Personal Insurance Advice

Insurance is an essential tool to help protect you and your family from financial hardship, at a time when you can least afford it. It’s designed to manage risk and provide your family with peace of mind. It’s important to maintain your insurances at appropriate levels.

Personal Insurance Is A Lifeline, During Bad Times

At SMSF Strategic Advisors, our focus is on personal insurance, specifically life insurance, total and permanent disability insurance, income protection and trauma. Having this insurance in place is a lifeline, at those worst possible times. Each of these insurances can and should be tailored to suit your specific needs and circumstances.

They should be reviewed regularly, taking into account any changes to your income or lifestyle factors each year. We’re pleased to provide a quick overview of these personal insurances, explaining why they are so important.

  • Life Insurance protects your family and loved ones in the event of your passing. Obviously, this would be distressing enough, imagine your family not only losing you, but then their home as well. Life insurance is particularly important for those who support their family financially and for parents of young children.
  • Total and Permanent Disability Insurance provides financial security, should you be injured and unable to return to / continue to work as you did before. This is important if you’re the primary income earner in your family. It provides a lump sum payout, determined at the time of your application. The amount calculated takes into consideration your loss of income, estimated medical expenses, cost of any housing changes and any outstanding debts.
  • Income Protection Insurance is designed to do exactly what its name suggests. It means that if you’re unable to work for any period of time, due to sickness or injury, then it can replace up to 75% of your income during these times. This is important for all primary income earners, especially those servicing the home loans or providing for the cost of living expenses for the family.
  • Trauma Insurance provides cover and financial peace of mind for a number of major and predefined medical events, including heart attack, stroke and cancer. It is a tax free, lump sum payout which will offset medical bills and loan repayments.

Each of these personal insurances, and the level of coverage required, should be discussed and arranged with an experienced financial planner. SMSF Strategic Advisors will work closely with you to determine the appropriate level of personal insurance required, and then implement same to protect your financial future.

Two Common Personal Insurance Mistakes

  • Not regularly reviewing your level of cover, against your actual requirements. For example, if you’ve increased your loans and/or family size has increased, you may need to increase your level of cover;
  • Comparing on price only. Don’t look at just the price of the policy, make sure you delve deeper to look at the features, benefits and inclusions. The small print matters when it comes to personal insurance policies.

At SMSF Strategic Advisors we are passionate about personal insurance and providing professional advice to protect your financial future. For more information contact Rita Zappulla on (07) 4225 5428 or info@smsfsa.com.au

Client Testimonials

We’d been looking for someone knowledgeable and trustworthy to give our finances a financial health check. Our search led us to Rita. We couldn’t have been happier. Rita’s passion, knowledge, genuine interest and attention to detail not only put us at ease, but also opened our eyes to areas where we needed to improve. She pointed us in the right direction and equipped us with strategies to grow our wealth and plan for retirement. As if that wasn't enough, she also reviewed our insurances and pointed out how we were inadequately covered and updated all our covers. Things we rarely think of in our busy lives. We cannot thank Rita enough for all her assistance. We haven’t hesitated recommending Rita to family and friends because we know they will be well looked after.

Sharmila & Rahul Reddy

Thanks to Rita, I have finally started the process of financial planning. She was fantastic to work with. She made everything so easy to understand and her straight forward approach is so refreshing. Rita made sure it was easy for me to understand and has given me excellent strategies to work with. She got me thinking about planning for the future. When someone writes numbers on paper and it’s all black and white, we realise how many things we take for granted. She didn’t sugar coat anything, she said what our risk ratio is and what we need to minimise it, financial plans to keep our kids and maintain our lifestyle if things went wrong in life. Thank you Rita for sorting out our insurance and drawing up the financial plan. One step at a time.

Dr Anvitha Rao

Having been self-employed for the majority of my working life I have always been very focused on my business, but never seemed to find the time to plan for retirement. An opportunity came up to purchase the office I was renting, and I looked into buying it through a SMSF. After some research it seemed far too complicated and I had almost given up when I found Rita. From the first meeting it was very evident Rita had all the answers. I needed to set up a SMSF and borrow to purchase the office, and with a positive and proactive approach Rita made the whole process easy. Thank you Rita – rather than paying rent each month I am now getting one step closer to retirement.

David Jaunzems - Cairns Beaches Realty

Our accounting practice communicates with clients regarding their superannuation and retirement goals. We are also often asked about borrowing through self-managed super funds, or we may identify planning opportunities for clients using their super. Whilst we can identify these issues or opportunities exist, we do not have the expertise to advise or deliver outcomes. That’s where Rita comes in. Having worked with Rita for many years, we are always confident to recommend her services. She works closely with us and provides thorough and practical advice to our clients. This strengthens our client relationships because they are getting results.

Miriam Eagle FCPA - Partner – Eagle Accounting, Cairns

Our first meeting with Rita was held a few days before Christmas. We were meeting with our bank manager to discuss some business restructuring options prior to my father-in-law leaving for overseas in the next few days. As our bank manager recommended Rita, we phoned her during the meeting to see if we could arrange an appointment. As I explained that we were trying to make some major decisions about our business and our self-managed super fund, Rita dropped what she was doing and came around to our home immediately to join our meeting. She asked very intuitive questions and listened intently before she gave some sound, direct advice that has helped our family know we could move forward financially and restructure the business to provide peace of mind to both sides of the family. From day one Rita’s enthusiasm, thoroughness, sound advice and absolute dedication to do her best for us has been undoubtably evident. We are very fortunate to have her as our financial planner and now our friend.

Jane Mitchell - Nordig NQ Pty Ltd

Rita, the “nine year” plan we undertook when you first set up our SMSF is now completed. As of October 2018, our pension/SMSF is totally tax free to the kids. Thanks!

Patsy Bilic - Silkwood

An arms-length referral by another professional is one of the greatest compliments that could ever be given. You are effectively trusting that your clients will be looked after with respect and the highest possible quality professional and personal service available. The risk of a bad experience for a disgruntled client could result in collateral damage back to our practice. I have been referring clients to Rita for a number of years after meeting her through a mutual client. At that time, I was disillusioned with the financial planning space after receiving considerable negative feedback from clients. Looking back, referring clients to Rita has been one of the best business networking decisions I have made. The feedback from clients has been excellent and the communication between Rita and our office has been proactive for the benefit of our mutual clients. I have found Rita to be honest in her dealings with clients, ensuring that their best interests are a priority over and above any potential financial gain for her business. Vipiana & Associates are proud of our relationship with Rita and her team at SMSF Strategic Advisors and we look forward to many more years of working together for the benefit of our clients.

Allan Vipiana - Vipiana & Associates Accountants & Advisors