Life and Health Insurance
No one wants to consider the worst-case scenario, but being prepared is what Life Insurance is all about. It’s making sure that your family and children are provided for in the event that something does happen. It’s ensuring that your mortgage is covered or that your partner won’t have to struggle during his/her retirement years.
At Abraham Insurance, we take the time to actually listen to our clients and understand what it is that they want and need from a comprehensive Life Insurance policy. Looking at your current income, any relevant financial assets, and anticipated expenses, we can develop a plan that is right for you and your loved ones.
It’s never too early to start thinking about creating a Life Insurance policy devised to accommodate you and your family’s needs should something happen. Our specialists can walk you through the process, make suggestions, and help with any questions or concerns.
- Mortgage Repayment: If something does happen, knowing that your family can keep the home and consequently will not have to struggle with payments certainly gives all involved peace of mind.
- Retirement Funds: Your partner and/or spouse should not have to struggle in their golden years. Life Insurance policies can make sure they have the retirement income they need.
- Funeral Expenses: A comprehensive policy can help cover all related funeral/burial costs.
- Daily Expenses: In the event of the worst happening, your family still needs to be able to survive and pay monthly bills, credit cards, and basic living expenses. We can design a policy with these things in mind.
With a highly effective public health care system in place, many find that in emergency situations their needs are sufficiently covered. However, what happens when a non-emergency situation arises, or when your child needs a doctor to treat his/her illness? Ideally, you want to be able to go to a physician of your choice, without having to wait in endless lines.
Health Insurance enables you and your family to get treated by some of the best doctors in your region, exactly when you need to. Getting seen immediately versus having to wait on a public list, can have a huge impact on your health and subsequent recovery. Perhaps no insurance plan is more important in terms of giving you peace of mind than a comprehensive Health Insurance policy.
- Prescription Costs: While some medicines may be subsidised, some and/or portions of some may not be. This is where a Health Insurance plan can help cover the cost of the prescription needed.
- Medical Expenses: A Health Insurance policy enables you to see the doctor of your choice when you need to see a surgeon or specialist as well as providing unlimited medical procedures
If you have become ill or suffered an injury that stops you from being able to work, Abraham Insurance income protection insurance pays you a monthly amount to cover your financial responsibilities such as household utilities and expenses, mortgage, or rent payments. It means you can still have money coming in, so you can keep on with your life even though you’re not earning.
Benefits of Income Protection
- Your Income protection premiums can potentially be tax-deductible. This policy is an indemnity policy, which means your premiums are potentially tax-deductible.
- Payments are adjusted for inflation. Your policy payments are inflation-adjusted. This is calculated on an annual payment basis.
- Receive a partial benefit and still return to work. You can return to work albeit in a limited capacity, receive less than 75% of your normal wage/salary, and still apply for disability assistance.
- Cover for injury/illness reoccurrence. You are covered if the same illness or injury returns. If the relapse returns with six months you do not have to wait for the benefit to be reinstated. The previous claim will be regarded as a continuation of the claim and the period will be added together as one claim period.
Mortgage Protection Insurance
Mortgage Protection Insurance covers your monthly mortgage repayments if you are unable to make them due to injury or illness. MPI is intended to safeguard the policyholder if they are unable to meet mortgage repayments, as well as cover the monthly payments of the mortgage if you die, become gravely ill with a medical condition, or lose your job.
Cover mortgage repayments
Almost all mortgage protection insurance policies need you to decide on a monthly payment amount to cover a waiting period before your coverage begins being paid out. During this period you will receive your monthly payouts. Your policy cover is paid by the insurer until it expires, or until you are in a position to return to work.
Trauma Cover is an insurance policy that pays a lump sum to a designated beneficiary if they suffer a serious illness or trauma and survive 14 days.
If you're diagnosed with a serious or terminal medical condition, the financial repercussion that it can have is incredibly traumatic. Trauma Cover is an insurance policy that has been created to assist in taking away the financial concern, which will allow you to concentrate on your recovery.
Why do you need Trauma Cover?
With the continuing developments and improvements in medicine, it means there is a very high chance you may survive a serious condition or server illness, but the potential cost that it can have on you can be substantial. Trauma Cover insurance will be able to assist in minimizing the significant financial impact, allowing you to concentrate on what’s important to you and your family - recovery. Trauma Cover will provide you with a lump sum amount and it’s your decision as to how the money is spent. This is examples of how this money can help are:
- Cover day-to-day expenses (e.g. utilities, food, petrol)
- Pay debts. (e.g. mortgage, credit cards)
- Pay for your medical costs that are required for your recovery.
- Look at using alternative treatments that may assist with your recovery.
- Paying for alterations to your home, that are part of your rehabilitation and assist with your daily tasks.
Abraham Insurance can assist in providing you with the correct health insurance as there are many different health policies and it’s important you find the one the fits with your particular situation.
Do you need total and Permanent Disablement Cover?
TPD cover provides you with a one-off lump sum if for any reason you suffer a debilitating injury or serious illness, which means you are in a position where you are permanently unable to work.
For many people in highly trained occupations, becoming permanently unable to work is a catastrophic, financial disaster. If this happened to you would you or your family be able to cope? If not TPD insurance pays you a non-taxable benefit based on the fact you are no longer able to work in your business and are unlikely to ever return to that occupation.
TPD is a very specific insurance policy and it’s advisable that you talk to Abraham Insurance agent to ensure you have the correct cover to meet your specific requirements.
Shareholder Protection Cover
Shareholder Protection is crucial in providing cover to your business ownership. If a business shareholder is unable to work or becomes permanently disabled or dies your business could be severely impacted. Implementing protection for shareholders, in conjunction with a sturdy continuity agreement, will assist in your company avoiding or reducing the impact of such an unfortunate situation.
You may need shareholders protection if
• If you own a business, are a partner or shareholder.
• If you are a shareholder and you are not in a position to work due to a serious injury, trauma, or death This could potentially mean the current shareholders would need to buy out the interest of the departed shareholder.
• You need a financial solution to help execute a succession agreement for your business.
• If the company has more than one shareholder.
• If you are unable to 'buy out' a shareholder's shares.
It’s critical that you check your current buy/sell agreement or create one when w your Shareholder Protection policy, as it clarifies and determines what happens if a shareholder dies or leaves the business. It’s crucial in determining what happens to the shares and who will acquire/purchase them. Implementing a buy/sell agreement is crucial in safeguarding this process.
Key Person Cover
- More often than not small to medium-sized businesses rely heavily on one or two key people and without these people there is a risk that the business would likely be unable to operate properly or at all, at least in the short term. Abraham Insurance can help with Key Person Cover.
- Key Person Cover's main function is to put procedures in place to enable the smooth running of your business until your key person returns to the business or measures have been implemented to replace them. This benefit can be used in any way that's beneficial to your business. Key Person Cover is able to be paid out as a monthly benefit enabling the business to remain operating until suitable managers/administrators can find a means to mitigate the loss of that key person. Or, the company can receive a one-off payment that it can reduce or debts, administer funds to shareholders, and shut the company down in a responsible and orderly way. In essence Key Person Cover is an insurance policy where the company, is the main recipient.
- Abraham Insurance understands the different options available and what it takes to get the right cover. To make sure you get the right advice and cover, you need to talk to an expert. Abraham Insurance can help you.
Business Overhead Cover
Business overhead expense (BOE) insurance helps your business meet its current and ongoing business costs if an owner or a co-owner is unable to work due to a persistent disability. Depending on the nature and length of the injury your business may also need funds to keep running while you’re recovering. Business overhead expense insurance covers your business important daily running costs when you are unable to. For this, you need Abraham Insurance to provide you with business overhead expense insurance.
What Does BOE Insurance Cover?
BOE insurance covers business expenses such as salaries/wages, taxes, payments on equipment and property, and the principal and interest on mortgaged payments. BOE can also cover utility costs, property taxes, legal and accounting fees, and business insurance expenses.
Employer Health Cover
Abraham Insurance offers companies/organisations with over ten staff the benefit of Group Health Insurance. We are able to tailor a competitive incentive structure that benefits current staff members as well as providing the opportunity to attract quality employees with an attractive health plan. We specialise in corporate and commercial businesses ranging from small to medium-sized enterprises.
Employer-funded schemes come with significant benefits and at Abrahams, we can negotiate the best possible terms with regards to discounts and concessions for your company. We can provide schemes with comprehensive cover for employees with pre-existing health conditions as well as offering competitive rates for family members.
What are the benefits of Employer Health Insurance?
- Immediate Acceptance.
- Group health insurance will cover employees up to a specific amount without needing to provide evidence of health for all authorised employees who are actively working on the date a scheme commences.
- Value for money for all employees and family members.
- Full health cover available during any unpaid leave by any employee.
- Group health insurance works out to be a small percentage of your companies total salary budget and this enables you to provide comprehensive health insurance cover for your staff, which in turn makes them feel like a valued employee.
- We also ensure that employees on parental leave receive full cover.
Our health insurance specialist can explain the options available and we can work with you to design a plan tailored specifically to your company and your budget.