Risk management

A key aspect in a sound financial strategy is the establishments of an appropriate level of your risk exposure.

Risk management or Insurance is essentially the transfer of risk from the insured to the insurance company. This means that the insurer agrees to compensate you if you suffer a loss. This will assist in reducing the financial distress experienced when defined events occur.

A risk management audit of your current position will clarify areas of potential exposure. The elimination or reduction of risk exposure is part of our ongoing management process, and this component of your strategy is achieved in partnership with specialist risk insurers.

While most people insure their house or car without question, you may be underinsured when it comes to protecting your most valuable asset: Yourself and your ability to earn an income.

Life Insurance is designed to replace the financial value of a person in the event of illness, injury or premature death. The five key risk management are established as follows:

Trauma Insurance

Pays a lump sum on the diagnosis of defined illness

Income Protection

Pays a regular income in the case of disability or sickness

Term Life

Pays a lump sum on death

Business Overheads

Pays a regular income in the case of disability or sickness for business expenses

Total + Permanent Disability

Pays a lump sum in the case of total permanent disability

General Insurance

Pays the insured for claims arising from property risk

A more detailed explanation of the six key risk management products is contained in the Customer Information Brochures published by the underwriters.

The types and level of cover appropriate for your circumstances will depend on such factors as:

• ◊ Level of borrowings
• ◊ Current Income
• ◊ Number of dependants
• ◊ Total Assets

As your personal circumstances change over time, so too will your risk management requirements.