The Ultimate Safety Net: Types of Cover
Watching your hard-earned nest egg deplete due to a medical emergency or injury can be terrifying. Personal risk insurance is the critical safety net that protects your ability to build and maintain wealth. We guide you through the four main types of cover to ensure you have exactly what you need:
Income Protection:
Your ability to earn an income is your most valuable asset. If you are unable to work due to illness or injury, income protection insurance can replace up to 75% of your gross income, allowing you to manage ongoing expenses—like your mortgage—without depleting your savings.
Trauma Insurance:
Trauma insurance provides a lump-sum financial buffer in the event of a major health crisis, like cancer, a heart attack, or a stroke. This gives you the immediate funds needed for medical costs or lifestyle adjustments.
TPD insurance (TPD):
If you suffer an illness or injury that leaves you permanently disabled and unable to work again, TPD insurance policies will pay out a lump-sum to help cover extensive medical costs, home modifications, and long-term care.
Life Insurance:
Life insurance provides a lump sum payment to your beneficiaries upon your passing. It ensures that outstanding debts are cleared and your loved ones can maintain their standard of living and future plans when you are gone.
Smarter Structuring: Inside vs. Outside Super
It is a common misconception that getting the best insurance means spending the most amount of money. We’ve found that it is all about problem-solving and finding the right strategy.
One of the most crucial structural choices we help you navigate is whether to hold your insurance policies inside or outside of your Superannuation. By strategically structuring your policies—such as utilising a Self-Managed Super Fund (SMSF)—we can often help you reduce your out-of-pocket premiums while simultaneously increasing your level of cover, ensuring your everyday cash flow is optimised.
Client stories
The Stream Difference: Your Claims Concierge
We know firsthand that navigating complex insurance policies while dealing with a severe illness, injury, or the loss of a loved one is incredibly stressful. Unlike typical providers who simply sell you a policy and step back, our strongest asset is our claims management service. When tragedy comes, we act as your personal "Claims Concierge." We step in, handle the complex paperwork, and deal directly with the insurer so you don't have to. Our team is tenacious in ensuring you receive exactly what you were promised. We are incredibly proud of the hands-on support we provide during these difficult times, and our clients' experiences speak to this commitment:
We've been in your shoes
Tim van Doore
PrincipalStream Financial's insurance claims service was born out of my personal experience when faced with a cancer diagnosis in 2013.
I was carrying a huge emotional load in the face of my unexpected diagnosis and was physically drained from going through treatment.
Despite experience working in the insurance industry, I found the process of making Trauma and Income Protection claims exhausting. The insurance claims were a constant stress at the back of my mind.
Following my recovery, I wanted to help ease the pressure of the claims process on others faced with an illness or injury.
In 2015, we introduced insurance claims as a service for not only our existing clients but anyone who feels overwhelmed by the claims process and needs help getting the best outcome from their insurer.
What can be one of the most daunting experiences of a lifetime is business as usual for our team.
Getting Started
If you’ve ever had to navigate a complex insurance claim, you know that a steady advocate in your corner makes a world of difference. We are here for the difficulties, the challenges, and the rewards. Having the right personal risk protection is arguably one of the best financial decisions you will ever make to protect your family's lifestyle. If you are ready to stop worrying about the "what-ifs" and want to ensure you have a robust safety net in place, schedule a no-obligation discovery appointment with one of our advisers today. We will sit down, listen to your story without judgment, and create a protection plan perfectly tailored to your situation.
Based in Buderim on the Sunshine Coast, we help clients across Australia and expats living overseas.
