Premature Death
Premature death can create serious financial disruption for surviving family members and dependents.
Permanent Disablement
Total and permanent disablement can be a catastrophic event that creates substantial financial cost and loss of income. This can cause increased long term living costs and long term medical expenses.
Temporary Disablement
Most people who suffer disablement recover and regain the capacity to work. In the meantime, however, they may face cash flow challenges if the inability to work causes a temporary loss of income and/or increased costs.
The Requirement for Medical Treatment
At some stage in our lives we are likely to need medical treatment. The costs of this can be substantial especially if you wish to be able to choose when and where your medical services are provided.
Your Logan Smythe adviser will explore with you the options your family has to cope with any of these eventualities
We’ll talk about:
- The financial impact. What does your family need to maintain the way of life you currently enjoy?
- The practical impact. How would the family cope if one or more of you was not able to contribute as they do now?
- The adjustments you might make as a family – in the short or longer term – to cope with changed circumstances
- Your assets and how you would use these to help cover potential financial gaps
- Your debts so that we understand how these need to managed to protect your assets
With all of that information, we will prepare your family’s financial risk management plan. It will enable you to understand what risks you can manage with your own resources and what risks you need to insure. We will also help you choose what insurance policies are best suited for your needs.
Farms are often critically dependent on a few key people for its success. And yet farmers, otherwise so focused on anticipating and managing risk, admit that they tend to downplay the possibility and potential impact of being badly injured or falling seriously ill.
