Insurance & Protection
Life, trauma, TPD, and income protection. Cover that fits your life, not a template.
Protect what matters
You never want to think about what would happen if you were not here tomorrow to take care of your family. But the reality is that everyone needs to think about it. In order to create a secure financial future, we need to put things in place today. Not tomorrow, or next week, or next year. Today.
At Luda Financial Solutions, our insurance brokers in Joondalup will help you ensure that your family is taken care of if the worst were to happen. Once we have established your cash flow management and we are able to determine what your future financial needs and goals look like, we will look at the various kinds of personal insurance which may be relevant to your circumstances.
The four pillars of personal insurance
Some of the insurances we may recommend for you include:
- Life insurance — A lump sum paid to your beneficiaries if you die. Used to clear debt, cover living expenses, and fund future needs such as education.
- Total and permanent disability (TPD) insurance — A lump sum if you become totally and permanently disabled and cannot work again. This can fund modifications to your home, cover medical costs, and replace lost income.
- Trauma cover — A lump sum if you are diagnosed with a specified serious illness such as cancer, heart attack, or stroke. This gives you options at a time when you need them most.
- Income protection — A monthly payment if you cannot work due to illness or injury. Typically covers up to 75 percent of your pre-tax income. This keeps your household running while you recover.
Inside or outside super?
Our insurance brokers in Perth consider every aspect of your personal insurance, including what sort of underwriting takes place and whether the policy should be held inside or outside your superannuation fund.
There are some benefits to holding certain insurance policies inside your superannuation: the tax relief you get on your contributions, the ability to pay for your premiums from your super fund directly (which helps your cash flow planning), and when it comes to estate planning, you can nominate a beneficiary of the fund in the event of your death.
However, there can also be drawbacks. These can include the erosion of your super fund if you are using it to cover premiums, a smaller choice of insurance providers as the super fund will only work with certain insurers, and potential delays in claim payments because the money must pass through the super fund trustee.
We will explain both sides and recommend what suits your circumstances.
How we assess your cover
- Fact find. We review your income, debts, dependents, and lifestyle costs.
- Gap analysis. We calculate what your family would need if your income stopped tomorrow.
- Recommendation. We present specific cover amounts, policy types, and premium ranges.
- Implementation. We handle the application and underwriting process.
- Review. We check your cover annually, or whenever your circumstances change.
"My P Plater" — insurance for teenage drivers
If you have a child who has recently obtained their provisional licence, you may be facing a significant increase in your insurance premiums. We have developed a personalised insurance strategy for families with teenage drivers to help manage these costs without compromising on cover.
Ask us about the "My P Plater" approach when you book your appointment.
Book an insurance review
Most people are either underinsured or paying for cover they do not need. A 30-minute review will tell you which category you are in.