Personal Life Insurance

Personal Life Insurance

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Protecting You and Your Family

Getting the right personal insurance covers with cost effective premiums to protect you or your family is a key element of securing yourself a stronger financial future. You insure your car, your house and possessions, but what about your most valuable assets? That is you or your family – right? Find out more about starting a personal risk plan and reviewing your life insurances.

Risk Management Illustration

personal risk planning and life insurances

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

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. We ideally then personally tailor a plan for you that will provide you the protection you or your family need 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 a 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

Types of Insurance

Pays a lump sum benefit to your estate or intended beneficiaries/s should you pass away or you meet the policy definition of ‘Terminally Ill’ during the period of cover.

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.

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.

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.

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.

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.