Personal Insurance

Personal Insurance

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personal risk planning and life insurances

How can we help you with your personal insurances and risk planning?

The first step is assessing the personal risks in your life (some you may not have considered), to establish what insurances are appropriate for you and what levels of cover may be required. This amount of cover required will consider any redeemable assets or passive income streams that can support you to meet financial costs involved with a personal life insurance event. A plan will be personally tailored for you that will provide protection for yourself and your family at each stage in your life.


Areas of advice can include:

  • Review your current policies and definitions (i.e., your ability to claim if a claim event happened).
  • Complete an insurance needs analysis to determine your optimal cover levels and insurance ownership structure (inside and/or outside of super).
  • Compare policy premiums and cover quality across the market.
  • Manage your existing insurance policies for ongoing support, future reviews and help in claiming.
  • Run pre-assessments on existing medical conditions.
  • The outcome will be to find the right level or insurance to risk so you can feel secure in protecting yourself and/or your significant others.


Technical Guide


Designed to replace your employment income should you be unable to work due to injury or illness. Income Protection pays a monthly income benefit which is generally restricted to 75% of your gross income/salary. Premiums paid can be tax deductible to the policy owner. There are a number of choices to consider when it comes to Income Protection – it is important to seek professional advice on the most appropriate options for you.

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Pays a lump sum benefit (death benefit) to your estate or nominated beneficiary(ies) should you pass away or you meet the policy definition of ‘Terminally Ill’ during the period of cover.

How much your estate or nominated beneficiary(ies) get paid depends on the sum insured of your policy.

This insurance reduces the financial stress of leaving behind debt and expenses for your spouse and/or family.

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Pays you (the life insured) a lump sum should you suffer a total and permanent injury or illness, which prevents you from returning to work as defined by the Insurance policy definitions. Each policy may be different so it is important to have an understanding of what type of TPD cover you have in place or might need.

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Pays you a lump sum in the event you suffer a major injury or critical illness such as Heart Attack, Cancer, Stroke, Dementia and many other predefined events. Many of these events are all too common – most people will have a friend or family who has suffered one of these events.

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Similar to income protection, however it’s for your business. It enables the business to continue to operate if you are temporarily disabled and unable to work. Business Expense Insurance is designed to insure your fixed business costs as a monthly reimbursement so you can focus on recovery.

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Business Key Person Insurance, also known as Key Man Insurance, is a type of life insurance policy taken out by a company on one of its owners or key employees. The purpose of this insurance is to protect the business from financial losses that may occur if that key person were to die or become incapacitated.

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People choose to have insurance for, which we will discuss in your personal risk assessment, include: Debts (home loans, investment loans, personal loans, vehicle loans and credit cards), funeral expenses, future education costs, estate planning equalisation, future living costs, medical, pharmaceutical and rehabilitation costs, home and vehicle modifications or taxation.

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Have a particular challenge you’re trying to deal with?
Contact Sterling Grange Financial Planning today and see what we can do for you.

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Superannuation Advice Australia