Personal Insurance

Having Personal Insurance is a wise decision.

Personal insurance is critical because it covers your financial responsibilites if, for some pre-agreed reason, your income stops.

You might be able to rely on savings to pay bills; however, living off your savings is not a long-run solution. At some stage, your savings will run out. Personal Insurance policies are designed to pay you when you can’t earn money.

We will always talk about your present situation, financial commitments, and budget when discussing personal insurance.

We don’t jump in with a pre-conceived idea of what you either need or want.

Making personal insurance affordable

You know having personal insurance is wise. Don’t let being concerned about being able to afford it stop you from discussing taking out appropriate cover. 

We look for funding solutions – can the appropriate cover be paid (partially or fully) from your super account?

We will revisit the type and levels of cover and propose an alternative if our initial suggestion is too expensive.

You need to be happy with both the cover and the cost of your personal insurances.

Life, TPD or Trauma Insurance Cover

Expenses such as loan repayments do not stop when you die or become totally and permanently disabled.

You should consider taking Life, TPD, or Trauma Insurance Cover with the intention the payout would cover your financial obligations.

A Personal Insurance payout would remove those burdens from your next of kin.

Term life

Term life is a form of personal insurance that pays a lump sum upon death or terminal illness.

The agreed payout should be enough to pay your debts, and have an amount left over. The left-over money can be invested to give an income to your family, and replaces the money you would have otherwise earnt.

Life Insurance Through Super

It is often worth considering taking out Life Insurance through in your Superannuation account (Super) because:

  • You do not pay the premiums personally; premiums are paid by money already in your superannuation account.
  • Superannuation funds buy insurance policies in bulk, so the premiums paid from your super account may be cheaper than those you can buy.
  • Some funds automatically accept you for cover without requiring a health check.

Total and permanent disablement (TPD)

If you become totally and permanently disabled through illness or injury, it is not unusual for your initial – or even long-term – daily expenses to increase.

You may need to either modify your current home or move houses, as well as pay doctors and rehabilitation costs.

Receiving a lump sum payment from your TPD insurance will ease the financial and emotional burden.

Trauma or Crisis Insurance

Trauma insurance pays out a lump sum should you experience a pre-defined traumatic event, like a stroke, cancer, or a heart attack.

The insurance payout covers recuperation costs, and subsidises increased expenses like home modifications and specialist medical costs.

Income Protection Cover

Income protection is a form of personal insurance used to cover you if illness means you could not pay the bills.

What money could you call upon to pay your bills because you are sick or have been in an accident? If you are either self-employed or have used up all your Personal Leave a work, you would have to rely upon your savings.

We all aim to have some money tucked away “for a rainy day.” Your savings are unlikely to be enough to support you for the long term.

You may be able to apply for a government pension of some sort. The amount Centrelink pay is modest, and may not be enough to maintain your current lifestyle.

Income protection payouts replace income lost if you are unable to work for an extended time due to an illness or accident.

Income protection insurance is paid to you in instalments and commence after an agreed-upon waiting period. Instalments paid are set at a percentage (up to 75%) of your salary.

Make an appointment to discuss your Personal Insurance situation.