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Wealth Protection & Personal Insurance

We believe that protecting your investments, lifestyle, and family is vital in your wealth creation process.

What is Personal Insurance & Income Protection?

Life Insurance pays a lump sum benefit on the death or diagnosis of terminal illness of the insured person. Life Insurance can be held inside or outside Superannuation.

Income Protection generally provides up to 70% of your pre-tax income if you are unable to work due to an accident, illness or injury. Income Protection Insurance can be held inside or outside superannuation.

Why do you need Personal Insurance or Income Protection?

You should have Life Insurance in order to provide for your family/loved ones in the event of your death. Life Insurance typically would make provisions for the following: repay outstanding debts, children’s current/future education costs, replacement income, and funeral & estate planning expenses.

Income Protection Insurance is important if you/your family are heavily reliant on an individual’s regular wage. It is especially important if you have debt such as a mortgage or personal loan and you need to make payments even if you are unable to work.

Hudson Insurance and wealth protection is available for new and existing clients.

Hudson’s insurance specialists can save you money on your premiums by assessing your situation, your existing coverage, and determining the best policies for you. Book an appointment by calling us on freecall 1800 804 296 or book online!

We offer personal insurance and wealth protection in the following areas:

Life Insurance

Purpose: Life Insurance pays a tax free lump sum benefit on the death or diagnosis of terminal illness of the insured person. Life Insurance can be held inside or outside superannuation.

Why should you have it? To provide for your family/loved ones in the event of your death.  Life Insurance typically would make provisions for the following: repay outstanding debts, children’s current/future education costs, replacement income and funeral & estate planning expenses.

Trauma/Critical Illness Insurance

Purpose: Trauma Insurance pays a tax free lump sum should the insured suffer a major illness such as heart attack, cancer or stroke. You can also insure your children should they also suffer a major illness. Depending on the insurer, trauma insurance can cover up to 60 major events.  Trauma Insurance can only be held outside superannuation.

Why should you have it? To provide replacement income should you not be able to work or pay for medical bills or existing debts.

Total and Permanent Disability Insurance

Purpose: TPD Insurance pays a tax free lump sum payout should the insured become totally and permanently disabled and unable to work. TPD Insurance can be held inside or outside superannuation.

Why should you have it? To provide for your family/loved ones in the event of total or permanent disability. TPD Insurance typically would make provisions for the following: repay outstanding debts, children’s current/future education costs, replacement income and provide for medical bills/ongoing cost of care.

Income Protection Insurance

Purpose: Provides up to 85% of your pre-tax income if you are unable to work due to accident, illness or injury. Income Protection Insurance can be held inside or outside superannuation

Why should you have it?  Income Protection Insurance is important if you are self-employed and you are heavily reliant on your regular wage.  It is also important if you have family members or dependents that are reliant on the income you earn and you have debt such as a mortgage or personal loan and you need to make payments even if you are unable to work.

Common Personal Insurance mistakes

  1. The main mistake we see clients make is not reviewing their insurance policies regularly. There is a “lazy tax” here in that there is often a lower-cost alternative.
  2. We also see a lot of clients signing up for insurance policies without the use of an adviser, whereby the small print dictates that the underwriting occurs at the time of claim, rather than at the time of application. This markedly increases the chance of an insurer not paying out as they often find a way not to approve the claim.
  3. Many people close down or rollover their Superannuation accounts without realising they have insurance policies that then lapse.
  4. Likewise, many people will cancel or allow a policy to lapse when it becomes too expensive, without considering alteringthe policy, e.g. reducing the benefit amount, increasing the waiting period, or reducing the benefit period.

How Hudson can support you

If Hudson is the servicing adviser on your insurance policy, we will regularly review the policy with you to make sure that everything is appropriate. We will consider whether you are over or under-insured. We will review the competitiveness of the premiums being charged. Hudson will represent you in the event of a claim at no cost. We have decades of experience in this area which will increase your chances of a successful claim.

Step by Step Process to organising your income protection

The Hudson step by step insurance process is simple;

dStep 1: Reach out to one of Hudson’s insurance advisers by giving the office a call on 1800 804 296 and talk to our friendly CSO (client service officer), Matt Paul, about talking to our insurance adviser.

Step 2: A Hudson Adviser will set up an initial meeting to review your current financial and wealth status and to work out what sort of insurance may benefit you and your future goals and needs. We will advise on the amount of cover we think is beneficial but will work with you and your budget all the way.

Step 3: Once we have decided on the level of cover and type of cover, we then use our software to find the best quote among many different insurance companies to suit your individual circumstance. It is at this stage that we will require more personal health details in order to have the best chance at the lowest premium.

Step 4: We provide ongoing support and assistance for you once the insurance policies are set up, and in the event of a claim we do all of the hard work for you. Your policies will be reviewed in line with your financial goals every year.

Work with Hudson today

By participating in a full insurance needs analysis, Hudson’s Insurance specialists can help determine your financial situation, objectives and needs, and tailor a financial plan around the levels of cover required to help you achieve your financial goals.

Alternatively, Hudson can also provide a tailored plan with a defined level of insurance cover as requested by you. They will review any existing cover you currently have and provide recommendations around a financial product that will be in your best interests.

Book an appointment by calling us on freecall 1800 804 296 or book online!

 

FAQs for Personal Insurance:

Discover our most commonly asked questions relating to personal insurance and income protection at Hudson.

How much Personal Insurance do you need? 

There is no one-size-fits-all and it depends on your personal circumstances, however the common things you should consider are debt levels, children’s education costs, replacement income, funeral expenses, existing savings/assets. E.g. Someone with a $500,000 mortgage, 2 kids, earning $100,000 a year might consider taking out:

  • a Life insurance policy for $1,000,000; $500,000 to wipe the debt, $200,000 for schooling and $300,000 to provide for future lost income and cover funeral expenses, in the event of their death.
  • An income protection policy to cover up to 70% of their income, in the event that they cannot work due to accident, illness or injury.

Does everyone need Personal Insurance? 

The majority of Australians require some form of personal insurance. The minority that don’t would need to have sufficient assets and/or passive income that would continue in the event of a death or inability to work. The question you need to ask yourself is what would you do in those situations.

How do you manage the costs of Personal Insurance?

If you are funding your insurance policies personally and find the premiums are becoming harder to manage you can discuss altering the policies with your Hudson adviser. We can likely reduce the premiums, either by considering an alternate insurer, or staying with the same insurer and changing the terms; reduce the benefit amount, increase the waiting period, reduce the benefit period.

How do you know which Personal Insurance is the most important for the person?

You need to discuss your personal situation with an adviser. Those with large debt levels may require a higher amount of Life Insurance. Those with higher incomes, especially those with specialist occupations, may wish to focus on income protection, as losing their income may be the greatest risk to them. If you are not currently employed or perhaps you are a casual worker, you might consider taking out a trauma policy, which provides a lump-sum payment in the event of various conditions such as cancer, heart attack or stroke.