Personal Insurance – Protecting you & your family’s Lifestyle
Life Insurance
Who needs Life Insurance? If you have debt or dependents, then you should consider Life Insurance.
Life insurance provides a lump sum payment in the event of death that will help your family pay off debt and/or cover daily living/education costs that will continue even if you are not around.
Life insurance can also provide a lump sum payment if you are diagnosed with a terminal illness. This can provide you with a lump sum payment giving your some peace of mind that your family will be financially ok without you and be able to maintain their current standard of living whilst also knowing you have funds available to ensure you have prompt access to the most approriate medical care.
- Allow your family to carry in in your absence without worrying about finances.
- Help provide monies to your family for on-going day-to- living expenses in the absence of your income.
- Allow your family to stay in the family home (pay off the mortgage or cover rent).
- Allow your children to stay at their school or provide monies to education for younger children.
Did you know?
83% of people insure their cars and only 31% insure their income1
Your ability to earn an income is so much more valuable to you and your family than a car! If you earn $60,000 a year today, it’s worth more than $2.2 million over the next twenty years. Make sure it’s covered, so you can seize life’s possibilities today!
Income Protection insurance
Who needs Income Protection? Most of us need income protection –if you have debt and/or dependents or even if you are young & single – because most of us would face financial consequences if we lost our capacity to earn income for health reasons.
Your ability to earn income is your most important financial asset.
Income Protection is exactly that – it replaces your income if you can’t work due to sickness or injury. It’s important because your income is what fuels your life today – and all of your plans for tomorrow!
Income Protection insurance gives you the confidence to seize life’s possibilities knowing that if things don’t quite go to plan … well you’ve got a plan for that as well.
Income protection pays you a monthly benefit – just like your salary – and generally covers up to 70% of your pre-tax salary. The money can help you:
- Cover your mortgage or rent payments
- Help provide monies for on-going day-to- living expenses in the absence of your income
- Help cover medical expenses
Trauma (Critical Injury) Insurance?
Who needs Trauma cover? All of us are susceptible to cancer, heart attack, stroke or an accident, particularly as we get older.
Trauma insurance pays a one-off lump sum if you have a serious medical condition (like cancer, heart attack, stroke or head injuries, severe burns and permanent blindness, Alzheimer’s and major organ transplants & more.
Trauma insurance takes the pressure off, so you can spend your time focusing on recovering knowing that you can meet your increased financial obligations & that there are no lasting financial consequences from your illness.
Whilst Income Protection insurance can replace some of your income if you’re unable to work, Trauma insurance will provide a lump sum to cover the unexpected medical bills or lifestyle changes that may ensue.
Even if you have Private Health Cover & after Medicare, there is still substantial out of pocket expenses associated with medical emergencies. In 2015 it was calculated that the individual lifetime costs of the following events were:
Heart attack — $20,000
Cancer — $120,000
Stroke — $150,000.
A Trauma payout could assist your with:
- Pay your out-of-pocket treatment costs – prompt access to the most appropriate medical treatment available!
- Make lifestyle changes so you can focus on healing – like permanently reducing the number of days you work
- Take some time off work or take a break to recover
Total & Permanent Disability? (TPD)
Who needs TPD cover? Most of us need TPD cover as a serious and permanent illness or injury can change your life – and the life of your loved ones – forever. If you couldn’t work, how would you pay your mortgage or rent, your daily living costs that will continue, increased medical treatment and other expenses?
Total & Permanent Disability (TPD) Insurance gives you a lump-sum payment if you suffer a permanent disability that either prevents you ever working again, or results in you being unable to perform some activities of daily life.
But I have Work Cover?
Most employees are covered by Workers’ Compensation Insurance which provides protection if injured at work. However it doesn’t provide cover if:
you’re self-employed
you’ve been injured outside of work, or
the disability is caused by an illness rather than a work accident.
TPD insurance provides a one-off payment that can help you:
- Pay off any debts like your mortgage
- Cover the cost of long-term care or medical expenses
- Fund lifestyle changes and home modifications
Fund daily living costs for you & your family
1Source: www.lifewise.org.au
