Debt. This has to be the biggest financial risk/burden someone has to deal with in his or her lives. 

It seems no one can get away without having it in some form. Be it credit cards, hire purchase, personal finance and loans or mortgages for property and business, it is usually somewhere in people's lives.

What can you do to manage debt? Have the right sort of debt for the right reason is a start. There are many options for accessing and structuring debt.

When it comes to managing debt, we find eliminating the debt with the highest interest rates is the priority. 

This is usually unsecured loans, car finance and credit card debt. Hunt around; you may be able to restructure this into a lower interest rate that allows you to pay it off faster, we can also assist with doing this for you.

When it comes to your risk management and insurance the key things we will talk to you about are:

1. Making the payments if you are disabled for a period.
We will be talking to you about key person, income or mortgage repayment insurance, either or all depending on your situation.

2. Reducing or eliminating the value of the debt if you have a major life changing medical event that you can recover from.
Using Trauma or Critical Illness cover to reduce or pay back the debt so you can maintain your lifestyle/business income even if you can’t go back to work at the level you were working at before your medical event.

3. Eliminating the debt if you are so disabled, you cannot work in your current job ever again.
The least likely but something that does happen. A little bit similar to the second point but keyed against your ability to do your own job.
You may be able to do another job, but this does not guarantee you will earn at the same level you did.
By utilising a product called Own Occupation Total Permanent Disability, we can pay off the debt and reduce your need to earn at the level you did.

4. The discussion about dealing with the financial mess afterwards covers the last situation we need to consider, you not being here.

This gives people the security that they can keep their home and/or business at a time when the rest of their life is going through a major upheaval.

If you want to chat about your situation, or you have questions please Contact Us