1 Personal Risk Management Strategies for Barristers PRESENTED BY PETER STEELE

2 Why do we insure?

3 What is a Financial Crisis? Inability to earn income through illness or disability Inability to service debt (practice expenses, mortgages, business loans, cars, school fees, medical expenses etc) The total loss of your financial infrastructure, and with it the loss of all your dreams and aspirations for yourself, your spouse & your children Be prepared for the unexpected

4 What is your Single Most Valuable Asset?  Your ability to earn an income  Imagine your situation today if your income suddenly stopped because you were unable to work What would you do for an income?

5 Income Protection Insurance In the event of a loss of income, could you: Maintain your current standard of living Meet your mortgage repayments Afford ongoing school fees Meet your motor vehicle repayments Maintain your superannuation arrangements Continue to plan for your retirement OR would you be a financial burden to your family?

6 Income Protection Benefits Income Protection benefits will help you to manage the ongoing financial commitments of everyday living A consistent income stream is the lifeblood of most families Why risk it?

7 Life Insurance In the event of premature death: Could your dependants repay your mortgage, personal & business loans Could your family meet the usual regular financial commitments Could the cost of your children’s education be met Could your family maintain the lifestyle you all enjoy

8 Life Insurance Benefits A luxury once tasted becomes a necessity Life Insurance is the easiest way to create an instant estate. It is the most cost-effective way of protecting the assets you have worked hard for, your family’s lifestyle and their future

9 How much cover is required? Enough to cover debt Enough to provide for children’s education Enough to provide an income stream to supplement spouse’s income Liabilities 600,000 Education (3 x $260k) 780,000 Income stream ($150k pa)2,000,000 Total Life Cover3,380,000

10 Trauma Insurance In the event of a major illness could you: Provide for medical care Afford to seek specialised and expensive treatment at the time you were diagnosed Unload worrisome debt at a time when you could be financially vulnerable Afford to meet immediate and ongoing financial commitments

11 Trauma Insurance Cancer, heart attack, stroke and other major illnesses or accidents can stop you dead without killing you With improvements in medical diagnosis and treatment, recovery rates are high, but the expenses involved could destroy your financial reserves

12 Trauma Insurance Benefits Pays a tax free lump sum benefit upon diagnosis of certain medical conditions Allows you to obtain the best medical care Allows you to reduce worrisome debt Can be invested to create an income stream This means that you can focus on recovering without financial pressure

13 Underwriting Requirements Completion of the required application Provision of income and overheads details Medical examinations may be required depending on levels of cover Life Offices pay for all medical underwriting requirements

14 What next? The first step is to identify your financial goals and list them in their order of importance. Then consider what might prevent you from achieving these goals. What are the risks? Once you’ve listed your goals & objectives and identified the risks you can take the appropriate action ……. implement Risk Management Strategies

15 Taking Action  Make a decision to get your financial affairs in order  Start by completing our Fact Finderand Lifestyle Questionnaire  Contact me to arrange a consultation where we can address your risk problems and provide meaningful solutions

16 Contact Details PETER STEELE ANTHONY BROWN Monday – Friday 8.30am – 5pm After hours and home visits if required Phone Phone Fax Websitewww.mlig.com.au