Life Insurance Sydney

Life Insurance

Most Australians will insure their car but fail to insure themselves – their most valuable asset. And where people do have the best life insurance it’s often not sufficient to payout the loan of their home in the event of their death. One in five families will be impacted by the death of a partner/spouse, a serious accident or illness that renders a parent unable to work*. This means your family will not be able to maintain the lifestyle you and your partner have created for yourselves and your children. *Source: The Lifewise / NATSEM Underinsurance Report 2010.

Life insurance provides a lump-sum payment to your family on the event of your death. It will help keep your family from financial worry while still having to deal with the emotional impact of your death.

Here are some questions to think about when considering if you need life insurance:

·       What would be the financial impact if you passed away or became ill or injured?
·       Would your family be able to meet any debt repayments?
·       How would your family maintain your current lifestyle?
·       How long could they survive on any available savings or other assets?

Business Insurance

In Australia 85% of the 2.1 million actively trading businesses have between none and four employees*.  Due to this many small businesses are heavily reliant upon the owner or a few key people. If any of these people become sick or disabled it can put additional stress on those left running the business, and impact its success. For some businesses they would not be able to repay a business loan and continue to finance their business. Sadly, many businesses do not survive once they have lost one of their key people.
*Source: ABS Counts of Australian Businesses, June 2008-2012.

Lambert Investments and Lambert Parkhill can help you manage this risk by recommending one of several types of business insurance cover:

How Life Insurance can help

With help from your Lambert Investments and Lambert Parkhill adviser you can choose a level of cover that best meets your circumstances. You’ll have peace of mind, knowing that if the worst should happen, your family will manage financially. The lump sum payout can be used to:
•    Repay the mortgage or other outstanding debts.
•    Invest to provide an ongoing income stream.
•    Meet education and/or childcare expenses.
•    Help with a business buyout.

Making a Claim

At Lambert Investments and Lambert Parkhill we handle the claims process as part of our service to you. We understand that it can be a very stressful time and overwhelming especially when you may be sick or injured. We will ensure that your claim is processed as quickly as possible and assist you with the following:
•    Obtaining any additional information e.g. medical and/or financial information depending on the type of claim.
•    Completing the claims forms on your behalf.
•    Liaising with the insurance company.
•    Keeping you up to date on the progress of the claim every step of the way.

Key Person Insurance

Key Person Insurance (also known as Key Man Insurance) is a life insurance policy that you take out to make sure that your business is covered financially if a key contributor to your business’ welfare dies or is unable to work due to a lengthy recovery period.  A lump sum cash payment is paid to compensate for the financial loss a business may sustain in the event a key person suffers a serious illness, disability or death.

Key Person Insurance can be used by small and large businesses alike. A policy can be taken out on any member of the business who is considered essential to the company’s continuing success.  The payout from the revenue portion of the policy is tax assessable and tax deductible. However, the portion of the policy that pays out to compensate capital losses is usually not tax assessable and not tax deductible. We can assist you with the best life insurance choice.

Business Expenses Insurance

Business Expense Insurance provides self-employed people with an ongoing monthly benefit to help cover the day to day fixed expenses if you are unable to work due to sickness or injury. This cover is designed for short term periods of disablement or can be longer if your illness is more severe. The benefit paid will help keep your business afloat and give you time to re-arrange your business commitments. Business Expense Insurance can help you take care of your commitments, while you focus on what matters most: your recovery. And premiums are generally tax deductible.

Cover can be obtained for fixed operating expenses such as:
•    Rent and principal and interest repayments on business loans.
•    Utilities, leasing costs for equipment and motor vehicles.
•    Accounting fees, professional fees.
•    Cost of a locum and the salaries and remuneration of employees who aren’t directly involved in generating sales.

Buy/Sell Agreement

A buy/sell agreement is a life insurance policy bought by a business on the lives of the co-owners. The business usually pays the annual premiums and is the owner and beneficiary of the policy. If one of your partners were to die this type of cover would ensure you had enough to buy out your partner’s dependants. Having a buy/sell agreement can save you and your dependants a lot of anguish when it comes to settling your business affairs. The best life insurance will help give you peace of mind.

Get Expert Advice

We have over 40 years’ experience in dealing with life insurance. Based on your specific situation we can make recommendations on the best life insurance cover for you and your business. We’ll help you navigate the application process. Most importantly, we’ll help when it comes time to make a claim.

Contact us today to find out more.