Have you recently been offered a DVA permanent impairment compensation payout and not sure what to do?
Your service in Defence can be very rewarding but may also leave you with injuries that you may have to live with for the rest of your life. With the process of getting your injuries recognised by DVA and eventually receiving a DVA permanent impairment compensation payment offer taking such a long period of time, you want to ensure that the decisions you make along the way are right for you and your family.
When you receive an offer of compensation for DVA permanent impairment, you have a choice between taking full lump sum, partial lump sum with regular income stream or solely a regular income stream. Navigating the DVA process is difficult and deciding on which option is best for you and your financial future is even harder. Which permanent impairment payout option you choose is very dependent on your personal situation and what you are trying to achieve.
As a result of your injuries, you are likely limited in your ability to work, or potentially not able to work again which gives you even more reason to maximise the tax free DVA payout offered to you. Once you have elected whether to take the DVA permanent impairment lump sum payout or income stream you cannot change your decision and you may lose the ability to receive financial advice subsidised by DVA, which makes it even more important to get it right the first time.
How we can help
Our adviser, Jared Nicholas, is ex-Defence and has been through this process personally for both him and his wife. He understands how stressful it can be just having to deal with DVA, let alone making an important financial decision. With his experience in both Defence and as a financial adviser, he can explain everything to you in a language you understand and give you confidence that you are making the right decision as he is passionate about helping his fellow veterans.
As financial planners located on the north side of Brisbane, we can discuss the different options with you, the pros and cons of each, and use projections to see what impact each decision would have on your financial future. We can accommodate you coming into our financial planning office in north Brisbane, or via a video conference if you do not want to make the drive. By discussing your situation with a qualified financial adviser, you can have peace of mind that you are making the decision that best suits your situation.
Your financial advice with LifeLong Wealth is not limited to the decision of what DVA permanent impairment payout offer to take, as qualified financial advisers we can also assist with your broader financial needs. We can assist you with your superannuation, insurance, investments, mortgages and more, with the option of receiving regular advice if you have more complex or comprehensive financial planning needs.
Whether you have Military Super (Military Superannuation and Benefits Scheme MSBS) or the previous product of DFRDB (Defence Force Retirement and Death Benefits Scheme) our financial planners can assist you. As qualified financial planners, we can also tailor investments to your needs, whether you are looking to build wealth for your future or establish a regular income stream. It can be difficult to buy a home and get a mortgage if you are receiving a CSC pension or DVA incapacity payments, we can assist you through the process to get you the best outcome. While DVA covers a majority of your healthcare needs with your DVA white and gold card, you may still have insurance needs which become increasingly difficult to acquire with recognised injuries. Our financial planners can research which covers may be suitable for you and your family to secure your financial future and assist you in obtaining them.
If you have received a permanent impairment offer, you may be entitled to receive financial advice funded by DVA. We make the process simple by charging DVA directly so that you are not out of pocket and do not have to deal with getting reimbursed by DVA.
How to contact us
If you are interested in discussing how we may be able to assist you with your DVA permanent impairment compensation offer, or any other financial needs, you can book an initial meeting with one of our advisers by calling 07 3188 5140 or following the “schedule an appointment” link on our website. As we appreciate the service of all current and former defence members, the first meeting is completely cost and obligation free.