Wealth Protection

We protect many things in life, from our cars and homes to our health, yet many Australians do not adequately protect their most valuable asset: their ability to earn an income. Life insurance, TPD (total and permanent disability), trauma cover, and income protection provide a financial safety net for you and your family in the unlikely event of serious injury, illness, or death. Without appropriate cover, an unexpected event can have a devastating impact on your family’s financial security. Our wealth protection advisers in Brisbane North can help you assess your needs and put the right cover in place.

There are four main types of personal insurance that fall under wealth protection. Life cover (also known as term life insurance) pays a lump sum to your nominated beneficiaries upon your death. Total and permanent disability (TPD) cover provides a lump sum if you become permanently unable to work. Trauma cover (also called critical illness cover) pays a lump sum if you are diagnosed with a specified serious illness such as cancer or a stroke. Income protection insurance replaces a portion of your income if you are unable to work due to illness or injury. Our Brisbane North wealth management planners can tailor a combination of these to suit your circumstances.

Income protection provides you with a regular income, typically up to 70% of your pre-disability earnings, if a serious illness or injury prevents you from working. To determine whether you need it, consider whether you have the financial resources to maintain your standard of living if you were unable to earn an income for an extended period. Most Australians do not, which is why income protection is an important part of a sound wealth protection plan. Our advisers in Strathpine and Bald Hills can assess your situation and recommend appropriate cover.

Yes, many Australians hold life insurance, TPD cover, and income protection within their super fund. Holding insurance inside super means that the premiums are paid from your super balance rather than your personal cash flow, which can make cover more affordable on a day-to-day basis. However, there are trade-offs to consider: premiums paid from super reduce your retirement savings, and the policy terms inside super may differ from those available outside super. Our wealth protection advisers in Brisbane North can help you weigh up the options and determine the best structure for your needs.

We recommend reviewing your wealth protection cover whenever your circumstances change, such as starting a new role, purchasing a property, getting married, having children, or taking on new financial commitments. It is also important to review your waiting period and benefit period to ensure you are not over-insured or under-insured. Even if your circumstances have not changed significantly, an annual review helps ensure your cover remains appropriate and competitively priced. Contact our Bald Hills office to arrange a review of your current insurance.

You may be eligible for some support depending on your situation, such as WorkCover, employer sick leave, or Centrelink payments. However, these entitlements are often limited in scope, duration, and eligibility. WorkCover, for example, only applies to workplace injuries and typically does not cover illness. Sick leave balances run out, and government benefits may not cover your existing financial commitments. A comprehensive wealth protection plan ensures you and your family are properly protected regardless of how an event occurs. Our Brisbane North wealth management advisers can review your existing cover and identify any gaps.

The amount of life cover you need depends on your personal circumstances, including your outstanding debts (such as a mortgage), your family’s living expenses, the cost of your children’s education, and any other financial commitments that would need to be met if you were no longer here. There is no single correct figure; it should reflect what your family would need to maintain their standard of living. Our wealth protection planners at Bald Hills, Brisbane North, can work through the numbers with you and recommend an appropriate level of cover.

In most cases, yes. Income protection insurance premiums paid outside of superannuation are generally tax deductible for Australian taxpayers, which can help reduce the effective cost of your cover. However, it is important to note that any benefit payments you receive under an income protection policy are typically treated as assessable income and taxed at your marginal tax rate. The tax treatment can vary depending on how your policy is structured, so we recommend discussing this with your financial adviser. Our Brisbane North team can help you understand the tax implications as part of your overall wealth protection strategy.

Stepped premiums are recalculated each year based on your age, meaning they start lower but increase over time as you get older. Level premiums are calculated based on your age when you first take out the policy and remain relatively stable over the life of the cover, though they may still be adjusted by the insurer. Stepped premiums may suit those who want lower costs now, while level premiums can be more cost-effective over the long term. Our Strathpine and Bald Hills wealth protection advisers can help you determine which premium structure best fits your budget and planning horizon.

Lifelong Wealth has access to a broad range of insurers and can tailor a wealth protection plan to suit your specific circumstances. We make the insurance process straightforward by assessing your needs, researching the market, recommending appropriate cover, and assisting with the application process. If you ever need to make a claim, we are here to support you through that process as well. Our wealth management advisers are based in Bald Hills, Brisbane North, and serve clients across Strathpine and the wider Brisbane region. Contact us on (07) 3188 5140 to discuss your wealth protection needs.