular individual that is sufficient to offset the estimated loss to the business if they should leave or die.
A reduction in revenue is inevitable when a key person departs. If there isn’t a suitable replacement within the business it may be a costly and time-consuming process to find and train a replacement. Other losses that may occur, such as that can’t be met, errors of judgment by a less experienced replacement or reduced productivity through low employee morale.
Revenue protection can provide your business with cash to compensate for the loss of revenue and costs of replacing a key employee or corporate owner should they die, become disabled or depart unexpectedly.
Have you thought about what may happen if you or another owner of your business were to suddenly die? Most businesses don’t have a plan in place if the worst were to happen, and some have ended from that specific situation. Equality ensures fairness and impartiality to all concerned, in this case all owners of a particular business, with principles of unbiased dealing. Equity is essential for ensuring all costs and funds associated with the business are fairly divided amongst all.
Ownership Protection can provide the continuing owners or their nominees with sufficient cash for the transfer of the outgoing owner’s equity to the continuing owners, should a depart for unforeseen reasons.
Tied closely to Key Person Insurance, Debt Insurance covers a critical individual in the business, as most debt obtained to establish a business are secured against Directors’ homes and often personal guarantees.
Bottrell Wealth Pty Ltd are a corporate authorised representative No. 1243427 of InterPrac Financial Planning Pty Ltd, where we can provide financial planning services. Australian Financial Service License: No 246638.