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Top Articles - Personal Insurance For Property Investors
Are you an employee or a self-employed business person dependent on income derived by sweat of the brow? Do you carry any personal debt or debt over your principal place of residence or investment properties? Do you have dependents that rely on you to provide for their financial security, today and
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
in the future? Chances are for most of us the answer to at least one of these questions is a definite yes.
You are then left to make a choice. Do you accept the risk and hope that you will never become sick or disabled and have to stop working or that you will not die prematurely leaving your dep
You are then left to make a choice. Do you accept the risk and hope that you will never become sick or disabled and have to stop working or that you will not die prematurely leaving your dep
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
ndents with substantial amounts of debt and inadequate financial resources. Or, do you plan for and manage the risk by taking out appropriate insurance.
For most of us the prospect of losing our ability to earn income and dying prematurely may seem a little unlikely to give it due consideration. A
For most of us the prospect of losing our ability to earn income and dying prematurely may seem a little unlikely to give it due consideration. A
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ter all it is human tendency to waiver on the side of optimism on such issues and assume that ‘it will never happen to me'. But the reality is that it does happen to people just like you every day of the week. So, how can you plan for and manage these risks? Well, there are a range of different ins
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
rances specifically designed to meet these specific risks, the combination of which can provide a comprehensive risk protection plan. Below is a brief overview of the most important personal insurances for property investors.
Income Protection Insurance
Income protection insurance can
Income Protection Insurance
Income protection insurance can
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
rovide you with an income in the event that you become totally or partially disabled and are unable to work. Income protection insurance provides up to 75% of your pre-disability income. Benefits are payable after the expiry of a selected waiting period and apply for a predetermined period (the ben
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
efit period) providing you remain totally or partially disabled.
If you are dependent on earning a salary or wage to support your current lifestyle and to create wealth for you and your defendant's future than income protection insurance is a must. If you own negatively geared investment property
If you are dependent on earning a salary or wage to support your current lifestyle and to create wealth for you and your defendant's future than income protection insurance is a must. If you own negatively geared investment property
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
hen your need to protect your income is even greater than for most other individuals. Whilst negative gearing is an appropriate strategy for certain investors its success as a strategy revolves solely around your ability to continue earning income. If you lose that ability and do not have income pr
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
tection insurance then chances are you will be flat out supporting you and your dependent's lifestyle without your usual income, let alone supporting a negatively geared property portfolio.
Life Insurance
Life insurance won't do much for you as the insured but it will do a lot for thos
Life Insurance
Life insurance won't do much for you as the insured but it will do a lot for thos
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
dependents you leave behind. Life insurance provides your dependents with a lump sum that may be used to pay off any debts you have (e.g. credit card, home loan, personal loans, investment loans etc.), pay for funeral expenses, and to provide an investment amount sufficient to generate enough ongo
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ng income to support your dependents.
If you carry debt (like most property investors) and do not yet have enough financial resources to support your dependents if you were to prematurely die, then life insurance is absolutely critical for you. Losing someone close can be one of the most traumatic
If you carry debt (like most property investors) and do not yet have enough financial resources to support your dependents if you were to prematurely die, then life insurance is absolutely critical for you. Losing someone close can be one of the most traumatic
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
experiences in life and one additional pressure that your dependents could do without is that of servicing debt without your income and facing the prospect of going to the market with your investment properties to free up some money to meet living expenses. Given the relative illiquidity of proper
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
y it may very well take several months before your dependents can liquidate your properties and retire the debt. All of this during a period that should otherwise be spent grieving, not scratching around for money to meet living expenses or dealing with real estate agents and creditors.
Total a
Total a
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
d Permanent Disability Insurance (TPD)
TPD insurance provides you with a lump sum payment in the event that you become totally incapacitated through injury or illness and satisfy the policy's definition of TPD. TPD insurance can be used to pay off existing debts, to pay for any medical cos
TPD insurance provides you with a lump sum payment in the event that you become totally incapacitated through injury or illness and satisfy the policy's definition of TPD. TPD insurance can be used to pay off existing debts, to pay for any medical cos
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
s not covered by your health insurance, to pay for any necessary modifications to your home or vehicle, and to provide you with an investment amount sufficient to generate ongoing income to compensate for your lost income.
Once again, if you carry debt and do not yet have enough financial resource
Once again, if you carry debt and do not yet have enough financial resource
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
to support yourself and your dependants if you were to become disabled than TPD is an absolute necessity, even if you have income protection insurance. Remember, income protection insurance only provides up to 75% of you pre-disability income which for most people is insufficient to support both t
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
heir existing lifestyle and wealth creation objectives, let alone their increased cost of living as a result of their disability.
Conclusion
When making a decision on personal insurance there is a lot to consider including the types of insurance you require, the amount of insurance you
Conclusion
When making a decision on personal insurance there is a lot to consider including the types of insurance you require, the amount of insurance you
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
require, the price of the insurance, policy ownership, whether to purchase inside superannuation or outside superannuation etc. Discussion of these issues is beyond the scope of this article but hopefully you now have an appreciation of the importance of personal insurance, particularly as a proper
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
y investor.
If you don't have an adequate risk protection plan in place and would like assistance in creating one then seek professional financial advice. With a bit of luck you will never be on the receiving end of a personal insurance benefit, but if the unthinkable does occur, your financial re
If you don't have an adequate risk protection plan in place and would like assistance in creating one then seek professional financial advice. With a bit of luck you will never be on the receiving end of a personal insurance benefit, but if the unthinkable does occur, your financial re
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
ponsibility and wise forethought will make an otherwise difficult time that little bit more tolerable for you and your dependents.
By Luke Andersen
Partner of Positive Property Strategies and co-author of ‘Residential Real Estate Development: A Practical Guide For Beginners To Experts.
By Luke Andersen
Partner of Positive Property Strategies and co-author of ‘Residential Real Estate Development: A Practical Guide For Beginners To Experts.
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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