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Personal Risk Management Strategies for Barristers

PRESENTED BY PETER STEELE

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Why do we insure?

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What is a Financial Crisis?

• Inability to earn income through illness or disability

• Inability to service debt (practice expenses, mortgages, business loans, cars, school fees, medical expenses etc)

• The total loss of your financial infrastructure, and with it the loss of all your dreams and aspirations for yourself, your spouse & your children

• Be prepared for the unexpected

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What is your Single Most Valuable Asset?

Your ability to earn an income

Imagine your situation today if your income suddenly stopped because you were unable to work

What would you do for an income?

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Income Protection Insurance

In the event of a loss of income, could you:

• Maintain your current standard of living

• Meet your mortgage repayments

• Afford ongoing school fees

• Meet your motor vehicle repayments

• Maintain your superannuation arrangements

• Continue to plan for your retirement

OR would you be a financial burden to your family?

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Income Protection Benefits

Income Protection benefits will help you to manage the ongoing financial commitments of everyday living

A consistent income stream is the lifeblood of most families

Why risk it?

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Life Insurance

In the event of premature death:

• Could your dependants repay your mortgage, personal & business loans

• Could your family meet the usual regular financial commitments

• Could the cost of your children’s education be met

• Could your family maintain the lifestyle you all enjoy

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Life Insurance Benefits

A luxury once tasted becomes a necessity

Life Insurance is the easiest way to create an instant estate. It is the most cost-effective way of protecting the assets you have worked hard for, your family’s lifestyle and their future

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How much cover is required?

• Enough to cover debt• Enough to provide for children’s education• Enough to provide an income stream to supplement

spouse’s income

Liabilities 600,000Education (3 x $260k) 780,000Income stream ($150k pa) 2,000,000Total Life Cover 3,380,000

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Trauma Insurance

In the event of a major illness could you:

• Provide for medical care• Afford to seek specialised and expensive

treatment at the time you were diagnosed• Unload worrisome debt at a time when you

could be financially vulnerable• Afford to meet immediate and ongoing

financial commitments

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Trauma Insurance

• Cancer, heart attack, stroke and other major illnesses or accidents can stop you dead without killing you

• With improvements in medical diagnosis and treatment, recovery rates are high, but the expenses involved could destroy your financial reserves

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Trauma Insurance Benefits

• Pays a tax free lump sum benefit upon diagnosis of certain medical conditions

• Allows you to obtain the best medical care

• Allows you to reduce worrisome debt

• Can be invested to create an income stream

This means that you can focus on recovering without financial pressure

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Underwriting Requirements

• Completion of the required application

• Provision of income and overheads details

• Medical examinations may be required depending on levels of cover

• Life Offices pay for all medical underwriting requirements

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What next?

• The first step is to identify your financial goals and list them in their order of importance.

• Then consider what might prevent you from achieving these goals. What are the risks?

• Once you’ve listed your goals & objectives and identified the risks you can take the appropriate action ……. implement Risk Management Strategies

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Taking Action

Make a decision to get your financial affairs in order

Start by completing our Fact Finder and Lifestyle Questionnaire

Contact me to arrange a consultation where we can address your risk problems and provide meaningful solutions

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Contact Details

PETER STEELE ANTHONY BROWN

• Monday – Friday 8.30am – 5pm

• After hours and home visits if required

• Phone 1800 552 555

• Phone 07 3362 4928

• Fax 07 3362 2885

• Email info@mlig.com.au

• Website www.mlig.com.au