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What is personal risk insurance?
Most people know the benefits of insuring their car, home and other possessions. But too few people realise the importance of insuring their biggest income producing asset – themselves. If you suffered an accident or injury and were no longer able to work, would your family still be able to pay the bills? A personal risk insurance policy lets you insure against the chance you won’t be able to earn money. It makes sure your basic living expenses continue to be paid if an accident or injury means you can no longer meet them yourself.
There are four main types of personal risk insurance:
What kind of insurance do you need and why is it important?
As your lifestyle and financial position changes over time, so do your risk insurance needs.
Choosing the right type of personal risk insurance also depends on your current income and your existing financial commitments.
Planning for the day you leave your business is a valuable investment. Whether you decide to sell up, retire or have to get out of business due to health reasons, it’s important that you spend the time with your family and/or your business partners and plan what you are going to do. A succession or exit plan can help you outline what will happen and who will take over your business when you leave.
A good succession plan enables a smooth transition with less likelihood of disruption to operations. By planning your exit well in advance you can maximise the value of your business and enable it to meet future needs.
At Carbone Partners we can assist you in preparing for sale well before you put your business on the market:
Selling a business involves the following steps:
We make sure your succession plan is attainable by setting a realistic timetable and measurable milestones along the way. Your succession plan may include details of:
Your estate plan assists you to identify and articulate your wishes in the event of your ultimate death and determines strategies that plan to provide for your surviving family to get the right assets to the right people at the right time.
Estate planning gives you peace of mind that your affairs will be in order if you die unexpectedly or become unable to manage your affairs. The structure of an estate plan will vary according to your personal circumstances, but every estate plan has the same goal – to ensure your accumulated assets are managed and transferred according to your wishes in the most financially efficient and tax effective way.
At Carbone Partners the independent financial advisor and specialist accountants work and coordinate legal services (through our affiliate network) on your behalf, to help you develop a logical and strategic estate plan that could: