OAMPS Life Solutions specialises in the development of leading edge insurance solutions for a range of industries. One of our key strengths is our ability to provide the full suite of finance insurance-related services and products. Taking a holistic approach to insurance means offering protection and advice for the individuals who make up the business.
Business and Corporate Financial Services
Business Succession
Business Succession structures a formal agreement on how business equity is distributed when a partner or shareholder exits the business structure through death or disablement. The plan includes putting in place the necessary valuations, legal agreements and insurance policies. These arrangements guarantee that the departing partner or shareholder receives a fair price for their equity while the survivors maintain control of the business. Every business should give serious consideration to how business ownership would be transferred in the event of the unforeseen exit of a partner or shareholder.
Key Person Insurance
Key Person Insurance is an insurance policy that recognises the value and contribution of the key people in your organisation. In the event of the untimely death or disablement of the key person/s, the proceeds of the policy may be used to replace the key person and/or extinguish debts. It protects your business against the financial hardship that may occur when experience is lost and the cost of training and replacing human resources.
To get an idea of how much your key people are worth, try our key person calculator.
Business Expense Cover
Business Expense Cover can help a business continue operating in the event that the life insured is totally or partially disabled and unable to work. A monthly benefit is paid to assist with the day-to-day running expenses of the life insured’s business, for example salaries, rent or mortgage payments, amenities bills and many other overheads.
Personnel Protection
Many companies fund the whole or part of an executive’s personal insurance as part of their remuneration package. Personal insurances include term life, total and permanent disability, trauma or income protection. For example, the insurance proceeds might be used to fund the repayment of loans or to supplement sick leave entitlements.
Superannuation
The increasing recognition of superannuation as a savings and investment vehicle for future security emphasises its value in an employment package. A fund that benefits your employees with professional administration, provisions for personal contributions and group insurances, is an additional enhancement for your organisations employment proposition to existing and prospective employees. OAMPS can arrange superannuation programmes for business from across the market and also has its own super fund, OAMPS Super.
Equipment and Commercial Finance
Often businesses don't have the time to find the best finance product or know what finance products are available that may suit them. The primary aim with our Equipment and Commercial Finance Solutions is to help businesses grow and become more competitive. Businesses can acquire new equipment and meet working capital requirements without the need to raise additional capital. Whether you are looking for Lease, Hire Purchase, Chattel Mortgage, Rental/Operating Lease or have any other Commercial Finance requirements, our Finance team will take the time to understand your business and assist you in finding the right solution.
Insurance Premium Funding
Insurance Premium Funding is the way to fund Insurance Premiums via repayments for a period of up to 12 months. This enables businesses to spread the cost of the premium without the need to pay the premium in a lump sum. By choosing Insurance Premium Funding, this may provide the ability to better utilise working capital within other areas of the business.
Personal Financial Services
Income Protection
Income Protection provides you with an income if you are unable to work because of a serious sickness or an accident. Benefits are paid monthly for the period of incapacity or the duration of the policy, whichever is the shorter period. If you don’t know how you would pay your family’s, or your own, living expenses without receiving your regular income, you should consider purchasing an Income Protection policy. Most policies permit you to cover up to 75% of your present income.
Trauma Protection
Trauma or Critical Illness Protection pays you a lump sum if you are diagnosed as suffering from one of many defined medical conditions. The illnesses covered vary from policy to policy, but most cover cancer and coronary disease. Some policies also cover death and/or permanent disability. Trauma Protection can also provide a lump sum sufficient to pay out mortgages and other debts.
Term Life Insurance
Term Life Insurance provides a lump sum payment on your death. Many policies provide for an amount also to be paid upon diagnosis of a terminal illness or permanent disability.
Total and Permanent Disablement
This is a policy benefit that provides a lump-sum in the event that you become totally and permanently disabled. Anyone who has insufficient funds to cover the needs of dependents or debt payments should have a life insurance policy.
Financial Planning
A financial planner uses the financial planning process to help you figure out how to meet your life goals. The planner can take a 'big picture' view of your financial situation and make financial planning recommendations that are right for you. The planner looks at all of your needs, including budgeting and saving, taxes, investments, insurance and retirement planning. Or they may work with you on a single financial issue but within the context of your overall situation. This big picture approach to your financial goals sets a financial planner apart from other financial advisers who may have been trained to focus only on a particular area of your financial life.