Life Insurance

Life Insurance

Planning Process
The proper planning of your life insurance needs is essential if you are to avoid paying too much premium and avoid the tragedy of having too little cover. CLS can assist with the following:

• Personal and family situation
• Business situation
• Keyman Protection
• Buy/Sell funding arrangements for the orderly transfer of business ownership

Planning is the most important area if CLS are going to achieve the best outcome for you.

The process involves “a getting to know you” session where the Adviser goes through a question and answer process together.

Your basic information on occupation, income, family commitments and other insurance and superannuation etc is collected.

This then extends to obtaining an understanding of the circumstances you will want to be in if you are unable to work due to health, how this might affect your debt situation and your long term retirement plans as well as taking care of you, your spouse and children. The event of your death or that of your spouse brings a lot of other financial considerations which need to be addressed.

CLS offers an easy and relaxed means of discussing your situation and sorting out what your needs and wants are and providing solutions for you (not always insurance based). This process is very important, as whilst having too much insurance would be a waste, having too little or a poorly planned program could be a tragedy.

This process takes a couple of meetings because clients are often having to consider situations and circumstances they had not thought about before and it sometimes takes a little while to work through.

The other valuable part of this process is that a couple often comes away with an understanding of the issues involved and of each other’s expectations that they may not have otherwise had.

There are often a lot of issues to be addressed and solved. It is usually not simply a matter of arranging "some life insurance".

All recommendations are made in writing. Once your requirements have been established they are matched to various insurance contracts that best suit your financial needs. No two life insurance contracts are the same and the inclusions and wordings can differ significantly and it is important to have the contract which best suits your specific needs.

The ongoing service involves regular reviews of your situation to advise on your changing needs and any changes in the products available.

Should you only require advice on a single product or situation such as income protection or death and / or total and permanent disability etc CLS are able to deal with that in isolation and provide specific advice to that requirement.

If you do not want advice of any sort the Adviser is able to transact your specific instructions for you.

Term Life Cover (Death)
This is as it suggests – you have to die for a claim to be paid. Not much use for you but it is essential if you wish to care for your spouse and children and have all those family plans and dreams fulfilled.

The main criterion in assessing the relative qualities of a death cover contract is price. All the insurers use the same definition.

Most contracts now offer early payout if you are diagnosed with a terminal illness.

Term life cover as it is correctly called has dropped significantly in price over the past 10 to 15 years and is now relatively inexpensive.

To access lower priced term life cover may mean reapplying. This can be worthwhile as some premiums have been significantly lowered. Contact CLS to discuss this. The premium may be tax deductible in many circumstances – Speak to an Adviser to find out how.