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Wealth Protection
Westlawn Financial Planners can offer you a friendly locally based service tailored to all your wealth protection needs. Our financial advisers are specially qualified in all aspects of wealth management. Please make an appointment with one of our advisers to review your personal financial situation.
Westlawn Wealth Management nurtures you to improve and protect your financial lifestyle... Our family to your family.
Westlawn Wealth Management Pty Ltd ABN 32 124 861 409, Authorised Representatives of GWM Adviser Services Limited ABN 96 002 071 749, Australian Financial Services Licensee, 105 – 153 Miller Street North Sydney NSW 2060.
Life Insurance
With life insurance, you’re really insuring your family’s lifestyle. Life insurance pays out upon death. You won’t be around to enjoy any benefits. But your family will. And that’s why it’s important to have some cover. As the major breadwinner, who would look after the rest of your family in the event of your untimely death?
For professional advice on the correct amount of life insurance please phone one of our qualified advisers.
For professional advice on the correct amount of life insurance please phone one of our qualified advisers.
Income Protection Insurance
While life cover will maintain your family’s lifestyle in the event of your untimely death, what happens if you can’t work because of illness or an accident?
This is when you need the regular income provided by income protection insurance, otherwise known as disability insurance. It’s estimated that you will earn something like $4 million over your working life, so it’s important to protect your income. It is a fact of life that at the age of 35 you are 10 times more likely to be disabled then die.
This is when you need the regular income provided by income protection insurance, otherwise known as disability insurance. It’s estimated that you will earn something like $4 million over your working life, so it’s important to protect your income. It is a fact of life that at the age of 35 you are 10 times more likely to be disabled then die.
Trauma Insurance
If you’re diagnosed with a critical illness or crisis, trauma insurance can relieve you of financial difficulties. Unlike income protection insurance, which is dependent on your inability to work, trauma cover is paid out on the diagnosis of a defined critical illness regardless of your working status.
Instead of receiving a monthly income stream, you are paid a lump sum that you can spend on whatever you like - medical bills, your mortgage, changes to your home to accommodate your disability even care for your children or some home help. The insurance company makes no demands on how you spend the money. Trauma insurance is often an adjunct to term life policies.
Instead of receiving a monthly income stream, you are paid a lump sum that you can spend on whatever you like - medical bills, your mortgage, changes to your home to accommodate your disability even care for your children or some home help. The insurance company makes no demands on how you spend the money. Trauma insurance is often an adjunct to term life policies.
Total & Permanent Disability Insurance (TPD)
Similar to Trauma Cover, if you’re deemed to be Totally & Permanently Disabled, TPD insurance can relieve you of financial difficulties. Instead of receiving a monthly income stream, you are paid a lump sum that you can spend on whatever you like - medical bills, your mortgage, changes to your home to accommodate your disability even care for your children or some home help. The insurance company makes no demands on how you spend the money. TPD insurance is often also an adjunct to term life policies.
Estate Planning
Most people prefer not to think about what happens when they die and put off planning for this situation. It is a very important issue to think about early and is an essential part of the financial planning process. Estate planning is determining how your assets will be divided on your death to ensure they are distributed efficiently and according to your wishes. Proper estate planning can reduce worry for your spouse and/or beneficiaries. All sorts of problems can occur if you have not planned your affairs properly.
It does not matter how small your personal wealth is, you should still ensure you have a current Will and plan your affairs. Appropriate estate planning can allow you to pass on your assets to your beneficiaries in a tax effective way and can minimise the effect of capital gains tax. As part of the process you should also check your superannuation funds and life insurance policies to see who you have nominated as your beneficiary and seek to make changes if necessary and possible.
Property and investments which are held as "joint tenants" cannot be distributed through your Will. Ownership passes automatically to the surviving owner. If owned as "tenants in common" your share in the property is distributed through your Will. You can buy a do-it- yourself kit and prepare your own Will. This may be cheaper but care is essential to ensure your Will is legally enforceable. The executor is responsible for carrying out your wishes after you die according to the instructions. You should choose someone you trust, who is responsible and willing to accept the responsibility. This person must be named as executor in your Will. You may appoint more than one person.
It does not matter how small your personal wealth is, you should still ensure you have a current Will and plan your affairs. Appropriate estate planning can allow you to pass on your assets to your beneficiaries in a tax effective way and can minimise the effect of capital gains tax. As part of the process you should also check your superannuation funds and life insurance policies to see who you have nominated as your beneficiary and seek to make changes if necessary and possible.
Property and investments which are held as "joint tenants" cannot be distributed through your Will. Ownership passes automatically to the surviving owner. If owned as "tenants in common" your share in the property is distributed through your Will. You can buy a do-it- yourself kit and prepare your own Will. This may be cheaper but care is essential to ensure your Will is legally enforceable. The executor is responsible for carrying out your wishes after you die according to the instructions. You should choose someone you trust, who is responsible and willing to accept the responsibility. This person must be named as executor in your Will. You may appoint more than one person.
