Secure Your Future With These Essential Protections

Whilst a lender does not require you to take out personal insurance when getting a home loan, it is essential to consider how to protect your investment and your loved ones in the event that unforeseen circumstances occur. Ensure your peace of mind with Income Protection Insurance, Wills, and Power of Attorney.

Income Protection and Total & Permanent Disability Insurance

Why are these important? Unexpected illness, injury or job loss will affect your ability to financially maintain your lifestyle and cover bills, including your mortgage payments. These insurances provide financial security by either replacing a portion of your income or providing a financial payout, dependent on the insurance policy,  to enable you to maintain your life, cover your bills and protect your assets.

Considerations:

· Choose a policy that aligns with your financial needs and lifestyle.

· Check the waiting period and benefit period options.

‍Wills: Safeguard your assets & loved ones

A will ensures that your assets, including your home, are distributed according to your wishes after you pass away. If a person passes away without a will in place, managing finances for the surviving relatives becomes extremely complicated

Why you need a will: ✔ Ensures your home and assets go to your chosen beneficiaries ✔ Avoids legal complications for your loved ones ✔ Allows you to appoint guardians for minor children

Key Steps: ✔ Consult a lawyer or use a legal service to draft your will ✔ Update your will regularly to reflect changes in your life (marriage, separation, children, new property)

Power of Attorney: Plan for the Unexpected

A Power of Attorney (POA) allows a trusted person to manage your affairs if you become unable to do so yourself.

Types of POA:

General POA – Grants authority while you are mentally capable but may be unavailable (e.g., overseas).

Enduring POA – Remains in effect if you become incapacitated due to illness or injury.

Why It’s Important: ✔ Ensures your finances, home, and affairs are managed by someone you trust ✔ Prevents delays and legal hurdles in decision-making ✔ Offers peace of mind knowing your interests are protected

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Life Insurance

Most super funds provide life insurance with your superannuation policy but is the cover amount enough to enable your loved ones to maintain their life if you were to pass away? Can they afford to stay in the family home, payout your debts and maintain their lifestyle?

What it enables: ✔ Mortgages & debts to be paid out ✔ Ongoing education of your children ✔ Assistance with home help if required ✔ Financial security for your family without your income

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 Take Action Today!

✔ Review your financial protection options. ✔ Consult a financial advisor or legal professional for guidance. ✔ Secure your home, your future, and your loved ones.

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Your home is more than just a property — it’s your future. Protect it today!

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