At Renaissance, we provide a comprehensive range of insurance covers to suit clients’ financial circumstances. These insurance options are designed to protect the most important asset of all – you and your family.
Too often, families overlook personal insurance despite protecting their car or homes. At Renaissance’s, we provide a range of flexible insurance policies that are designed to make it simple and easy to get the relevant protection.
Whether you’re protecting your family or lifestyle for the first time or updating your insurance needs, Renaissance has a diverse range of solutions to take care of you and your family for the long term.
Insurance Solutions
- Life & Total and Permanent Disability (TPD) Insurance
- Critical Illness/Trauma Insurance
- Income Protection (IP) Insurance
- Business Expenses and Buy/Sell Insurance
Life Insurance
This can be achieved through the implementation of Term Life Insurance cover. The most basic and self-explanatory life insurance contract provides for the payment of the insured lump sum in the event of the death of the life insured. Premiums can usually be paid on a yearly, half-yearly or on a monthly basis and the cost of cover normally increases as you grow older. There are few qualitative differences between this type of policy and the most cost-effective way for you to obtain cover is by “packaging” it with Trauma and Income Protection cover.
Total and Permanent Disability (TPD) Insurance
Achieving some financial security if you suffer total and permanent disability.
- Find comfort in knowing your family will receive a” Lump sum” payment to assist them financially if you were to become terminally ill only where it is a rider to a term policy with that benefit.
- Receive financial support if you become seriously disabled, maintain your quality of life and help meet the cost of rehabilitation programs and daily living expenses with TPD insurance.
The cover is designed to pay the insured a lump sum in the event of the death only when the TPD benefit is a rider benefit on a term policy (as per above) or total and permanent disablement of the life insured.
Critical Illness / Trauma Insurance
Trauma (also known as Critical Illness) insurance, which is designed to provide a lump sum payment if the insured person dies only where the trauma benefit is a rider to a term life policy, or is diagnosed with a serious life threatening illness (such as heart attack, cancer – including breast cancer, and others). The lump sum payment is designed to meet medical costs (which, in many cases, are not covered by medical benefits insurance) and costs associated with changing one’s lifestyle if a life threatening illness occurs. In many cases, people who suffer these illnesses are capable of returning to work in a relatively short period of time, making them ineligible for other forms of insurance payouts.
If such a catastrophe were to occur, this form of insurance can provide funds to ensure that you survive the illness financially.
Income Protection Insurance
In our view, this is by far the most important form of cover for you to hold – the consequences of no longer being capable of earning income would be financially quite catastrophic for you and affects both the medium and long term.
Income Protection insurance is designed to substitute your normal income with monthly payments, at the insured rate, in the event of temporary or permanent disablement. The cover can be structured in a number of ways and the following options impact quite considerably on the premium cost:
- Waiting or Excess Period after disablement before benefits become payable.
- Benefit Period ie the maximum period a claim will be paid. Choices are normally 2 years, 5 years or through to age 65.
- Whether claim payments are indexed with the CPI.
Ideally, your Income Protection policy should have a short Waiting Period (eg 30 days), be indexed and payable through to age 65. Of course, this also results in quite expensive premium rates and we recommend that you extend the Waiting Period for as long as financially possible (bearing in mind that this is the period for which you would have to fund yourselves if you were to become disabled).
Business Expenses insurance
Business Expenses insurance ensures the continuity of your business, providing you with a business to return to following a period of illness, or a business to sell as a going concern.
Running a successful business takes not only lots of hard work and time , but also financial resources. So insuring your business should be at the top of your mind when you’re thinking about what might happen if you couldn’t work or become disabled.
The continuity of cash flow is of importance for the self-employed or in a small partnership to keep the business going . Therefore you need to not only insure your income but the fixed, regular expenses of the business.
Whether you’re a doctor running your own practice, a trades person with an apprentice or you own a new growing business (which is still reliant on your income generating capacity), business expenses insurance should be a key component of your business risk strategy.
Buy/Sell Insurance
By using this strategy, you could:
- Ensure your Interest in the Business is transferred to the remaining principal(s) in an orderly manner in the event of your death or disability ; and
- Enable you, your estate of your dependants to receive financial Compensation.
Typically, when one of the principals of the business dies ,the remaining principal(s) may not be happy to admit the deceased principal’s spouse (or beneficiaries) into the business. Or the deceased principal’s spouse (or beneficiaries) might not have the necessary skills to assist in the running of the business, or even want to be involved.
Potential problems can also occur if a principal becomes disabled and is unable to work in the business again.
To Protect the business and ensure an orderly transfer of ownership, a Buy Sell agreement should be considered as part of the broader succession planning process.
