Types of Risk Insurance
Life Cover
Pays a lump sum on your death or the diagnosis of a terminal illness. So when the worst happens, your foresight will pay off the mortgage and other debts, provide for your children’s education, obtain child care and secure your family’s lifestyle.
This will allow your family to focus on supporting each other, not worrying about paying the bills. As the years pass they will continue to be thankful you thought ahead.
Total & Permanent Disability (TPD)
Pays a lump sum if you become disabled and are unable to ever 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.
Critical Illness (Trauma)
Pays a lump sum on the diagnosis or occurrence of one of a list of specific illnesses such as heart attack, cancer or stroke.
That payment gives you choice and flexibility at a time when you need it most.
You will be able to reduce your working hours, spend time with your family, get treatment or rehabilitation and pay for a carer and any number of unexpected things.
It can also cover the gap in your income while unable to work as Income Protection only covers 75% of your income.
Could you maintain your lifestyle on 75% of your income minus tax?
Income Protection (IP)
Provides a replacement income of up to 75% of your current income if you are unable to work due to illness or injury.
Also known as ‘Income Replacement Insurance’, ‘Disability Income Insurance’ or ‘Salary Continuance Insurance’.
It can cover you for short or long periods and offer various waiting periods to suit your needs.
Depending on the policy, payments may continue right up to the age of 65 if the disability is ongoing or permanent.
You might find it interesting to calculate just how much you’ll earn from now until you reach 65 years.
