Personal & Life Insurance
PSC Griffiths Goodall has established a sister firm, Griffiths Goodall Financial Services.
When life doesn’t go to plan, our firm is here to help keep you as on track as possible. We can help you to maintain a sense of normality and security for your family or business when unexpected events present themselves.
We strive to deliver personal and business risk insurance solutions that give you peace of mind, empowering you with the freedom to think ahead and plan for the future with greater certainty.
There are a number of different risk insurance options available that can see you through difficult times, create stability for your loved ones, and make it easier for you to get your life back.
For us, it is not just about protecting the “now”, it’s about encouraging you to see what’s possible, giving you greater control over your future through managing risk.
We will sit down with you, spending the time to guide you through the suite of personal risk insurance products available, taking extra care to see that your solution aligns with your personal and business needs to protect the people who rely on you.
Michael Stephens heads this area of the business up, having decades of experience in the life insurance, financial planning and general financial industries.
Michael Stephens can be reached on:
Authorised Representative no: 260278
Mobile 0409 212 224
The information provided on and made available through this website does not constitute financial product advice. The information is of a general nature only and does not take into account your individual objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice. We recommend that you obtain your own independent professional advice before making any decision in relation to your particular requirements or circumstances.
The purpose of personal risk insurance is to protect you and your family if you die prematurely or suffer illness, medical crisis or injury. It can ensure that any lump sum capital needs are catered for and ongoing income requirements are covered. If the unforeseen were to occur, you need to ensure that you and your loved ones in the future can depend on the wealth protection strategy you have in place.
The four most common types of personal insurances are discussed below.
Term Life Insurance
Term life cover is the most common type of insurance. It can provide a lump sum benefit to the policy owner on death of the life insured.
The aim is to financially protect families and/or businesses from the financial challenges arising from death, such as repayment of debts, covering future needs including children’s education, investing to provide an income stream or keep a business afloat.
Total and Permanent Disability Insurance (TPD)
TPD Insurance can provide a lump sum payment should the insured suffer an illness or injury which causes permanent disability. Generally a permanent disability means that you are unable to work in your current occupation, a job that you’ve worked in, or a job that you could do as a result of previous training or study. There are many specialised definitions of TPD and your financial adviser can recommend the one most suitable for you.
Income Protection Insurance
Income protection (or salary continuance) is designed to provide a regular income in the event that you are unable to work due to sickness or injury. The benefit amount payable is up to 75% of your income. This regular income will be paid during a period of disablement up to a pre-determined and agreed benefit period.
Trauma insurance (or critical illness) cover could provide a lump sum benefit on diagnosis of a defined specified traumatic event such as a heart attack, stroke, cancer or other life threatening condition.
People seek financial planning advice for a variety of reasons. Your financial goals and objectives are unique to you. Griffiths Goodall Financial Services can assist in developing a financial plan containing tailored strategies designed to meet your goal and objectives.
- Young Investors
Regularly reviewing your financial plan is important to account for changing circumstances and to make sure you are heading in the right direction.
Superannuation is an investment structure that enjoys special taxation treatment to encourage people to provide for their retirement. Often, your superannuation account will be your largest asset after your family home. In many industries you are also entitled to compulsory superannuation contributions from your employer of 9.5%. In many instances you are able to choose which superannuation fund your compulsory superannuation guarantee payments are made into.
Most investment assets that you can hold personally such as Cash, Fixed Interest, Property or Shares, can also be held within superannuation. The advantage of superannuation is that investment earnings are taxed at a maximum of 15%, versus your marginal tax rate. In addition, upon retirement, if you convert your superannuation into an account based pension (also known as a retirement income stream) this tax reduces to 0%.
We can assist in developing a superannuation strategy to help maximise retirement benefits, this may include:
- Choosing the right investment portfolio - one that suits your personal investment objectives and risk appetite
- Consolidating your super accounts
- Salary Sacrifice
- Government Co-contribution
- Spousal contributions
- Transition to retirement strategies
- Paying for Life / TPD insurances with pre-tax dollars
Key Person Insurance
Key Person is an insurance policy over the lives of the people critical to the ongoing success or viability of the business. The loss of the managerial skills, expertise and leadership of a key person can have a substantial impact on revenue and profitability. Considerable costs can be incurred in recruiting and training a suitable replacement. There may also be an adverse impact on the business’s goodwill and its ability to repay debts or other expenses. This protects the ability of the business to meet its commitments, continue in business and importantly continue to generate profit for its relevant shareholders.
A key person is someone who provides the ideas, drive, initiative and skills that turn capital investment and business assets into profit.
Key people can include:
- Business Founders and Principals
- Managing Directors
- Key Sales Staff
- Key Technical Specialists
Business Buy/Sell Insurance
Buy/sell insurance arrangements can provide financial assistance when an owner of a business dies, becomes disabled, injured or ill, or chooses to leave the business. The surviving business partner(s) will often prefer ownership and control of the business, and the Estate of the partner whom has exited the business often wants funds rather than maintaining the share in the business. Therefore, a buy/sell agreement allows the surviving business partner/s of a business to buy out the deceased or disabled owner’s interest in the business.
Owners of a business entering into a Buy/Sell will set out the following:
- How the transfer of ownership interest would occur and to whom
- Voluntary exit of a business owner e.g. retirement
- Involuntary exit of a business owner e.g. death, total and permanent disablement (Funded via insurance).
- How the value of the business will be determined
- How the purchase of the ownership interest being transferred will be funded
- Who will receive the outgoing owner’s business interest e.g. remaining shareholders, partner(s) in partnership etc.
- How often the arrangement will be reviewed
- a mandatory agreement to buy/sell, or
- an agreement to use put/call options (non-mandatory).
- Application of the small business CGT concessions will assist in reducing potential taxes if applicable.