Megan has enlisted Prosperity Partners for many years to look after her financial needs.
Megan, a divorcee, is in her mid 50s with two adult children. Megan is a keen traveller whether it is just a short trip down south or a few weeks overseas with a group of her girl friends. Megan has a combined asset of approximately $200,000 which includes lifestyle assets such as a motor vehicle and personal contents as well as financial assets which consist of funds in her bank account and superannuation fund.
When Megan first came to Prosperity Partners Megan proceeded with taking out Life Insurance to meet her objective of being able to contribute some form of financial assistance to her children’s future. Megan advised us that this is to be maintained.
Megan also advised us that she would like to ensure that in the event that she is unable to work for a long period of time due to her suffering from a serious illness or injury some of her income will continue to come in so that she will not be a financial burden to her two children. She would also like to ensure she has funds to assist with paying for any medical expenses.
We identified that Megan had a will in place however it was long due for a review, Megan voiced her concern about cost and alliterated that she enjoys her current lifestyle and did not want to forgo it.
During the review we uncovered in the event that she is unable to work for a long period of time her income would be severely affected which will put a financial strain on her cash flow. We also uncovered in the event that Megan was to suffer a serious illness or injury she wouldn’t have funds available to assist her with paying for any her medical expenses which will put a financial strain for her two children. We were then able to put together a comprehensive personal insurance plan which consists of Megan taking retaining her Life Insurance and taking out Total and Permanent Disability, Trauma Insurance as well as Income Protection.
By taking out the personal insurances we provided Megan with peace of mind knowing in the event that she was unable to work for a long period of time she will be financially protected and not be a financial burden to her family. To tackle Megan’s concern about the cost, we successfully managed to structure her personal insurance so that most of her premiums will be paid out of her superannuation fund thus minimising her out of pocket expense.
As part of the review process we also reviewed Megan’s current superannuation fund. We wanted to assist Megan by making sure more of her funds are being invested to potentially assist with increasing her balance which will subsequently assist with paying for her insurance premiums and less of her funds going towards paying fees and charges.
We compared her current superannuation fund with other superannuation fund in the market. We managed to find a superannuation fund for Megan that can still provide her the same level of service as her current superannuation fund at a lower cost. We rolled Megan’s funds into the recommended product and we managed to save Megan approximately $1,500 a year in fees and charges which will then assist with paying for some of her insurance premiums.
We then referred Megan to our trusted alliance partners at a leading commercial law firm to ensure that her personal wills are up to date and reflect what Megan specific instructions to estate management.
Megan was appreciative that we were able to provide her at the same time keeping in mind her current lifestyle, goals and objectives.
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