Personal Insurances

Risk insurance is about protecting your wealth, your loved ones and, if you’re a business owner, your business. How would your family or business cope if you couldn’t work for a couple of months due to an injury or illness? Hobart Financial Planning can make sure you have the best risk insurances in place for you, and your family. We offer the following risk insurances:

• Income protection
• Trauma insurance
• Total permanent disability insurance
• Life insurance
• Business expenses insurance

Income Protection

Your income fuels your life today and your plans for tomorrow…yet many people overlook protecting this vital element of our life. Income protection insurance is simple: it replaces your income if you can’t work due to sickness or injury. Income protection pays a monthly benefit — just like a salary — and generally covers up to 75% of your pre-tax salary.

This money can help you:

• Cover your mortgage or rent payments
• Continue to make your repayments on your car
• Take care of all your normal bills while you focus on getting better

Trauma Insurance

If you had a medical trauma, such as a heart attack, extra cash can give you and your family peace of mind. Trauma insurance takes the pressure off, so you can focus on recovering rather than your finances. Trauma insurance pays a one-off lump sum if you have a serious medical condition (like cancer, heart attack or a stroke).

This payment could be used for things like:

• Medical costs — paying your out-of-pocket treatment costs and/or paying for the very best treatment
• Funding short-term changes, like time off work or a stress-free family holiday
• Funding longer-term lifestyle changes, like permanently reducing the number of days you work so you can focus on healing
• Paying off some of your debt — the mortgage, car lease, etc

Total and Permanent Disability

Total and permanent disability (TPD) insurance helps you modify your lifestyle and gives you choice and options if you’re no longer able to work.

TPD insurance provides a one-off payment that can help you:

• Fund lifestyle changes and home modifications
• Cover the cost of long-term care or medical expenses
• Pay off debts, including your mortgage
• Fund an ongoing income for your family

Life Insurance

Nobody likes to think about what would happen to their loved ones if the worst happened. However, life insurance will ensure that no matter what, at least your family doesn’t have to worry about money. Life insurance provides a one-off payment on death or diagnosis of a terminal illness.

The one-off lump sum can be used for things like:

• Paying off the mortgage
• Education fees for your children
• Ongoing, day-to-day living expenses for your family

Business Expenses Insurance

Business expenses insurance is a financial back-up plan for your business. It covers your fixed business costs as a monthly reimbursement, so you can focus on your recovery — and not your bills. The monthly payment can be used for:

• Office rent or fees, plus interest on your property loan
• Leases on cars, equipment or machinery
• Insurance and security costs
• Bills, such as utilities
• Salaries and staff superannuation (for employees who don’t generate any business revenue)
• Costs of a locum to help out while you focus on getting better