Personal Insurance

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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What is personal insurance?

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.

What are the main types of personal insurance?

Name	Maximum cover	Maximum Entry Age	Terminal Illness Benefit	Optional Extras
NobleOak Life Insurance Finder Award	$15,000,000	69	$3,000,000	TPD cover, Trauma cover	Cover up to $15,000,000 with NobleOak Life Insurance.	Get Quote View details	Compare	loading Fetching your data...
Real Family Life Cover	$1,000,000	64	$1,000,000	TPD cover, Trauma cover	Get a refund of 10% of the premiums you've paid (in the first 12 months) with The Real Reward™ .	Get Quote View details	Compare	loading Fetching your data...
Medibank Life Insurance	$2,500,000	70	$2,500,000	TPD cover, Trauma cover	Medibank health members save 10% on premiums every year. T&Cs apply.	Get Quote View details	Compare	loading Fetching your data...
Zurich Ezicover Life Insurance	$1,500,000	69	$1,500,000	No optional	Get your first month free and a 10% discount by taking out a second life insurance policy (discount applies to the second policy). T&C’s apply.	Get Quote View details	Compare	loading Fetching your data...
ahm Life Insurance	$1,500,000	65	$1,500,000	TPD cover, Trauma cover	ahm Health members can save 10% off premiums.	Get Quote View details	Compare	loading Fetching your data...
RAC Life Insurance (Only available in Western Australia)	$25,000,000	69	$25,000,000	TPD cover, Trauma cover	When you purchase RAC Life Insurance, WA residents receive complimentary RAC membership which includes access to discounts on fuel, savings on shopping, entertainment and more. T&Cs at rac.com.au.	Get Quote View details	Compare	loading Fetching your data...

Name	Maximum Monthly Benefit	Maximum % of Income Covered	Maximum Benefit Period	Waiting Period Options
AAMI Income Protection	$10,000	75%	Up to 5 years	14, 28, 60 or 90 days	If you’re an existing AAMI customer, you can save 5% on income protection. New customers can get one month free by paying annually.	Get quote View details	Compare	loading Fetching your data...
Insuranceline Income Protection	$10,000	75%	Up to 5 years	14, 28, 60 or 90 days	Get a $100 bonus gift after 2 months. Plus, and get 12 months cover for the price of 11 if you pay annually. T&Cs apply.	Get quote View details	Compare	loading Fetching your data...
NobleOak Disability Income Insurance Finder Award	First 24 months: $30,000. Thereafter: $25,250	70% for the first 24 months, 60% thereafter	Up to Age 65	30 or 90 days	With NobleOak, you can lock in a policy with a benefit period covering you up to the age of 65. Cover limits may go as high as $30,000.	Get quote View details	Compare	loading Fetching your data...
Suncorp Income Protection	$10,000	75%	Up to 5 years	14, 28, 60 or 90 days	Sign up and become a member of Suncorp Benefits. Access savings of up to 15% from major retailers. Existing members can get a 5% discount off their policy.	Get quote View details	Compare	loading Fetching your data...
RAC Disability Income Insurance (Only available in Western Australia)	$30,000	70%	Up to Age 65	30 or 90 days	When you purchase RAC Income Protection, WA residents receive complimentary RAC membership which includes access to discounts on fuel, savings on shopping, entertainment and more. T&Cs at rac.com.au.	View details	Compare	loading Fetching your data...

Fracture

Life Insurance

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:

Pay for funeral expenses
Pay off mortgage and other financial obligations that have left behind
Take care of your estate planning needs
Pay for other extra expenses your family might need
Provide a reserve for your spouse should they decide not to work anymore.

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 icon

Income Protection Cover

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:

Helps you with daily expenses, such as bills and food
Pays the rent or costs of maintenance
Helps pay mortgage and other debt repayments.

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Critical illness (or trauma cover)

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:

Cover your medical expenses
Purchase medical equipments to aid your recovery
Pay rehabilitation costs
Cover the hire fees of a nurse/housekeeper

Home modifications
Provide funds for a holiday for you and your family to recuperate
Gives extra income to your family to keep up with ongoing financial commitments.

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TPD Insurance

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:

Pay for medical expenses
Pay for your rehabilitation costs
Cover fees on hiring a nurse/housekeeper
Modify your home and vehicle to cater to your new condition
Keep up with daily living expenses and other immediate financial commitments.

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.

Learn more about how TPD Insurance actually works.

4 Responses

DMarch 5, 2018

I have been working on my car in a panel shop and the owner of the shop wants me to get insurance, so that if anything happens to me we are both protected,
I’m not actually working for him but being on his business shed he wants to make sure we are both protected, what would be the best insurance for that?

finder Customer Care

MayMarch 6, 2018Staff

Hi D,

Thanks for your inquiry.

Your employer can get insurance so any work-related incidents in your workplace will be covered. He can talk to a consultant about workers’ compensation insurance. Best to fill out the form on that page as well so your employer can be called by a consultant within a business day and discuss his options.

Hope this helps.

Cheers,
May

AndrewJuly 6, 2017

I would like to purchase personal insurance that would cover me for competing in the sport of rodeo- bull riding etc.

LiezlJuly 7, 2017

Hi Andrew,

Thanks for reaching out. Just to confirm, you have reached finder, a comparison and information service and not actually an insurer.

As this sport can be considered as high risk, so most insurers won’t be able to cover you. You might need a specialised professionals policy which may be taken out through your industry association or your employer.

Cheers,
Liezl

Personal insurance offers you and your family financial security for life’s major events, from work injuries to serious illnesses and even death.

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What is personal insurance?