Products / Services > Personal Risk Management
We have an Australian Financial Services Licence (No. 244 597) authorising Austplan Pty Ltd to provide financial services advice.
Austplan Pty Ltd is now one of Australia ’s largest providers of personal risk advice. This arrangement offers the client a wide variety of insurers selected to best suit their personal circumstances.
A complete risk planning service and report accompanies any advice. Austplan provides all administration and claims administration for our clients.
Personal risk management applies for all income earners who would be seriously financially affected by a misadventure or illness.
Have you protected yourself in case of loss of income due to sickness or injury? Income protection insurance helps to provide peace of mind if you can’t work because of a disability.
Critical illness insurance pays on your life not on your death. A lump sum is paid to you, if you contract a specified critical condition as defined in the policy document whilst the policy is in force.
This policy is superb for protecting debt. This payment provides real financial relief and independence when you need it most - in your time of recovery and recuperation. This benefit is available to people aged between 17 and 59 and can be renewed until the policy anniversary date before your 70th birthday. The benefit will pay you a lump sum if you survive for 14 days after the occurrence of a major medical condition.
That among Australian heart attack victims, more than 4 in 10 will die within a year and over half of all heart attack deaths will occur before the person reaches the hospital?
Life cover is where you insure yourself for a particular amount. Then if you die whilst the policy is in force, the insurance company will then pay that amount to your beneficiaries. Otherwise, if you contract a terminal illness whilst the policy is in force, the insurance company pays you a relevant benefit.
Total and Permanent Disability
Total disability features cover for total and permanent disability. Your insurance company pays a lump sum if you are unable to return to work.
Please note that the amount of premium you will pay may vary according to the benefit, combination of insurance policies you choose, your age, sex, occupation, state of health, whether you smoke or not, the premium frequency and sum insured. How and when you would like to pay your premiums is very flexible, you may choose quarterly, six monthly, or yearly either by cheque, direct bank debit or credit card.
One of the largest claims that Austplan has processed in the past few years was with a man named Joe. Joe was in his late thirties, and he and his wife owned a very successful business. They had three staff, a good reputation and a healthy profit margin. Joe and his wife had also just begun to start the family with the birth of the baby girl, Michelle. Life was going well for Joe and his family.
Driving to work one day, Joe heard one of the local radio announcers discussing his recent diagnosis of diabetes after going to a doctor due to constantly feeling run down with little or no energy.
After hearing this discussion, Joe immediately thought, "That's me, I have diabetes" and decided to see his family doctor, confident with his self-diagnosis. Two weeks before Christmas, the blood tests came back and two days later Joe was in hospital waiting to be operated on for bowel cancer.
Fortunately for Joe's family, Austplan were able to expedite the claim and his income protection was paid immediately from the day he first went to the doctor. His benefit was 75% of his salary package (the maximum allowable insured benefit). As he was the key person in his business, the half million dollar trauma policies were paid out on diagnosis of his cancer for personal debt, whilst the Key Person insurance cleared any debt and kept the business running.
The lump sum of was paid within 14 days of diagnosis. Six months later, the Claims department of the insurance company together with Joe's doctor, decided that it was unlikely that he would return to work. Thus, the insurance company paid out a further half a million dollars on total and permanent disability.
Sadly, Joe has since passed away, however I am sure that he is comforted with the fact that his family has been well cared for.
