Protecting Wealth and Insurance

Protecting Wealth

Protecting Wealth - why do it?

Building wealth through a successful career, business or wise investments takes time and a lot of hard work.  But it can be lost extremely quickly if you don't manage the many risks that life can present, often without notice.

You can self-insure against a risk by putting aside money or assets to provide funds for managing the impact of a particular risk, for example, damage to your car.  You can manage health risks by having a fitness program, healthy eating plan, and avoiding risky activities.  However most people do not have the saving discipline or means to provide sufficient funds to self-insure all events.  This is where the use of insurance helps protect your wealth.

Insurance is a means of protecting your wealth, assets, income, life, dependants, health and future plans (for example retirement) against the impact of some future event.  At a commercial level you transfer the financial risk associated with a particular event from the “insured” person to the “insurer”.  In most cases this is an insurance company.

Without insurance, the occurrence of an unexpected or tragic event such as death or serious illness can leave a family or business financially destitute, destroying wealth and the ability to maintain a certain standard of living.

Click here for a brochure discussing the types of personal insurance in detail.


What types of insurance are available?

Most insurance companies classify their products as either ‘general’ insurance, commercial insurance or ‘life ‘or “personal” insurance.  The different types are briefly described below:

  • General insurances are readily available and cover things such as your house, contents, car and boat.  Many of us already have this type of insurance in place.
  • Health insurance is another type of insurance most of us has in place.
  • Commercial insurance is generally in place for business people to cover against Professional indemnity or public liability claims.
  • Personal insurances provide cover for life events such as death, total and permanent disablement (TPD), trauma/critical illness, income protection and business insurances.  This is one type of insurance where Australians are generally under insured.

IWP has an extensive range of personal insurance solutions to meet your needs.

Click here to have a financial planner contact you.


Where can we help you?

We focus on providing solutions for personal insurances covering individuals and businesses against the financial risk associated with illness, injury and death. We start with a review of your current situation and your current insurance cover to check that you are adequately covered and not putting your future at risk.  We then review your current cover with the major offerings available on the market and make recommendations on the level and type of cover you need.

Injury causes a range of physical, cognitive and psychological disabilities that seriously affect the quality of life of individuals and their families.  In Australia, injury is a leading cause of long term health problems and is a common source of permanent disability.  Physical injuries can seriously inhibit your ability to earn an income and can be a serious impediment to your financial future.  While workers’ compensation can protect you financially for injuries suffered at work, those that occur outside of work are not covered.  This is where your personal insurances are critical to maintain your lifestyle if you are unable to work due to illness or injury.

Types of personal insurance:

  • Life / term
  • Total and permanent disablement
  • Trauma / critical illness
  • Income protection / salary continuance
  • Business insurance


Click here for a brochure discussing the types of personal insurance in detail.

Ways of managing the impact of illness, injury or death:

Financial hardship can be caused when your injuries or illnesses inhibit your ability to earn an income.  Some people think that income insurance is expensive.  However, considering that a 35 year old earning $50,000 today will earn a total of $2.3 million during their working life (assuming retirement at age 65) the cost of premiums to manage the risk of reduced income would seem to be a good investment.

Without some form of personal insurances to generate income your lifestyle and that of your family would be substantially altered.  In many cases the impact on the family is very dramatic as the cost of living, paying mortgages and school fees eats quickly into the family’s reserves.  Most people comprehensively insure their cars which typically are worth less than their years income but don’t insure their income earning capacity which is probably their largest asset – isn’t it worth insuring?

Any time your circumstances change – divorce, marriage, children, additional expenses, a new mortgage or a new job - you should review your level of personal insurances, particularly income protection as your income provides the basis for maintaining your lifestyle.

IWP has an extensive range of personal insurance solutions to meet your needs.

Click here to have a financial planner contact you.



Christopher Lord, trading as Integrated Wealth Planning is an Authorised Representative of Charter Financial Planning Limited ABN 35 002 976 294 AFS License No. 234665, member of the AMP Group. Registered Office: AXA Australia Centre, 750 Collins Street (PO BOX 2830) Melbourne Vic 3001.

Information provided on this website is general in nature and does not constitute financial advice.  Every effort has been made to ensure that the information provided is accurate. Individuals must not rely on this information to make a financial or investment decision.  Before making any decision, we recommend you consult a financial planner to take into account your particular investment objectives, financial situation and individual needs.