PERSONAL INSURANCE

Gaining an insurance policy is arguably the simplest and easiest strategy to protect your assets. You are paying the insurance company a premium to take over part or all of the risk on your behalf.

From a personal or individual level, utilising a combination of life, trauma, total and permanent disability (TPD Insurance) and income protection insurance can protect you and your family in the event of an unexpected injury or sickness happening. In the worst-case scenario, life insurance will pay out a lump sum to your beneficiary(s) or estate to cover your mortgage, leave a legacy or help fund your loved ones' financial needs.

Income protection cover insures you against the risk you cannot earn an income for a certain period due to illness or an injury. It does not apply to redundancies or if you are stood down.

With IP insurance, you are paid a % of your pre-tax income for the period specified in your policy. Some policies may have the feature or option to pay super contributions on your behalf whilst you are on claim. Receiving regular IP payments allows you to focus on getting over your illness or injury rather than having to worry about how to pay your bills.

IP insurance can be particularly important if you are self-employed, have large debts, or have a family or dependents who rely on your income. That is why it is a good idea to seek tailored insurance advice about it.

Running a business is hard at the best of times. So, the last thing you would want is an unexpected shutdown due to factors outside your control. Everything from a natural disaster like a flood or fire to theft can be devastating to your business.

Removing some of that risk by getting the right insurance advice could be the difference between closing your doors to clients forever and a small setback.

Life Insurance is to provide financial assistance to your dependents if you were to pass away. The aim is to replace the potential money you could have earned throughout your working life.

Generally, the need for Life Insurance will decrease with time, as we pay off debts and grow wealth over our working lives.

Life Insurance is especially important to a young family with a large debt, like a mortgage on the family home, as having it gives them good peace of mind.

Critical illness, also known as ‘trauma insurance,’ can pay a lump sum amount if you suffer a serious injury.

This includes but is not limited to; cancer, heart conditions, stroke, major head trauma or other serious debilitating injuries or illnesses.

Total and permanent disability (TPD) insurance pays a lump sum if you become permanently disabled due to an accident or illness and are unable to work again.

It can provide a valuable source of financial security to you and your family, and the benefits of helping to pay for your medical and rehabilitation costs.