Wealth Protection

Wealth Protection with Personal Insurance

Suppose you had an illness or accident - what would that do to your wealth creation strategies?  Most people focus on the investment side of financial planning, however insuring yourself is equally important as part of a wealth management strategy.

No-one likes to think about the worst happening.  But sometimes it does.  Insurance along with your investment strategy will ensure that, if the worst happens, you will still have the investment assets you would have had if you had worked a normal career.

Archimedes Financial Planning helps you to decide how much of your income is spent on improving the future by making investments, and how much is spent in ensuring the future wealth actually occurs, using personal insurances.

Our model for the place of insurance in a wealth management strategy is summarised in the chart below:

The Place of Insurance

Personal insurance fill in the gap between current net assets and assets required at retirement, depending on your financial goals. As net assets increase, the amount of personal insurance can be decreased if your goals do not change.

Do I need insurance within super?

Insurance requirements vary depending on your goals and personal circumstances (e.g. partner and children). The amount of cover needed to protect against a loss in income, to repay debts or to provide for dependants will depend on your circumstances.  We also explore with you the pros and cons of having these insurances within super or outside super.

Insurance as part of a wealth management strategy

There is no 'one size fits all' solution. At Archimedes Financial Planning, we help you to make informed decisions of the amounts of up to five personal insurances:

To select from the many policies from the major insurance companies, we use independent actuarial evaluation in the IRESS software. We can find you the most appropriate policy, depending on the amount of premium you wish to pay.

Contact us today for a no-obligation review of your personal insurances.

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Archimedes Clients are:

  • Professionals of any age
  • SME Business Owners
  • SMSF Trustees

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