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Personal Insurance Protection

Personal Insurances explained

Life Insurance - Life insurance is cover for death. Life insurance cover should always address the following, however is not limited to:

  • Payment of debts including mortgage
  • Provision for surviving family members
  • Provision for loss of income

The main aim of life insurance is to make sure you and your family's way of life and assets are protected.

Total and Permanent Disability Insurance - Total and Permanent Disability Insurance is paid upon total and permanent disablement. There are two main definitions. Any occupation polices have a clause that states to have a successful claim; you cannot perform any occupation as a result of the injury. Own occupation is the superior definition as you only need to prove that you cannot perform your own occupation. If held in superannuation the "ANY" occupation definition should be used.

Total and Permanent Disability policies should normally make provision for the following:

  • Payment of debts
  • Provision for medical expenses, including home modifications.
  • Provision for loss of income.

Trauma Insurance - Trauma insurance is rapidly gaining traction in the Australian market. Trauma insurance provides a payment if you have a heart attack or stroke, or are found to have a serious medical condition such as cancer*. It is designed to fill any gap that health insurance does not cover. Trauma policies should usually make provision for :

  • Repayment of debt
  • Provision for medical expenses
  • Provision for loss of income.

Income Protection Insurance - Income protection policies will cover you if off work due to sickness or accident. The waiting periods range between 14 days and 2 years. This means that you can choose a short or long waiting period, depending on the level of savings and sick leave, or holiday leave you have. Income protection insurance should generally cover 75% of your income. Payment periods range from 2 years to the age of 65. There are two types of contracts. Agreed Value means that the level of cover is agreed at time of application. Indemnity cover means that you would need to provide proof of income at time of claim.

Please call us on 1300 951 915 to discuss any of the above further.

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