When thinking about insurance, the old adage, ‘better safe than sorry’ rings true. No one likes to consider the unfortunate – injury, sickness or even death, but as we all know – these disastrous events do happen and insurance can help alleviate some of the financial stress.

What is Personal Insurance?

Personal Insurance is all about providing cover for your family and lifestyle. There are different types of Personal Insurance including:

  • Life Insurance
  • Total and Permanent Disability
  • Trauma (Critical Illness)
  • Income Protection

How much cover? 

The amount of personal insurance you require depends on your personal circumstances, in particular your lifestyle expectations and existing financial commitments. A Financial Adviser can help you work through the issues to consider when determining the appropriate level of cover.

One of the biggest issues facing Australia is the prevalence of under-insurance. Our casual laid back approach of ‘she’ll be right’ leads to many experiencing financial hardship. We don’t question insuring our homes and vehicles, so why don’t we insure ourselves?

Type of insurance Description
Life Insurance:Also known as Death Cover/Life Cover/Term Life Cover Provides a lump sum benefit in the event of death or terminal illness.The level of cover necessary depends on your circumstance,both personal and financial.Generally,it will be enough to cover funeral services,any outstanding liabilities and will provide an income stream for dependents.
Total & Permanent Disability(TPD) Pays a lump sum if you suffer a permanent disability*.Insured must be certified to never be able to work again in either 'Any Occupation' or their 'Own Occupation' depending on the product selected.
Trauma:Also known as Critical Illness Pays a lump sum upon diagnosis of a specified injury or illness.Cover is specific to a range of injuries and ailments* i.e. heart attack,stroke,cancer,blindness etc.(there are around 30-35 conditions covered depending on the individual contract).
Income Protection Replaces up to 75% of your gross annual income as a payment if you are unable to work due to illness or injury.Premiums are tax-deductible for most people.

*according to policy definitions

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