Personal insurance helps keep your financial plan on track against life’s mishaps.
Insurance can provide a cost-effective method of providing personal wealth protection and can help you protect your family and yourself if you die prematurely or suffer illness, medical crisis or injury.
It can ensure that any lump sum capital needs are catered for and ongoing income requirements are covered. Most people insure their homes and cars but not themselves and the income they earn.
Income protection is also known as disability income insurance and is designed to provide a replacement income if the insured person is unable to work due to a disability. This disability can be caused by either sickness or as a result of an accident.
Most commonly referred to as Term Life Cover, this type of benefit provides coverage (in the form of a cash lump sum) in the event of death or terminal illness. To ensure your debts are paid off and any dependents are cared for financially.
Trauma or critical illness policies pay a lump sum in the event of an injury or sickness as defined in the policy. Trauma policies are not intended to replace having private health insurance but rather are designed to ease any financial burden that will arise upon such an event occurring.
Total and Permanent Disability Insurance (TPD)
This policy will pay a lump sum if you become disabled and are unable to work again. You can use this lump sum to pay off debts, cover medical costs and invest so that you have an annual income to help maintain your lifestyle.