Season Two, Episode 6

Segment 1
Wealth Plan TV (2.6.1) Life Insurance | Income Protection | Trauma Insurance


Wealth Plan TV today looks at risk and the types of insurance such as life insurance, income protection and trauma insurance you need to protect yourself and your family’s lifestyle. Kerry meets and seeks advice from Pina Sciarrone, Head of Adviser Services at AIA Australia.
Life insurance, total and permanent disability insurance usually paid as a lump sum, income protection is paid as lump sum monthly payment, crisis recovery or trauma insurance covers for example cancer, heart attack survival, development of blindness, permanent injuries from an accident. All of these need to be considered in deciding on your risk assessment preparations for the right type of insurance to cover your life style.
Read the conditions of your policy terms and conditions. Money saved on an insurance policy cover often works against a person when you come to claim, because their claim falls outside the policy cover. THAT is why it was a cheaper policy.
Cost and details of your insurance cover should be compared not just price.
Get expert insurance advice, risk insurance advice does not cost..
In 2011 AIA Australia paid out $445 million which works out to $1.7 million per day.
Pina states that insurance companies in general are looking to pay out genuine claims.

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Segment 2
Wealth Plan TV (2.6.2) Life Insurance | Finance Risk Management


Wealth Plan TV speaks with financial planner Dale Brilley. Factor in life insurance but consider if you have a dependents or someone to look after upon your demise. Debts die with you but can you cover the cost of your burial and not leave the problem to someone you care about?
Life insurance needs to cover the costs your partner will have to meet without your income. Kerry and Dale give you a simple formula to calculate your own coverage that you will need.
Total and permanent disability insurance look at your possible needs for home modifications and have income protection insurance to cover your loss of income. Seek advice to get the right amount of insurance, it will probably save you money.

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Segment 3
Wealth Plan TV (2.6.3) Keys to Wealth | Income and The Flow of Money


Wealth Plan TV in this segment of the program the flow of money is examined again looking at income in particular. Not necessarily do you have to cut back on expenses to develop wealth as there are several aspects to the whole concept in the “Keys to Wealth”. Income is an integral part of the “Keys to Wealth”. You can develop wealth by increasing income from your current position, getting a second job or from a business you own such as a service business or a network marketing business.

The first key to wealth in the flow of money is, income. Seek advice from your financial planner about insurance premiums, your level of insurance cover or your need to increase your income.

Phil Testa of “Multi Function Solutions” a world wide business specialising in multilingual labels puts the hard questions to Kerry Sharp.

What about the level of premiums for insurance? Look at need and cost in life insurance and the amount of premium you will pay. Level premiums are a bargain after 5 years.
Even if someone is not earning income what they do in your life is worth money and you need insurance cover for your spouse. The value of the insurance could be based on the domestic services you would have to pay for upon the demise of a spouse.

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