Insurance is protection that we put in place for a rainy day (whilst hoping that day never comes!). It protects you, your family and your future lifestyle. If that rainy day ever comes, it allows you to focus on your health without financial stress knowing you and your loved ones are protected. It isn’t designed to make you rich, but rather to ensure that you are never poor.
Australians are renowned for our ‘she’ll be right!’ attitude, however, one in two men and one in three women will be diagnosed with cancer by the age of 85 (Qld Cancer Council). Sadly, this prognosis leads to expensive medical bills and time off work which can significantly affect your financial future.
Our insurance packages are tailored to your personal, financial and lifestyle goals. We will help you identify any risks and provide guidance on whether you should self-insure, or transfer that risk to an insurance company. We use technical, legislative and product research to give you the best advice and solutions possible. We will then complete product applications on your behalf (let’s face it – you have better things to do) and work with the insurers to negotiate the best terms possible.
Gallagher Tip… Some personal insurances may also be held by superannuation funds, freeing up your cash flow and potentially creating better tax outcomes. This is a common strategy but we will consider your individual goals before making a decision about how to pay for your cover.
Life insurance provides for your family if you are not able to. You will be paid a lump sum if you die or become terminally ill. This lump sum can be used to cover a home loan or other debts, pay for a funeral, children’s education, estate equalisation, or provide income for your family.
Life insurance premiums can often be deducted from superannuation for tax deductibility and to improve cash flow (based on individual circumstances).
Total and Permanent Disability insurance is paid if you become so seriously disabled that you will never work again. It pays a lump sum and is designed to assist with lifetime medical expenses, home modifications such as wheelchair access and professional medical care. It also compensates for lost income for the remainder of your working life.
TPD insurance premiums can often be deducted from superannuation for tax deductibility and to improve cash flow (based on individual circumstances).
Arguably one of the most important insurances for fit and healthy people, trauma insurance pays a lump sum if you are diagnosed with a serious medical condition or undergo certain medical procedures. It covers a large range of conditions including but not limited to cancer, heart attack, stroke, loss of limbs or sight, severe burns or deafness.
Sadly, if you suffer from one of these illnesses there could be significant medical costs including rehabilitation. Trauma insurance helps you pay for any treatment and meet your financial obligations whilst you recover.
Gallagher Tip… Trial drugs can cost $125,000 per treatment course and are not covered by the Government Pharmaceutical Benefits Scheme (PBS). Trauma cover ensures that you can afford the BEST possible treatment for you and your family.
You are your biggest asset so protect your ability to earn an income! Without your income, can you pay your mortgage, buy groceries, pay for children’s education and meet your expenses?
Income protection pays a monthly benefit to replace your wage if you are unable to work due to sickness, injury or illness. Income protection is generally tax deductible and extremely important for anyone who relies on their income to pay the mortgage, buys groceries and fund their lifestyle.
Income protection premiums can often be deducted from superannuation for tax deductibility and to improve cash flow (based on individual circumstances).
Business Expenses Insurance is for small business owners that are reliant on one key person to retain profitability. Without that one key person, revenue would drop while fixed costs remain, placing significant financial pressure on business cash flow. This insurance is different from income protection but similar in the fact that it pays a monthly benefit while you are unable to work. It protects fixed costs so you can focus on your recovery, not the mounting business bills such as: