Dec42015
Business InsuranceNews Business Insurance - Key Person Insurance

Does Your Company Have Key Person Insurance?

Business Insurance, News

Do you know about key person insurance? It is a form of business insurance that protects your business if you lose a person who is essential to your operation. Here are some situations in which you may strongly consider key person insurance.

Employee Who is Difficult to Replace

If a restaurant loses a dishwasher, it is easy to find another one almost immediately. But what if you are a dental clinic and you lose your most popular dentist to a heart attack?

Young Employees

Often, succession plans are in place for older employees who are nearing retirement age. But what about younger employees who are projected to be there for years to come? If a young employee dies, it can “blindside” an organisation.

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Dec32015
Investment PlanningNews Education Plan For Kids With Financial Planners

Planning an Education for Your Children

Investment Planning, News

One of the many services our financial planners provide to our clientele in the Perth area is planning an education for their children. We know that everyone wants to provide for their children and an education is at the top of the list for a lot of parents. According to the Financial Planning Association of Australia (FPA), though, some families may be better off not trying to put the money aside because it could make them become a burden to their children later in life.*

The FPA strongly suggests getting your own finances and lifestyle in order before deciding whether or not to put money away for your children’s education. If you can, though, here are some options suggested by the FPA that can help you save for your children’s education.*

Pay Down Your Mortgage Faster

The FPA suggests that you would be well-served to focus on paying down your mortgage as soon as you possibly can. One strategy includes finding the lowest rates and using a redraw facility to pay for college expenses.*

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Nov262015
Insurance ProtectionNews Total And Permanent Disability Insurance

Are Your Wealth and Family Protected?

Insurance Protection, News

Total and permanent disablement insurance, or TPD, is a form of disability insurance that pays you a lump sum payment in the case that you are never able to work again due to disability. TPD can help ensure that your needs and your family’s are covered if you become permanently unable to work. (1)

Sadly, a disability can happen to anyone, young or old. A person can suffer a debilitating injury by playing sports, driving or even walking down the street. A head trauma or severe illness can have life-changing consequences. These are all risks that we face every day of our lives, even if they aren’t in our consciousness.

How TPD can Help You

If you sustain an injury or illness that makes you unable to work, TPD can help you provide for your family. It is usually purchased in tandem with life insurance to provide a “financial safety net” for you and your family in the event that you are no longer able to work. (2)

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Nov252015
NewsWealth Protection Ins and Outs of Income Protection Insurance

The Ins and Outs of Income Protection Insurance

News, Wealth Protection

Income protection insurance can be an important part of your wealth protection program. At Approved Financial Planners, we offer income protection insurance from AMP Capital, which is our parent company.

How Does Income Protection Insurance Work?

So, what is income protection insurance? It protects your family and your lifestyle if you are unable to go to work due to injury or sickness by paying up to 75% of your current income. (1)

Income protection insurance may be appropriate for you if you want to sustain or replace your current income in the case of injury or sickness. It can also be appropriate if you want to protect and secure your and your family’s financial future. You may want income protection insurance if you are looking for a product that can be adjusted to meet your individual financial needs. (1)

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Nov242015
Insurance ProtectionNews Activities that Raise Premiums

Activities that Raise Premiums and Make it Difficult to Obtain Life Insurance

Insurance Protection, News

Are you an active person looking for life insurance who lives in the Perth area? Are you wondering why your premiums are so high? Here are some high-risk activities that may be raising your life insurance, courtesy of a US not for profit organisation called “Life Happens.”*

Cliff Diving

This is diving off of a cliff into water. It is exceedingly dangerous for many reasons. If you don’t hit yourself on the way down, you can sever your spinal cord when you hit the water, especially if it isn’t deep enough.*

Big Wave Surfing

Australia has a lot of world class surfing. Unfortunately, finding the biggest waves causes the most risk. If you don’t drown, break bones or suffer severe organ damage, you can fall victim to a shark attack.*

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Nov232015
Financial PlannersNews Financial Planning in Perth

Is Financial Planning “Only for Rich People”?

Financial Planners, News

When our financial planning professionals talk to people in our Perth office, we occasionally talk to people who have the opinion that “financial planning is only for rich people.” At Approved Financial Planners, we have the backing of our parent company, AMP Capital. Here is what they have to say about how financial advice can be helpful to you, no matter where you are on the financial ladder.*

Helping You Attain Your Financial Goals

No matter where you are on the “ladder,” your financial goals are going to be unique. Whether you are planning your retirement or just trying to take your current situation to the next level, you can find help from Approved Financial Planners. A financial adviser can function as another set of eyes and help give you a different perspective on your individual financial situation and what you need to do to achieve your goals.*

Why Advice Can Be Helpful

A financial planner can be like your own, personal “money coach.” They have access to information and expertise that can help you figure out where you want to go and how to get there. It’s never too early to start; the faster you start, the faster it is possible to attain your goals.*

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Nov202015
NewsRetirement Planning Investment Property for Retirement Income

Retirement Planning 101: Pros and Cons of Investment Property for Retirement Income

News, Retirement Planning

Our retirement planning professionals have been helping clients in the Perth area since 2005. We have more than 40 years of combined experience in the financial planning and advising field. Property investing is currently a popular form of saving for retirement. We would like to share with you some warnings from the Australian Securities and Investments Commission about property investing to help you decide whether or not it is appropriate.

“Pros” of Property Investing

One of the more attractive benefits about property investing is that you can create rental income while also benefiting from capital growth over time, assuming that your property actually does increase in value. Another benefit is that property is a less volatile investment than shares. When you invest in a bricks and mortar rental property, it is a tangible asset that you can touch and see.*

There is also a tax benefit to property investing. You can use the costs of maintaining and managing your property as an offset against your taxes. The interest on your loan can also be used to lower your taxes.*

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Nov192015
Financial PlannersNews Financial Planning Perth For Financial Stress

Is Financial Planning the Solution to Financial Stress?

Financial Planners, News

According to a recent survey by the Australian Psychological Society, financial stress was the leading cause of stress among Australians in 2014. Approved Financial Planners in Perth is aware of how financial stress can affect families and we are here to help you alleviate that stress.*

By the Numbers

Stress can not only affect your mental health, but your physical health, too. Seven out of ten who responded to the survey said that their current levels of stress were affecting their physical health. One out of five reported that impact to be from strong to very strong.*

49% reported personal financial issues as a source of stress in 2014, compared to 52% in 2013. However, this is not a trend, as 48% reported financial stress in 2012 and 53% reported financial stress in 2011, the first year of the survey.*

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Nov172015
NewsRetirement Planning Age Pension During Retirement

Do You Want to Rely on Age Pension?

News, Retirement Planning

Age pension still exists to help those who need it, but the retirement planning professionals in our Perth office are dedicated to helping you secure a future in which you don’t have to rely on age pension.

Our Approach

The earlier one begins investing, the more money then can amass for their future. Sound investments make money due to the principle of compound interest. Compound interest is what happens when you reinvest interest that you made in previous years and make interest on your past interest.

As anyone who is paying attention to their home or auto loan knows, compound interest can add up to a lot of money. AMP Capital uses a simple example. If you make 15% interest on $1,000 in one year and reinvest it, the next year you are making interest on $1,150.*

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Nov32015
Mortgage BrokingNews Mortgage Broking and Financial Planning in Perth

Where do You Put Your Extra Money: Your Super or Your Mortgage?

Mortgage Broking, News

Because we offer both mortgage broking and financial planning to our Perth area clientele, we are in a unique position to answer a question that a lot of people have: is it better to put your extra money in your super or your mortgage?

Recently, this issue was discussed on news.com.au in an article called, “Weigh your super and mortgage to see where it’s best to put your money.” In the article, some industry experts were quoted about various strategies to figure out where to put your extra money. *

At Approved Financial Planners, we aren’t allowed to provide anything on this blog that constitutes or can be interpreted as “individual advice.” All advice has to be given on an individual basis. This is usually done in person, after we gather some basic information from you.

The article we described above is a perfect example of why advice is best given in person after becoming acquainted with your financial situation. The only thing the “experts” seemed to agree upon is that there isn’t any “silver bullet” answer.*

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