Enjoying Retirement

Taking care of my young family...

Knowing my finances are working for me

If this happened to me...


The average person holds a comprehensive motor vehicle insurance policy on their car. This is usually to safeguard against damage should your vehicle be in an accident. If your car were to be in an accident, would you be in it at the time? Would you possibly be injured and could this injury affect your ability to maintain your financial obligations and lifestyle?

The structure in which you own the insurance is also important which is why you need specialist advice.

Life Insurance

We provide advice on how to insure against the uncontrollable in life. Specialising in the following services of Life Insurance - Insurance there to protect your family's future and those assets you have worked to create.

Life insurance is paid as a lump sum to either a nominated beneficiary or your estate. The policy is paid out on either death or diagnosis of a terminal illness that will end in death within 12 months.

Policy is generally taken out to eliminate financial hardship after death of a spouse, especially if there is one or a main breadwinner. Proceeds can be used to pay out debts such as mortgage, pay for children's education or invested for the family's future needs. Cover can also be paid out to the new guardians of children in order to facilitate home extensions, education and ongoing costs of raising children.

'In Australia there is a death every 3 minutes and 56 seconds'

(Source: Australian Bureau of Statistics 2006)

Trauma Insurance, To pay you a lump sum if you have a trauma or serious illness.

Trauma Insurance is paid out as a lump sum to assist you if you are diagnosed with a defined evet. Events that are covered are defined in the policy and generally cover such diagnosis as cancer, heart attack and stroke. Should you be diagnosed with a condition, chances are you will be out of the workforce for at least some time. Trauma cover eliminates financial hardship so that your focus can be on recuperating and adjusting to lifestyle changes. Cover can be used to pay debts, medical costs or necessary alterations to your home such as handrails etc.

'On average 1 in 3 men and 1 in 4 women are likely to suffer some form of cancer during their lifetime'

(Source Australian Institute of Health and Welfare 2004)

Loss of Income Insurance

Provides a regular payment, generally each month. It will replace 75% plus your SGC can continue to be paid - so up to 85% of your usual monthly income when you are unable to work due to an accident or illness. Premiums are generally tax deductible, whilst any claim received forms part of your assessable income. Cover is generally to provide for family's lifestyle and meet financial obligations whilst you are unable to work.'Every working Australian has a 1 in 3 chance of becoming disabled for more than 3 months before turning 65 years old'

(Source Institute of Actuaries of Australia 2006)

Business Expenses Insurance

Business expenses insurance, covers up to 100% of your fixed recurring business expenses like rent, utilities and non-income producing staff wages, if the insured cannot work because of sickness or injury. Payments are made monthly as a re-imbursement of costs incurred and will pay for a maximum of 12 months. Premiums are usually tax deductible.

Key Person

An important area of planning within your business should be risk management of key personnel within the business.

An owner or employee is a "key person" within your business if they are responsible for generating most of the business income. The key person will vary depending on the industry and the business. Most employees are non income producing - that is they may have an important role in the business, but if they weren't there tomorrow, they could be easily replaced or would have little impact on the bottom line.

However some employees are key in that a majority of the business income would stop if they could no longer work.

Think about the key people in your business and start your risk management planning by asking if your business could:

  • Survive if a key person was suddenly unable to work due to illness or injury?
  • Cover the loan payments to the Bank (and would the Bank call the debts in)?
  • Maintain cash flow to meet ongoing commitments?
  • Continue to provide an income to the incapacitated person?
  • Fund a succession planning strategy?

Key person insurance may take the form of Income Protection, Business Expenses, Life, Term & Total Disability or Trauma - it is the way it is used within your business that makes the difference.

Are you already thinking "but it won't happen to my business?"

1 in 6 men and 1 in 4 women aged between 35 and 65 will suffer a disability that results in them being unable to work for 6 months or more. For people over age 40, the risk of developing heart disease is 1 in 2 for men and 1 in 3 for women. (CommInsure 2010 claim statistics)

Yet three quarters of business owners don't have income protection (or business expenses cover), even through the premiums are tax deductible for both. Only a quarter of business owners could maintain their current lifestyle for more than 6 months if they suffered a serious illness or injury.

Total Permanent Disablement (TPD) Insurance.

Total Permanent Disablement (TPD) Insurance provides a lump sum to assist you if an accident or illness leaves you unable to work in either your own or any occupation again. It is important to discuss 'own' or 'any' cover with an advisor to adequately understand any cover and ensure that you have the right policy for your occupation. Purpose of insurance is to provide finances in the wake of you being unable to work again. Money can be used to pay debts and leave a lump sum to replace income as well as meet medical expenses. -

Australian Financial Services Licence & Australian Credit Licence No: 333543, ABN 61 133 869 182

GCR Financial Pty Ltd T/AS C2G Financial Services. GCR Financial Pty Ltd is not owned by any bank, insurance company, fund manager or superannuation provider.

GCR is an Australian financial advisory & services group. Being privately owned allows us to operate without institutional control, bias or restriction..