Why do I need insurance?
In life, no matter how careful you are, there are some things you can’t control. Sometimes, even the best laid plans can come unstuck if you don’t give yourself adequate protection.
Whether you’re looking to protect yourself, your family, or your assets, insurance can give you the second chance you need to get on with life – without having to start all over again.
What’s the difference between Life Insurance and General Insurance?
Most of us would already have some kind of general insurance cover to protect our assets such as our car or house and contents. This sort of insurance provides for the loss of or damage to these things. This is a great way to ensure your property is protected against unexpected events.
Life insurance protects you and your family from the financial consequences of illness and injury. There are a range of different kinds of life insurance products, generally categorised as follows:
Life Insurance
Life Insurance provides your loved ones with a lump sum payment in the event of your death, or if you are diagnosed with a terminal illness. It can allow your family to keep their home, provide for your children's education, and allow your partner to continue living the life you had planned together.
Total & Permanent Disability Insurance
Total Permanent Disability (TPD) Insurance provides for you if you were to become permanently disabled due to accident or illness, and are unable to work.
TPD provides you with a lump sum payment, giving you the means to access the best medical and rehabilitation treatments, while providing you with financial security so you can go on making the most of your life.
Trauma Insurance
Trauma insurance (also called Critical Illness or Recovery Insurance) provides a lump sum payment if you contract a specified critical condition such as heart attack, stroke, cancer, multiple sclerosis, paralysis or blindness.
The lump sum payment from Critical Illness Insurance is most commonly used to extinguish some debt, reduce the financial burden of medical costs resulting from treatment, and to cater for increased lifestyle costs.
Income Protection Insurance
Income Protection Insurance will provide you with ongoing income to cover your living expenses in the event you are unable to work for a prolonged period of time due to sickness or accident.
A monthly payment for a nominated time period can help you keep your household up and running and provide for your loved ones while you recover.
Business Expenses Insurance
While Income Protection is an excellent way of covering your personal and family living expenses, it is not designed to cover the expenses of a business. If you are self-employed or run a business, you’ll know that replacing your income is just one component of keeping things ticking along. You also need to ensure that your business will be able to pay its bills as well. That’s where Business Expenses Insurance can kick in.
The majority of business expenses are fixed, such as rent, utilities, wages and machinery maintenance. Unfortunately, these business expenses won’t just disappear if you’re injured or ill. Making sure you have Business Expenses Insurance can help to keep your business afloat in the event you are unable to work temporarily.