- Income Protection Insurance
- Life Insurance Products
- What is Life Insurance?
- Why Do I Need Life Insurance?
- How to Purchase Life Insurance
- Direct Life Insurance
- Key Person Insurance
- Trauma Insurance
- Life Insurance vs Income Protection
- Life Insurance Glossary
- Frequently Asked Questions
Available Life Insurance Products Australia
Provide for your family’s long term financial requirements if you’re not around.
If your income is your biggest asset, why not protect it?
If you were unable to work due to illness, who would support your family, pay the bills or put food on the table?
Pays a lump sum on the diagnosis of a predefined critical illness such as cancer, heart attack or stroke.
Provides financial protection against lost revenue, profits and capital value of your property should a key person suffer a major illness, injury or death.
Finding the Right Life Insurance Product
Life or term life insurance pays out a lump sum if the policy holder dies before a pre agreed date (the ‘term’).
With term life insurance, the life you’re really insuring is yours, for example, to provide for your family and dependents if you weren’t around. Ideally the lump sum will be enough to provide for your family’s long term financial requirements.
Life insurance isn’t just for the main salary earner. If you are a homemaker you should consider how your other half would be able to run the household and keep down a full-time job if your weren’t around. Life insurance can therefore be invaluable for both partners in a relationship.
Trauma cover is paid out on the diagnosis of a defined critical illness, for example cancer, heart condition or stroke.
If you’re diagnosed with a critical illness, trauma insurance can help relieve your financial difficulties. Unlike income protection, which is dependant on your inability to work, trauma cover aims to provide a payment on the diagnosis of the defined critical illness regardless of your working status.
TPD – Total and Permanent Disability
Total and Permanent Disability (TPD) cover usually pays a lump sum if you became totally and permanently disabled.
It can be used for such things as clearing debts and paying medical costs.
Income protection generally pays you a monthly income if you suffer an illness or disability that prevents you from working.
It may be that you have had an accident and it’s going to take months to recover, or maybe you can never work again through illness.
Most policies pay up to 75% of your net income either for a specified period or until you reach the age of 65.
Please note this information is general advice only and does not take into account your needs, objectives or personal circumstances.