Question

1. Couple currently has no Life, TPD, Income Protection nor Trauma Insurance other than what is standard in their Superannuation Funds. The cover that they have via their Super is minimal and can be ignored.

* Required to determine the types of Personal Risk Insurance they require for themselves and their dependents. The couple has adequate Private Health Insurance.

2. The Couple have not drafted a will nor have they done any estate planning.

- Students are required to advise them of issues affecting their family with respect to estate planning and the alternatives available (e.g. the use of Trusts).

This advice should be general in nature and it should be made clear that a suitably qualified professional in the area of estate planning should be consulted.

Answer 1

In today's era, where we are surrounded by pandemic it is very important for working professionals and others as well to have an adequate PRI - Personal Risk Insurance.

PRI covers different aspects relating to Health, Medical issues, Property safety, Accidental Injury, and many other risks.

1. Looking at the present situation we can guide the Couple to make the following arrangements:

a. Since the couple has adequate Private Health insurance, we can advise them to take a special COVID 19 Medical Insurance to cover the expenses in case if they get contacted with COVID.

b. The couple needs to undertake a Property / Estate Insurance in order to cover all risks due to damage to property in unavoidable situations like earthquakes, Strom, or floods or any other act of nature or god.

c. Also, the couple should take accidental injury insurance so that they get covered when they get exposed to any mishappenings that happen in day to day life.

d. The couple must consider covering their business as well as their vehicles by insurance.

2. Estate Planning is one of the most important things every individual must never ignore. When a person is the owner of one or multiple properties he must make a proper arrangement regarding who is going to inherit such properties after his/her death. For this the couple must reach out to a lawyer or a estate planner to make a adequate WILL.