Do we need Life Insurance?

Consider a few things: if you are married, have dependent children, other dependent relatives, have major financial obligations, own a business, or a large estate that will take time to distribute–If you have two or three out of these mentioned, then you probably need life insurance.

 

Life insurance can protect you and your loved ones if something goes wrong. In the same what as you can take out cover on your house or your vehicle, when you take out life cover, you pay a premium to your life insurer and if something happens, your life insurance helps cover the financial side with a lump-sum payment.

 

Having financial commitments like mortgage, personal loans or credit card debt or a family who depend on your income, you need to put in mind about what would happen if you suddenly fell into illness and could not work– or no longer around.

 

Life insurance allows you to have money  to feed your family and pay your bills if you become ill, suffer a serious injury, or become permanently disabled. Life insurance is like the life jacket in the boat– you hope you never have to use it, but it’s comforting to know it’s there.

 

Life insurance is even more important if and when something even worse happens. The death of a family member is traumatic enough without having to add financial stress as well. Stories of families whose financial status and lives dramatically changed for the worse after the death of the main breadwinner have been too many, and our aim is to lessen that.

 

There are five basic life insurances that are available to make your life financially secure no matter what happens to you in a physical way are as follows:

  1. Term Life Insurance
  2. Total and Permanent Disablement (TPD)
  3. Trauma Insurance
  4. Income Protection
  5. Business Express

 

Each of these products provide for different circumstances–and the products offered by different providers vary in terms and the extent of cover. Choosing the right policy for yourself is very important. We will look into the different types of life insurances over the next few blogs.

 

Some products vary between companies, and consumers should always read their Product Disclosure Statement (PDS)  before they purchase cover. You should always purchase an appropriate level of cover for your situation.

It is understandable that it can be difficult determining what types of cover and amounts you might need, let alone choosing an Insurer. Your adviser can assist by helping you determine your needs and recommend an insurer that is right for you.

Should you want to talk to a Financial Adviser, contact Kent McDonald from K2Wealth on (07) 3368 2002 or at kent@k2wealth.com.au.

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Financial Planning for Partnership Businesses

Going into business in a partnership can be a wonderful experience.

But partnership businesses also come with unique challenges and risks. Because in a partnership, there are two key people in the business – you and your partner. Which means if something bad happens to you, it could spell disaster for your partner too (and vice versa).

Thankfully, the solution to this problem is fairly straightforward.You need to establish suitable risk management strategies – strategiesthat provide protection for you, your partner, your families, and your business.

That’s where we come in.

Specialised Services

At K2 Wealth, we offer specialised financial planning for partnership businesses.

As small business owners ourselves, we’re passionate about helping businesses and business owners protect themselves and flourish. With the right insurances and strategies in place, you can do just that.

In a partnership business, the key to risk management is ensuring that your business can continue if something goes wrong for you or your partner. That means organising business succession plans, buy/sell agreements, loan guarantees, and key person insurance. That way, you and your partner can be confident that you’ll be protected even if you face a worst-case scenario.

Tailored Solutions

You and your partner are unique individuals, with different circumstances, needs, and goals. Your partnership business is also unique. No other business has the same challenges, or the same benefits. So when it comes to designing a risk management strategy for you and your business, there are no one-size-fits-all solutions.

At K2 Wealth, we tailor solutions, products, plans and strategies to suit your needs and the needs of your business. In order to do this, we take the time to get to know you, your partner, your business, and the things that make you all tick. We delve into your goals and dreams, and discuss your situation and circumstances. Then and only then will we recommend the right solution – one that’s carefully tailored to suit you.

Act Today

Your business is the source of your livelihood. It’s what puts bread on the table for you and your family. So don’t wait to protect it. Do it today.

If you’d like to discuss an appropriate and tailored risk management and financial planning strategy for your partnership business, we’d love to help. Call K2 Wealth today on (07) 3368 2002 or send us a message via the contact form.

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Financial Planning for Small Business – Protecting Your Livelihood

Being in business isn’t easy.

We know.

Because at K2 Wealth, we’re small business owners just like you.

We understand what it’s like to be in business. We know what drives you to do it. And we’re familiar with the passion and commitment behind what you do.

Of course, being small business owners ourselves, we also face the same trials and challenges you do. We know what it’s like to worry about clients, income, expenses, and making things “work”. We understand what keeps you up at night.

That’s why we’re passionate about helping small business owners like you protect yourself, your family, and your business with appropriate risk management strategies and insurance. Because when it’s putting bread on the table for your family, your business isn’t just your job – it’s your life.

Protection Against the Unexpected

They say that if you fail to plan, you plan to fail. In business, we all know the importance of planning. No doubt you’ve sat down with your accountant in the past to create a business and/or tax plan for the coming year. But have you spent time planning ahead for unexpected situations in your business?

As a business owner, you are your business’s most important asset. And as an income earner in your family, your ability to earn an income is you family’s most important asset. After all, it’s your business, and the income you earn from it, that allows you to provide for yourself and your family.

Keeping this in mind, it’s important to consider what would happen if you were suddenly unable to work due to an unexpected injury or illness. Could your family afford to maintain their lifestyle and cover the cost of living? Could they afford any treatment you may need? How would your business fare while you were away from it?

If you’re not comfortable with the answer to these questions, K2 Wealth can help. We’re passionate about helping small business owners like you protect yourself, your family, your business, and even your retirement plans against the unexpected with appropriate insurance cover and a comprehensive risk management plan.

Don’t Just Assume

With so much at stake, it’s important that you don’t simply assume that you’re covered. You need to make sure.

If you’d like to ensure that you, your family, and your business have adequate cover and protection, we can help. Call K2 Wealth today on (07) 3368 2002 or drop us a line.

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Reliable Financial Planning Services for Your Accounting Clients

As an accountant, your clients trust you to help them with one of the most personal and important matters in their life: money matters.

Your services help people to grow their wealth and business, and to avoid any unfortunate run-ins with the tax office.

It’s an important service for one of the most important areas of their life.

However, when it comes to protecting people’s wealth and businesses with appropriate risk management strategies and insurances, that’s our area.

That’s why, at K2 Wealth, webuild working relationships and partnerships with select accountants. The aim of these partnerships is simple: to allow you to help your clients in your area of expertise, while we help them in our area of expertise. That way, you can be confident all your clients’financial needs – including risk and insurance – are taken care of. Most importantly, you can be confident they’ll be taken care of by a financial planner who works with you, not against you.

Partnering to Promote Your Clients’ Best Interests

Accounting and tax are complicated. So are risk management and insurance. That’s why clients get the best outcome when they’re able to work with specialists in each area.

Of course, this only works successfully if both specialists are also working together. So at K2 Wealth, we’re careful to work with you as your partner in delivering this high value service to your clients. Throughout, we communicate with you so you’re kept “in the loop”. This allows us to take away the onerous burden and complexity of risk management and insurance, while still ensuring you maintain control over what’s going on and remain your client’s trusted adviser.

Call Today

Our track record working with clients for over 15 years speaks for itself. We’ve never had a compliance issue, and we deliver a high-quality service designed to care for clients for the long-term. You can read and view testimonials from some of them here.

If you’d like to discuss how we can work with you to provide this important service to your clients, we’d love to hear from you. Call our Brisbane financial planner Kent McDonald today on (07) 3368 2002 or send us a message.

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Financial Planning for Dentists – Protecting Your Business & Family

As a dentist, you face a number of unique challenges in your job – especially if you own and run a dental practice of your own.

But whether you’re completely new to the dental scene, or you’re working in a long-standing, established practice, you’ll have one thing in common with other dentists across Australia: you’re time poor.

Specialist Services

When you’re time poor, it’s difficult to get around to the important things in life. And that includes building an appropriate financial foundation, protecting yourself and your family with appropriate insurances, and creating a financial plan for achieving your goals.

That’s why at K2 Wealth, we offer specialist financial planning for dentists. We help you to build a solid financial foundation, one that includes insurances, and an appropriate estate plan. We also help you create plans for business succession and other key areas in your life. By putting all these elements in place, you can be confident that you, your family, and your business are protected.

Once your foundation is laid, we assist you with growing your wealth through strategies that are tailored to suit your needs, circumstances, goals, and preferences. This may involve budgeting, investing, or a range of other things. The important thing is that it’s tailored to you.

No One-Size-Fits-All Solutions

Althoughwe offer specialist financial planning for dentists, this isn’t a cookie-cutter service. While dentists face many common challenges, we’re also aware that every dentist’s situation is different. Your situation is unique, and so it requires a unique approach.

Because of this, we take the time to get to know you personally. Only then do we create a financial plan that’s tailored to you, helping you to take care of the things you wouldn’t have time to deal with otherwise.

Getting Started

If you’d like assistance protecting yourself and your family and building your wealth, we’d love to help. Getting started is easy – simply call us today on (07) 3368 2002 to set up an initial meeting with us at our expense.

We look forward to hearing from you soon.

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