Life can be unpredictable and sometimes unexpected events may lead to financial loss or hardship. This could include things like an injury or illness preventing you from returning to work, your home destroyed in a fire or the unfortunate passing of your spouse leaving you to care for your dependents and taking on all financial responsibilities. Whilst we cannot predict life’s unexpected events, we can plan and be better prepared for them should they occur.
Personal Insurance Cover
Personal insurance cover is one way to manage the risk associated with life’s uncertain events that may lead to financial loss. Insurance products of this type of cover is designed to ensure that you and your family can continue to maintain a reasonable standard of living if you are unable to work due to prolonged illness or injury, or in the event of your death. Personal insurance typically will include cover for death benefits, total and permanent disability with options for income protection and trauma or critical illness.
- Death Benefit Cover/ Life Insurance – Life insurance cover protects your loved ones who depend on you financially to look after them should you die from an illness or accident. Funds will be payable to your loved ones to cover things like rent, mortgage, education, medical and necessary bills.
- Total and Permanent Disability Insurance (TPD) – TPD cover will pay a lump sum benefit to pay for things like medical care or household bills if you become total and permanently disabled due to illness or injury and unable to work again.
- Income Protection insurance – Income Protection insurance helps by paying an income stream of up to 70% of your gross income, after a waiting period, if you became unwell or injured while employed and is unable to attend to work for a prolonged period of time.
- Trauma/Critical Illness Insurance – Trauma insurance will pay a lump-sum payment if you’re diagnosed with a critical illness or required to undergo medical procedures as listed in the policy. This can help to cover medical expenses, lost income, rehabilitation and other financial commitments.
If you are considering personal insurance, make sure you understand the terms and conditions of your policy. With the large variety of options and inclusions available between policies, it’s important that you get advice to choose a suitable cover. Even if you already have an existing policy in place or finding it hard to pay your premiums during challenging times, it may be a good time to have this reviewed to make sure you are provided with the best possible cover to keep you protected. Our advisers can help you explore these options for your situation and answer any question you have about personal insurance to assist you in making an informed decision about the cover will benefit you the most.
