Personal insurance is a type of cover that provides financial security to you and your family for events such as a serious injury or illness, loss of ability to earn, total and permanent disablement or even death. It can maintain your way of living, with financial support to cover any outstanding debts and everyday expenses.
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Personal insurance is an umbrella term used to describe insurance that's designed to cover you and your family from 'life events'. This could be to protect you against a serious injury or illness, an unexpected loss in your ability to earn an income, total and permanent disablement or even death.
You might consider personal insurance during big life events, such as after you switch jobs, have children or buy a home.
There are 4 core types of personal insurance: Life insurance, Total and permanent disability (TPD) insurance, Critical illness insurance and income protection cover. Some have similar features and benefits, and they've each been to give you peace of mind and protection.
Life insurance is set up to pay a lump sum to your dependents if you die or suffer a terminal illness during the term of your policy. It pays a lump sum benefit, which can be used in any way your financial dependents deem to be necessary. Life insurance proceeds can be used by the family to:
With term life cover, you can choose the period of time you would like to be covered for, typically for 5, 10, 20 or 30 years. When deciding the right term for your situation, it is important to assess your short and long-term financial commitments, future expenses, and the duration of time that you want to continue providing for your family.
Income protection cover replaces up to 70% of your income if you're no longer able to work after an accident or illness that means you are temporarily unemployed. A monthly benefit is paid out every month until you are able to go to work again. Income replacement premiums are generally tax-deductible, but the benefit payments will be taxed, as they are treated just like a regular income.
Income protection can be used for the following benefits:
Critical Illness insurance pays you a lump sum upon diagnosis of a traumatic medical event, such as heart disease, cancer, or stroke. Also commonly known as Trauma Insurance, Critical Illness insurance can be a great help when you are going through tough medical situations by providing an alternative source of funding to your financial commitments, so that you can focus on getting better.
Critical illness policies may cover up to 50 different types of medical conditions. However, it's important to note that the definition and medical events that are covered may vary from provider to provider (for example, heart attack). Therefore, it is essential to ask your insurance provider of what is and is not included in your policy before signing on the dotted lines.
Critical illness insurance can:
TPD cover provides a lump sum payment to help you cover for the costs and expenses incurred when you have been rendered permanently disabled, due to a serious illness or injury, and it's unlikely for you to return to a full working capacity in the future. This lump sum benefit can be used by you and your family to:
In short, Total and Permanent Disability insurance allows you the financial freedom that could otherwise be difficult to achieve when you become disabled. TPD insurance can ease the stress of the situation and you can have the peace of mind knowing that there is a financial backup to fall upon despite of your new condition.
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