Personal Risk Management

Buying a property is a major and often life changing transaction. Whether you are purchasing as an investment or for a family home, it often involves large sums of money and a mortgage.

So what happens if you have an accident, lose your job or even pass away? Who will pay those debts?

While all Synergy consultants conduct thorough due diligence when buying, selling or leasing property, it’s also important to know your personal risks when paying off that property.

A Personal Risk Management Plan can help you cope in the event of an unexpected crisis.

Begin by considering the extent of your financial commitments and obligations and review what personal cover may already be in place. This might include your superannuation insurance, employer protection, existing insurance policies or other sources.

There are a range of insurance policies available to help cover your personal debt risks. These include Income Protection, Loss of Life, Total & Permanent Disablement (TPD) and Trauma Insurance.

While you may be covered somewhat through your superannuation or other policies, it’s always best to review your cover when making any major transactions. Some policies, such as Income Protection, may entitle you to tax deductions, so it’s worth checking what works for you.

Your Synergy consultant can help assess your insurance needs when buying, selling or leasing a property, and put you in touch with an adviser suited to your situation.