Insurance protection advice for your family and yourself

When most people of think insurance, they think of insuring the car, the house, the boat and any other property items they own. In the insurance industry, that kind of insurance is called ‘General Insurance’. And while it’s important to protect the assets you’ve worked hard to buy, protecting your family doesn’t stop there.

We’d like to introduce you to ‘Personal and Family Insurance’. You might even already have some of it in place through your superannuation but don’t realise what it’s for or how it works. In simple terms let’s take a look at the common types of them below.

Income Protection Insurance

Income protection insurance provides you with payment to replace your income under certain medical conditions. Different policies have different terms. This kind of insurance can be used to ensure you still have money to live on if you get sick or injured. It might also be used to help you pay back debt while you’re unwell.

Trauma Insurance

Trauma insurance provides you with a lump sum payment, or an equivalent amount of ongoing payments if you experience a medical event that’s outlined within the policy terms. Examples here include cancer, stroke, heart disease, blindness, severe burns, loss of speech or deafness. This kind insurance can be used for everyday living expenses, continuing to pay off debt and treatment costs. It might even be used to supplement part-time work in the future depending on your diagnosis.

Family Insurance Protection - financial planning

Total and Permanent Disability Insurance

Total and Permanent Disability Insurance provides you with a lump sum payment or an equivalent amount of installments if you become totally and permanently disabled. Different policies have different terms. This type of payment can include paying off debt, making changes to your home, adjusting to a new lifestyle and ongoing treatment, if required.

Life Insurance

Life Insurance provides a specified lump sum amount to your beneficiaries should you die. Different policies have different terms. The primary goal of life insurance is to replace your income for your dependents over a long period of time. It’s usually a large amount of money. Depending on your circumstances life insurance can pay funeral costs, pay off the mortgage, pay school fees and provide and ongoing income for family’s living expenses.

Let us help protect your family, with family insurance protection advice

Working out the right cover for your family is quite difficult by yourself. Different providers offer different policies – and most of them have different terms. Getting it wrong could be expensive. For example, a 120 day waiting period for income protection insurance is likely to leave many families financially stressed. A shorter waiting period might be more appropriate.

We can work with you to:

  • Work out the kind of cover you require for yourself and your family
  • Identify the amount of cover you require
  • Assess if the cover should be held inside or outside of your superannuation
  • Research and recommending appropriate insurance products
  • Implement the advice so you’re covered
  • Make a claim, should you ever need to
  • Adjust your family insurance requirements over time if your situation changes.

Is that the kind of family insurance protection advice you’d like?

Helping individuals and families with their family protection plans is one of the things we do to help clients step forward. Often our clients achieve more than they think they can, after they receive our advice.

Call us on 0411 331 870 or contact us and ask for an appointment.

Your first appointment is at our cost, to see how we might assist.

Is that the kind of financial planning support you’d like to access to help your family get and stay ahead?

If so we’re here to help you.

Call us on 0411 331 870 or contact us and ask for an appointment. Your first appointment is at our cost, to see how we might assist.