Checklist for financial wellbeing
22 January 2023
Republished 15 October 2024
Preserving and protecting your wealth and assets
Ensuring that you and your family are protected in the event of a critical illness, accident or death is vital as you build wealth and assets.
List of Services
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Will & Estate Planning
- Do you have a Will?
- When was it last reviewed?
- Have you declared a Power of Attorney?
- Have you completed an Advanced Care Directive form?
- Have you completed a Binding Dealth Benefit Nomination Form for your Superannuation balance?
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Life/Total & Permanent Disablement (TPD)
- Provides for the finances of your family in the event of dealth, or total & permanent disablement.
- Have you considered whether your coverage is sufficient?
- Ensure you understand your policy in reards to its criteria for permanent disability and description of occupation.
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Income Protection Insurance
- Provides a regular source of income should you be unable to work for a period of time due to illness or injury. Waiting periods and benefit periods vary, so know the details of your policy.
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Private Health Insurance
- Provides a range of benefits when you need hospital or allied health care. You may also avoid paying a higher Medicare levy surcharge depending on your income.
- If you do not have approved Private Health Insurance Hospital cover by the time you are 30, a 2% per year loading rate will apply to future premiums you will be charged by the insurer.
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Superannuation
- Consider merging superannuation accounts to eliminate fees across multiple funds.
- Have you checked for lost superannuation?
- What is the investment portfolio within your superannuation fund? Does this reflect your risk profile?
- Consider any insurance available within your superannuation fund.
Discuss Further?
If you would like to discuss, please get in touch.
Disclaimer
The information provided in this article does not constitute advice. The information is of a general nature only and does not take into account your individual situation. It should not be used, relied upon, or treated as a substitute for specific professional advice. We recommend that you contact Brentnalls SA before making any decision to discuss your particular requirements or circumstances.
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