Personal Insurances aren’t about saving for disasters you think will never happen; it’s a matter of protecting yourself, your family, dependents and your lifestyle against loss.
Many people insure their home, their personal possessions and their car, but fail to insure their most important asset; their ability to produce an income and safeguard future interests.
It’s probably not something you like to think about, but if you had an accident or became seriously ill and were unable to work, would you have enough savings or insurance to deal with the financial consequences?
If you suffered a major illness and needed extensive medical treatment, time off work or modifications to your home, could you afford these expenses?
If you died, would your family or other dependents cope financially?
There are generally three main considerations; insurance to cover your debts so they’re not passed onto your family; insurance to cover medical expenses and short term drops in income; and, if your income is important to your family’s lifestyle, insurance to provide an income stream if you can no longer work.
Our Financial Planners can help you with a range of Personal Insurance options including:
- Income Protection
- Provides an income when you're unable to work due to sickness, injury or accident
- Arguably one of the most important types of insurance
- Income protection can pay up to 75% of your salary for a pre-determined benefit period
- Premiums are generally tax-deductible, depending on your individual circumstances
- Life Insurance
- Provides a lump sum payment if you die or become terminally ill
- Paid to your beneficiaries or estate
- Can be used to pay off debts and provide for your dependents
- Premiums can be paid through Superannuation to minimise out of pocket expenses
- Trauma Insurance
- Provides a lump sum if you survive for 14 days after some serious medical conditions (such as heart attack, cancer, stroke)
- Can cover 40+ medical conditions depending on the product chosen
- Can be used to cover medical and related expenses and top-up lost income
- Helps relieve financial worries so you can focus on getting better
- Total and permanent Disability Insurance
- Provides a lump sum if a sickness or injury leaves you totally and permanently disabled and unable to work
- Not related to any specific illnesses or injury
- Generally used to cover medical costs and lifestyle changes
- Ensure financial peace-of-mind in the face of no future income