Are you part of the underinsured majority?

Almost everyone will insure their car and their house, but less than half of us will insure ourselves with life insurance, income protection, trauma or Total Permanent Disability (TPD) coverage.

Of those that do have life insurance there is an estimated 95% of our population who have inadequate life insurance cover.

What happens to your families if something were to happen to you?

Life Insurance:

Consider your financial situation and the standard of living you would want to maintain for your dependents:

  • Who will be responsible for your funeral costs and final medical bills?
  • Would your family have to relocate to a smaller house?
  • Would there be adequate funds for future or ongoing expenses such as mortgage payments and education?

Life insurance should be re-evaluated annually, or when you experience a major life event such as marriage, divorce, the birth or adoption of a child, or the purchase of a major item such as a house or business.

Total Permanent Disability Cover:

What if you were unable to work because of sickness or injury?

An estimated 20% of Australians between 18 and 60 will find themselves unable to work for an extended period of time due to an unforeseen injury, illness, or disability. Without Total Permanent Disability coverage most are unable to meet mortgage, medical, and other ongoing living expenses.

Permanent disability is where you are indefinitely unable to perform your, or any other, occupation for which you are suited by training, education or experience.

Taking out Total Permanent Disability coverage makes financial provision for yourself and your loved ones in such an event.

Income Protection Insurance:

Given the statistical likelihood of becoming injured or sick and being unable to work in one’s regular occupation, income protection is worth considering . It can be tailored to meet almost any individual’s working situation.

Provides supplementary income in the event of an illness or accident resulting in a disability that prevents you from working at your regular employment.

Benefits are usually provided on a monthly basis so that you can maintain your standard of living and continue to pay your regular expenses.

Trauma Insurance:

Trauma or Critical Illness insurance provides a lump sum payment in the event of the diagnosis of a medical condition. The benefit provided allows you and your family to meet the costs of medical care, to pay the mortgage, and to generally relieve the financial pressure.

Illnesses covered may include cancer, stroke, coronary bypass, heart attack, etc.