Personal Insurance – Wealth Protection

Personal insurance provides protection and peace of mind for those unforeseen events. What would happen to your loved ones if you were injured, suffered an illness, are disabled, or even death occurs? How would you pay for medical bills or everyday living expenses including your mortgage? Personal insurance is sometimes overlooked, but it is one of the most important factors when protecting you, your family and your assets. We have access to most insurers on the market and can do an analysis to select the best product for you. We will work with you to determine the most appropriate personal insurance coverage for your circumstances.

You can find a good overview of personal insurance here on the ASIC Money Smart website

Insurance in Super

Life insurance inside super is the most common of all personal super insurances. It is often bundled with TPD (Total and Permanent Disability) cover and sometimes with income protection insurance. Life insurance is often referred to as death cover by super funds. Life insurance inside super is not necessarily better than cover outside of super, but it all comes down to your own circumstances and what you feel is the optimal structure needed to protect your family. Discussions with us can assist in determining what the best structure is for your circumstances.

They have a handy calculator that can assist you on the level of cover you and your family needs.

Life Insurance

Is designed to protect your family and other people who may depend on you for financial support. Life insurance provides financial protection to your loved ones in the event of your death by making a one-off payment to your nominated beneficiary. This may be used to pay out a debt such as a mortgage or provide an income for your dependants.

Total and Permanent Disablement insurance (TPD)

May protect you if you became permanently disabled through injury and could no longer work again. TPD provides financial protection to you and your dependants in the event of your total and permanent disablement by making a one-off payment to you. The definitions of total and permanent disablement should be reviewed closely to establish exactly what claim would be paid.

Trauma (Critical Illness) Insurance

Is designed to provide financial protection to you and your dependents should you experience a defined trauma event by making a one-off payment to you. The trauma might be an injury or a defined medical condition. However, it is important to review the types of medical conditions covered by competing policies and how each medical condition is defined.

Children’s Trauma (Critical Illness) Insurance

Is designed to protect kids now and as they grow. Children’s critical Illness insurance offers a policy that covers children from the age of 2 for 22 critical illness events and can continue to do so beyond their 19th birthday. It can provide financial support so parents can focus on what matters most: their child’s recovery. The payment could cover medical expenses or lost income so they can take time off work to care for their child.

Income Protection Insurance

Can provide financial protection to you by making an ongoing monthly payment to you should as a result of a medical condition on accident be unable to work. You have the flexibility to choose the waiting period (before benefits start to be paid) and the benefit period (how long the benefits will be paid). To apply for this type of policy you need to be working at the time and can only insure up to 75% of your earnings.

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