Life insurance is one of the most common types of personal insurance and may even be a part of your superannuation benefits. It may not, however, be enough to ensure your family will be looked after. For example, would your insurance be enough to pay off your mortgage, debts and provide enough income for your family to meet their living expenses for the rest of their lives?
According to TNS Research¹, 60% of Australian families with dependants would run out of money within one year if the main income earner died and 96% don’t have enough insurance to last 10 years .
Total and Permanent Disablement
Insurance
TPD insurance provides you with a lump sum payment in the event that you are unlikely to ever return to work. this lump sum can be used to pay off any Mortgage Debt and also provide money to make modifications to your home if needed.
Income Protection Insurance
Income Protection insurance is designed to provide you with a regular income stream while you are unable to work. Policies vary and can provide income for 2 years, 5 years or up to age 65. This Insurance can replace up to 75% of your income while you are off work. The premiums can be tax deductible
Trauma Insurance
Provides a benefit in the event that you are diagnosed with a specified medical condition, regardless of whether you are working or not. This type of insurance can help cover medical costs as well as any shortfall in income.
The right combination of insurance policies for you depends on your circumstances. We can assess your specific needs and come up with an insurance strategy that gives you and your family peace of mind.
