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Author Archives mzoneadviceUser

Wishing you happy holidays!

December 20, 2016
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The team at Mzone Advice would like to wish everyone a safe and happy holiday and a wonderful new year. We thank you for your continued support in 2016 and look forward to working with you next year!

Our office will be closed from the 23rd December and will reopen on the 9th January.

 

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You cannot rely on Centrelink

May 11, 2015
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Manfred and Joanne has been running a small restaurant business for the last 10 years. Manfred is the chef and Joanne works as the restaurant manager, they had just renew the lease for the restaurant.

Everything was looking good, they just bought their first home 3 years ago and is working hard to pay off their mortgage. They have 2 children aged 19 and 8. Manfred was diagnosed with stage 4 lung cancer and was given a really bad prognosis of 2 months to live. He was devasted and was extremely concerned about his family.

Without him his wife cannot carry on the business; they had no fall back plan, he only had a small superannuation plan. Two years ago their financial planner had insisted that they take at least a death cover to protect themselves and that was the best decision they ever made.

That cover also pays a terminal illness benefit which was paid before Manfred died. At least the mortgage is paid off and some monies was left for the family. During the time that he was ill and after his death, his family is still trying to get some assistance from Centrelink.

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So you think you have made it

May 11, 2015
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Robert and Sandy are married with four children between 12 and 18. Robert is 55 years of age and is a company executive earning $350,000 per annum with share options worth 250,000. Nina is a private banker and has a renumeration package of $120,000.

All their children attended private schools and they still have a 500,000 in mortgage since they upgraded their home. The family has a very comfortable lifestyle.

On the way to a business trip, Robert did not survive the car accident. Robert’s $2 million payout ensured that Sandy could pay off the mortgage, continue the children’s education and meet all the funeral cost without any financial strain.

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Don’t Let Disability Ruin The Rest Of Your Life

May 11, 2015
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Andrew and Stacey are both 34 years of age. Stacey works part-time as an architect and spending the rest of

her time renovating their new home. Andrew is a landscape gardener.

They decided to go for a ski trip for their fifth wedding anniversary and sadly Andrew was seriously injured and suffered a spinal fracture. He could never walk again and will spend the rest of his life in a wheelchair. Andrew had total and permanent disablement cover but the payout was just enough to pay for the modification of their home, car and to pay for some rehabilitation for Stacey.

They had not heed the advise of their adviser citing affordability as the reason for not taking the appropriate level of cover recommended. Stacey had to go back to work full-time to cover further rehabiliation cost for Andrew and to continue to pay their mortgage.

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Life After Divorce

May 11, 2015
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Anne,a full-time office manager ,is 40 years of age and lives with her daughter Samantha who is 11 years of age.

Anne who just went through a divorce had to re-establish her life and manage both work and home. Tragedy strikes when her doctor discovers an advanced lump in Anne’s breast. Further investigation reveals that the lump is cancerous and Anne will require a mastectomy.

Apart from dealing with the stress of her condition, she also has to ensure that Samantha is cared for, the bills are paid and she can afford to take time off to recuperate after her surgery. Thanks to her foresight and the advice of her financial planner, Anne had in place sufficient income protection cover and trauma cover after her divorce. With the trauma payout she was able to fly her mother form Canada to be with her and Samantha. Her monthly benefit from her income plan means she can continue to pay her mortgage and bills.

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Young Man with No Dependents and No Ongoing Financial Commitments

May 11, 2015
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John is 28 years of age, he is a self-employed carpenter. He is debt-free and enjoyed life in a rental apartment by the beach. He only has living expenses and entertainment to worry about.

When he started to experience persistent back pain, he went to see his doctor who referred him to a specialist. After the results of his scans, it was discovered he had suffered a herniated disc in his lower spine. He was ordered to rest and can only do light duties.

Fortunately for him he had income protection with an agree value taken 2 years back which will pay him 80% of his pre-injury income which enabled him to continue to live in his rented apartment and he was able to take time off work to rest and recuperate.

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