Insurance Summary
| Life | Income protection | Trauma | Total & Permanent Disability (TPD) | |
|---|---|---|---|---|
| What is it? | Payable upon your death or diagnosis of a terminal illness | Payable if you are unable to work due to sickness or injury | Payable if you suffer a trauma, ie. Heart attack, cancer, stroke, by-pass, or one of ~ 48 other events | Payable where you can never work ever again due to sickness or injury |
| When do I need it? | If you have any debts and / or dependents | If you would find it difficult to pay you’re your mortgage/rent or maintain your lifestyle if you couldn’t work | If you would find it difficult to pay the medical bills, pay your mortgage/rent while you are in hospital or recovering | If you have any debts and / or dependents |
| Payment type? | Lump Sum | Monthly income | Lump Sum | Lump Sum |
| Superannuated? | In or outside of super | In or outside of super | Outside of super | In or outside of super |
| Taxation? | Can be paid with gross salary if in super | Tax deductible | Can be paid with gross salary if in super |
