Risk Management

We at Natcorp are committed to providing a quality and customised service to our clients, and specialise in the protection of individuals, families and businesses. Our priority is in the provision of personalised advice, so as to ensure the protection and ‘piece-of-mind’ in the event of illness or accident.

 

It is of vital importance to us that our recommendations allow for the best possible outcomes, and solutions are tailored to suit the needs of each individual client. Accidents and illness do happen, and we are here to help ensure that our clients are best prepared and well-covered in the event of something unfortunate. In the event of a claim, our office will instigate and manage all claims paperwork and deal directly with the insurer on behalf of the client so as to ensure as smooth a process as possible.

 

Insurance is there to provide the appropriate protection for you and any dependants should you find yourself struck down by illness or accident. There are several different types of cover, each designed to maintain your financial security throughout any difficult times.

 

 


 

Term Life Insurance

This is a lump-sum payment in the event of your death, paid out to your nominated beneficiary. The payout can be utilised for any purpose- to pay off debts, or invested to generate an income stream for surviving family, for example.

 

Premiums vary depending on age, sex, your smoker status and occupation. Higher-risk occupations, such as blue-collar manual work, would attract a higher premium than white-collar professional work.

 

Most policies will require you to have a medical examination and possibly blood tests. If you have a pre-existing medical condition you may have to pay an additional premium, or in some cases have exclusions on your policy.

 

 


Total and Permanent Disability Insurance

Most often bundled with Life Insurance, Total and Permanent Disability Insurance (TPD) can provide a safety net in the event that due to illness or injury you are unable to work again. TPD definitions vary between insurance companies, and can refer to whether you are unable to work in either your own occupation, or any occupation and so it is important that we assess your needs, and tailor cover appropriate to each individual case.

 

 


Trauma Insurance

Sometimes known as ‘critical illness or ‘recovery’ cover, Trauma Insurance pays out a lump sum upon diagnosis of a range of nominated life-threatening conditions such as cancer, heart-attack, stroke, heart bypass surgery, paralysis, and head trauma. Accidental death from injury however is not covered as part of trauma insurance.

 

Trauma Insurance is designed to pay the inevitable costs associated with major illness, such medical bills for treatments and ongoing therapies and changes in your home and lifestyle as a result of your condition.

 

 


 

Income (Disability) Protection and Business Expenses Insurance

Income Protection, or Salary Continuance, is insurance that replaces income that is lost because of an inability to work, resulting from injury or illness. An Income Protection policy will pay up to 75 per cent of gross income (salary/wages plus and any other benefits) assisting with the maintenance of your lifestyle and bills and/or loan payments you may have.

 

The actual monthly benefit paid from the policy can be agreed upon when the policy is taken-out (‘Agreed Value’), or calculated according to your income at the time the claim is made (‘Indemnity’). Each policy has its own definition of disability and conditions of benefit payment, and it is extremely important to take note of the different detail in each individual policy.  

 

You will be required to select a waiting period when taking out your income protection policy, and this can be determined on the basis of your leave entitlements as well as your access to emergency cash should you be unable to work for a period of time, due to injury of illness; selecting longer waiting periods may also decrease the overall insurance premium. The premiums are tax deductible, but the income stream paid out by the policy is taxed.

 

Business Expenses Insurance is essentially an Income Protection Policy that helps to ensure that your business may still run if your find yourself in a situation where you are unable to work due to illness or injury. Business Expense Insurance is paid out in much the same way as Income Protection and is designed to cover things such as: rent or property loans, car leases, utility bills, staff wages, and costs to bring in someone to fill your position whilst you are unable to work. Again, each policy differs from the other and it is vitally important to be aware of the exact details of your cover and which product is likely to be most appropriate for your business needs.

 

In the event of a claim, our office will coordinate and manage everything for you from beginning to end in order to ensure as smooth and stress-free process as possible and that you may focus on healing and getting well, instead of worrying about how you’re going to pay the bills.

 

 


Business Protection

Key Man Insurance, Loan Protection Cover, Partnership Protection Cover, Business Insurance for the purpose of funding mechanism for Buy/Sell Agreements

 

Australian Securities and Investment Commission: MoneySmart- Life Insurance