Not sure how to choose an insurance plan or what life insurance you need? You can rely on our team of Adelaide insurance brokers to help you choose the best protection plan for you and your family
Choosing a personal insurance plan for you and your family is one of those jobs that’s easy to put in the too-hard basket, but when life doesn’t quite go to plan, having the right insurance in place can be the difference between struggling and surviving.
Why is personal insurance so important?
We don’t tend to plan for getting sick or losing our jobs, but if something were to happen tomorrow that meant you could no longer earn an income, how would you cope?
This is where personal insurance comes in. This safety net means that if something was to ever go wrong, you won’t need to raid your savings or investments to pay for medical bills or to continue to take financial care of your family.
What insurance do I need?
These are the main types of personal insurance:
Life insurance: If you die, life insurance provides your family with a lump sum benefit. This is commonly used to pay for large expenses, like mortgages or other loans, or invested in the future of your family, like education or setting up trusts. It can also be used to provide ongoing income.
TPD insurance: If you become disabled, TPD (Total and Permanent Disability insurance) pays you a pre-agreed amount of money in a lump sum payment. This money is typically used to cover medical fees or other costs associated with changing your home or vehicle as a result of the injury or other medical conditions.
Trauma insurance: If you’re diagnosed with a critical illness or injury, trauma insurance gives you a lump sum payment to assist with debts and medical costs while you can’t work.
Income protection insurance: If you’re unable to work for a period of time due to illness or accident, income protection cover is a regular payment you can access to help cover medical costs, debts and everyday living costs. The maximum percentage of salary that insurers will cover is 75%.