Personal Insurance

There are a wide variety of Personal Insurance products on the market each with a unique set of features. Therefore, it is important to receive personalised advice from a qualified Financial Planner regarding the relevant insurance types, appropriate sums insured and suitable policies and features.

Depending on your personal circumstances you will have different objectives and therefore different insurance needs, for example:

• If you are single, you might be most concerned about insuring your income so that you are protected in the event of injury or illness.
• If you are a couple with no children, you may want to ensure your partner is not put under a financial burden in the event of your injury or illness.
• If you are a family, you may want to ensure you are fully protected so that you and your family are protected in the event of the unexpected.

Outlined below is a brief summary of the main types of Personal Insurance cover:

Life Insurance

Life Insurance is the most common form of cover which is designed to pay a lump sum in the event of death and in many cases in the event of suffering a terminal illness with less than 12 months to live.

Typically the proceeds from Life Insurance are used to reduce outstanding debts such as a home loan, fund future expenses such as education expenses of children or to provide an ongoing income to assist with future expenses.

Total and Permanent Disability (TPD) Insurance

Total and Permanent Disability Insurance is commonly held alongside Life Insurance and is also designed to pay a lump sum benefit in the event you are Totally and Permanently Disabled. Depending on your specific policy disablement may be defined as never being able to return to your “Own Occupation” or to “Any Occupation”.

The proceeds from TPD Insurance are typically used to assist with the repayment of debt and also the potentially significant medical costs, rehabilitation expenses and modifications to the family home that may be required in the event of disablement.

Income Protection

Income Protection is designed to provide an ongoing income in the event you are unable to work due to injury or illness. Most policies will allow you to insure at least 75% of your gross income and this benefit can usually be payable up until the age of 65. The ongoing income can ensure you are able to continue meeting your commitments and funding your living costs.

Whilst most employees have some combination of holiday, long service and sick leave, in the event this is exhausted and you are still unable to return to work you are likely to face extreme financial difficulties.

Trauma Insurance

Trauma Insurance (or Critical Illness cover) is designed to provide a lump sum payment in the event of a critical illness such as cancer, stroke, heart disease and a variety of other defined illnesses.

The lump sum payment may be used to assist in funding medical expenses, recovery costs, to provide income to allow extra time off work or to reduce liabilities.

For more information contact us now on (07) 3491 8822 to arrange a free no obligation appointment with one of our financial advisers.