Life & Disability Insurance
Life is unpredictable. And while we can't always control what happens in our lives, we can control the impact that unforeseen events have on us and our family. Personal insurance protects the people most important to you, when you're not able to protect them yourself.
Life and Disability insurance is an important piece of a sound financial plan. Having the right personal insurance means having cover that is relevant, structured appropriately and is affordable. It may include one or all of life insurance, total & permanent disability insurance, trauma/critical illness insurance and income protection.
Not everyone has assets or money to leave behind as inheritance when they die, or lean on when life goes wrong. But for a relatively small amount of money per week an insurance policy can be setup to take care of those who need it. Life, Total & Permanent Disablement (TPD) and Trauma Insurance can drastically help survivors of an insured event rebuild their lives and reduce the stress involved.
There are hundreds of life insurance products on the market. Our personal insurance experts know what the differences between them are and can guide you towards establishing a sound personal insurance program that will protect you if life doesn't go according to plan.
We offer a couple of options (see below) for you to choose from to give you protection and peace of mind.
Option 1: Tailored insurance to meet your personal needs
We can put together a tailored tax effective insurance plan to suit your specific needs. This may include one or all of the following:
Total & Permanent Disablement Insurance
Income Protection Insurance
Life insurance helps alleviate the financial burden your family may be left with after your death. Usually paid as a lump sum, your dependants may use this money to assist with medical costs, funeral expenses or help secure their financial future.
The amount of cover you have should be reviewed regularly and take into consideration things like:
- your children’s school fees
- services you would require if you were unable to care for your children, such as a nanny
- how much your dependants would require to meet their day‑to‑day living expenses, and;
- current liabilities, such as your mortgage.
This is generally taken as an optional extra within a life insurance policy, but can also be arranged as a stand-alone policy. In broad terms it provides a lump sum in the event of a permanent disability that prevents you from returning to work. This lump sum can be used at your discretion to provide for your dependants, to compensate for the loss of your income, repay your debts or cover capital gains tax liabilities.
There are certain conditions that need to be met to receive a TPD benefit payment; these vary significantly between insurance providers. Before taking out TPD insurance it is important that you understand the conditions under which the insurance company will pay a claim.
Trauma insurance is generally paid as a lump sum upon diagnosis of an eligible condition (eg cancer, heart disease), and the funds can be used at your discretion. You can use it to pay for additional medical care or to pay off the mortgage and relieve the financial pressure on your family.
This benefit is paid to you when you are diagnosed with an eligible condition. This will ensure that you and your family have a lump sum to cover rehabilitation, carer costs or just day‑to-day expenses when you most need it.
If you lost your ability to earn an income tomorrow, how long would you be able to maintain your current lifestyle or meet your regular expenses?
Your income is your most valuable asset. Lose your ability to earn an income and everything else in your life begins to fall apart very quickly. This is why Income Protection Insurance is so important. Income Protection Insurance pays a monthly benefit (up to 75% of your salary) if you are unable to work due to sickness or injury. The premiums are generally tax deductible, and often you can hold this policy within your superannuation.
Option 2: All-in-one cover
We have an agreement with Austbrokers Life Pty Ltd and *Suncorp (refer below) to provide referral services in relation to Austbrokers Life Solutions insurance, which has the option to provide Death Cover, Income Protection Cover, Serious Illness Cover and Kids Cover in the one policy.
We act as a mere referrer only and do not provide any advice on this insurance – you need to decide if it is right for you. Click on the link below to learn more about this product and understand “our role”.