Insurance Products
A mortgage broker or lender should always give thought to the protection of a borrower’s income and assets when assessing their financial situation and capabilities during consideration of an application for finance.
We believe that offering an Insurance Service to our clients is essential and that it would be improper for us not to do so, because no matter how healthy and prosperous your current lifestyle; good health and prosperity do not carry a lifetime guarantee.
In fact, for most of our lives we live with a thin line between a comfortable lifestyle and financial distress!
Here’s why:
- On average, Australian families need 35.2% of their income to service just their home loan repayments¹
- According to a recent AMP/Natsem study, it costs around $310 per week to raise 2 children² (approximately $150,000 from birth to age 18 per child)
- There is a 1 in 3 chance you will be off work for a period of 3 months or more due to illness or injury before you turn 65³
- 33% of males and 25% of females will be hit by a major illness like cancer before they turn 75¹¹
- Almost a third of Australians over 45 who retire early, do so due to health or injury reasons²²
Underinsured or Overexposed?
In short, many Australians are not just underinsured, they are overexposed to large amounts of debt, without the backup they need if injury, illness or death occur.
Having adequate insurance cover to protect against life’s uncertainties is sensible financial management. It ensures that you, your family and loved ones can continue to enjoy the quality of life that you richly deserve.
Why do I need Insurance Protection?
- Imagine if you suffered an accident or illness that was to keep you from working for a
period of 6 to 12 months.
Do you have enough savings to cover such an event?
If self employed, would the business and family income survive?
How long would it take you, to recover financially from such an event?
- Imagine if something traumatic happened that prevented you from earning an income
for the rest of your life.
Do you have enough assets to fall back on to cover such an event?
- What would happen in the event of your sudden unexpected death?
How would your family and loved ones cope financially?
Where will they be living in 2 years time?
Would you, your family and loved ones have the financial support that is needed, when you need it most of all?
Have you got yourself covered?
One of the key issues people raise when considering insurance is the cost. Many people think of insurance as a luxury and expensive, but in reality it can be quite different!
There are a number of affordable insurance options available to cover against many unexpected events:
- Loan or Mortgage Protection
- Income Protection
- Trauma and Critical Illness
- Total & Permanent Disability
- Term Life
- Tradesman Insurance
- Business Insurance
- General Insurances
It is possible for a 45 year old non-smoking male to obtain death cover as well as Temporary & Permanent Disablement cover for around $5 a day. Obviously, the cost of insurance will vary depending on your individual circumstances and insurance needs, but $5 a day is not much when you think about it, is it? |
Did you know that you may be able to have your Super Fund pay the premium so it does not affect your Cash Flow?
Loan Protection*
Loan Protection is designed to take care of your mortgage repayments when an unfortunate event occurs, such as Disablement or the Inability to Work due to sickness or accident, Involuntary Unemployment or Death.
Income Protection*
Income from personal exertion is usually a family’s most valuable asset as the mortgage /rent, motor vehicle, children’s education, food, clothing and everyday expenses are dependant on your ability to earn that regular income. Income Protection is designed to replace up to approx. 75% of your income if you are unable to work due to sickness or injury. Premiums are fully tax deductible for most people.
Trauma Insurance*
For peace of mind in knowing that if you experience Death, Diagnosis of a Terminal Illness, Disablement and/or Suffering from a major condition like cancer, kidney failure, coronary artery disease or heart attack; your family can receive a lump sum amount, to assist with meeting their immediate and ongoing financial responsibilities.
Disability Insurance*
This type of insurance cover is an optional extra offered with Term Life Insurance. It pays a lump sum amount if you suffer a permanent disability (according to policy definitions) that prevents you from working.
Term Life Insurance*
Term Life is designed to pay a lump sum amount if an insured event, like death or terminal illness occurs. Make sure of your family’s financial security even if you are not there to do it yourself. Optional Trauma and Total & Permanent Disability Cover can be added to the policy.
Tradesman Insurance*
Trades & Services Pack Insurance provides insurance protection for those engaged in trades and services, small businesses with less than 5 employees.
Public & Product Liability
General Property
- Mobile Phones
- Motor Vehicle
- Tools & Equipment
Business Insurance*
Business Pack Insurance is designed to provide a wide range of insurance protection for small to medium sized Retail, Commercial and Industrial Businesses with Trade and Office specific coverage.
The policy covers varying sections that you can tailor to protect the operations, assets and individuals associated with your business.
1. Fire & Perils |
7. Public & Products Liability |
Business Overhead Insurance*
Business Overheads Insurance is a business expenses insurance that covers the regular fixed operating expenses of your business if you can’t work due to sickness or injury.
General Insurance*
Home & Contents Insurance
- Domestic Workers’ Compensation
- Worldwide (contents related) Personal Liability Cover up to $20 million
- Extended Protection for contents outside the home
- New for Old replacement
- Additional Cover against some instances of fraudulent credit card use
Landlord’s Residential Property Insurance
- Flats, Units, Apartments and Houses
- Liability cover
- Optional Replacement benefit
- Optional Loss of Rent cover
- Worker’s Compensation
- Loss of Building or Land value
Private Motor Vehicle
- Choice of Comprehensive, Third Party and Own Damage coverage
- Protection for all types of Motor Vehicles
- Products designed to provide protection against loss, damage, theft, property damage, towing, redelivery and theft costs
Caravan
- On site Australia wide cover
- Burglary and Theft of Contents
- Liability cover
- Annexe and Contents
Did you know that CommunityBE$T offers a FREE Asset Protection Analysis & Quote with all Home Mortgage Loan Applications and will pay up to 12 months worth of Term Life Insurance Cover Premiums on behalf of the designated loan applicant(s) with any Combination Loan effected under our ‘We’ve got you Covered Promotion’ (conditions apply^).
If you would you like more information or to arrange a FREE Asset Protection Analysis & Quote, phone (02) 4633 8700 and speak with a Financial Services Consultant or email us and we will contact you.
*The information provided above does not take into account your personal circumstances. You should consider the appropriateness of the information having regard to your objectives, financial situation and needs. You should obtain a Product Disclosure Statement (PDS) for these products from any office of CBHL or it’s service providers and you should consider the PDS before deciding to purchase or hold any of these products.
^Details of particulars and conditions relating to the We’ve got you Covered Promotion can be obtained from any office of Community Best Home Loans Pty Ltd.
¹ Real Estate Institute of Australia (REIA) media release, Low affordability challenges gen x & y – 8March2007
² IFSA media release, Life and risk sales up as Aussies hear wealth protection message – 26April2007
³ Institue of Actuaries Australia, 2000 interim Report of Disability Committee.
¹¹ The Cancer Council Australia, Facts & Figures – December2004
²² Australian Bureau of Statistics, Retirement and Retirement Intentions Australia Aug 2004 to June 2005.