Discuss what do we recommend for the insurance policy

Assignment Help Risk Management

Reference no: EM132308751

Asssignment

"You currently only have insurance on your cars and your home contents and Mike had some for the business, and believe you need a review of the situation.

• You want your family to be looked after should something happen to either of you. I will conduct a full insurance review including:) will make some recommendations as to what may be appropriate for your circumstances.

o Life/TPD, Trauma and Income Protection

o Health insurance

o Business insurance

• With the current cash flow situation, I am concerned about your ability to afford the premiilms on any further insurances. This will be factored in when I give you my final advice "

NOTE - this was not a discussion paper, it was just a preliminary understanding of the clients goals and a second meeting.

Here is a snippet from the final recommendations of the SoA in terms of some of their insurance: "An assessment of your personal risk requirements.

Mike and Elle, you have sought our advice in relation to personal risk insurance, to ensure that your family is protected in the event that:

• You die prematurely

• You suffer total and permanent disablement (TPD)

• You suffer disablement through accident or illness and are unable to work for any extended period of time (Income protection)

• You suffer an insurable trauma event or condition

• Your family is comprehensively covered for health insurance.

Existing Cover

You have told us that you have sufficient home and contents cover, and that both of your cars are comprehensively insured, and that you consider its is adequate.

Neither of you currently have any existing Life/TPD insurance within your superannuation Neither of you have Income Protection or Trauma insurarance.

The family does not have any health insurance.

What do we recommend?

Mike, we recommend that you consider putting into place the following insurance:

$2,395.000 of Term Life Insurance and TPD Insurance

Income protection cover for 75% of your salary should you be unable to work due to sickness, accide or injury.

$100.000 worth of Trauma cover

Reference no: EM132308751

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