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Insurance

⌟ Asset Protection – Insurance

There are many reasons why a person may choose a specific insurance policy. They may want to protect themselves in case they get injured, become sick or even die. Someone may buy insurance to cover their possessions. Company owners may want to protect themselves, employees and property while conducting business. No matter what the circumstances are, having insurance to protect what matters most to you can make life much easier, and less expensive.

Having insurance gives the policy owner peace of mind. It helps to know that they are protected if something happens to them.

Insurance is simply about transferring the risk of a financial disaster off you whilst you’re not in the position to be able to afford paying for it to an insurance company that has got the capacity to pay for that disaster.

This includes transferring the risk of a financial disaster occurring like suffering a major illness or accident and not being able to work and pay your current expenses like a mortgage, business overheads, school fees or simply providing food for your family or death of a major financial family contributor {working spouse, caregiver or business partner} to ensure that life will still continue.

The death or major illness of a family member Is emotionally and financially devastating and that’s why transferring that financial risk to an insurance company that can afford to eliminate the financial burden is a major priority for all families and business owners.

We all hope that insurance premiums end up being a waste of money {in other words there was never a reason to make a claim} but if not, having the peace of mind in knowing that your family is protected is what matters most.

But in saying that,  Peace of mind is knowing that you have the correct cover with the correct definitions and the correct sum insured, in place that will pay out when you need it most- at the point of claim.

Our research helps ensure the above. But we will only deal with insurance companies and policies that underwrite you at the point of application and not at the point of claim.

The benefits of underwriting at the time of application rather than the time of claim cannot be downplayed

At Kofkin Bond & Co we will facilitate this process when lodging applications. As your advisor, we represent you and not a particular bank or insurance company.

We will analyse your current situation and identify potential risk shortfalls, research which companies will cover these shortfalls for a competitive premium, and who have extremely strong claims definitions. We will then present our findings to you in a way that you can understand how in the event of a claim your shortfalls will be covered in the most tax effective manner for you, your family , your estate or business partners.

As a result, we will set your expectations about what is likely to be an arduous process, and then (ourselves and our employees) walk each client through that process of completing forms, booking medicals, chasing up medical reports, organising blood tests, liaising with underwriters and so forth.

In many cases, were it not for us and our expertise, a client would likely either not start the process, or give up part way through. It is well worth it in the end though…to obtain the reassurance that not only are you insured, but the money you are spending on premiums is money well spent; and if you ever need to make a claim, it would be unusual that they would be denied by the insurer.

Referring to direct insurance options pursued by some consumers {including some Industry superannuation funds}, the same could not be said… for those who answer a few questions and get their insurance cover from a direct provider and usually pay the same if not a higher premium.

They will be shocked to learn that the underwriting process is done at the time of the claim, and the odds are much higher that they will have their claim knocked back either through non-disclosure or unfriendly claims definitions — discovering too late, that all the money they have been paying on expensive insurance premiums for years has been a complete waste and their family are left without the cover they thought they had.

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