Personal insurance can help to protect your income and assets in the event of illness, injury, permanent incapacity or death. It should considered in any well-balanced financial strategy, particularly if you have financial dependants or geared investments.
Why have personal insurance?
While nearly 80% of adult Australians have car and home insurance, only about 54% have life cover and even fewer have income protection insurance.*
Yet disability, trauma or prolonged illness can reduce your ability to earn income which may result in financial distress and a reduction in your standard of living.
By providing a lump sum benefit or regular income, disability, income protection and trauma insurance can ensure that you and your family are protected financially.
Wren Advisers can give you expert advice regarding the options and help make your choice easier.
- Life insurance
Life insurance pays a lump sum benefit when the insured person dies or becomes terminally ill. Life cover generally assists the insured person’s beneficiaries to pay outstanding debts, cover medical and funeral expenses or provide a regular income.
- Disability insurance
Total and Permanent Disability (TPD) insurance provides a lump sum payment if the insured person suffers a disability which is both total and permanent, such as loss of limbs, and is unable to return to work as a result.
- Income protection insurance
Also known as salary continuance, income protection insurance provides regular income, (up to 85 per cent of monthly employment income) if the insured person suffers any one of a range of conditions such as total disability, partial disability, injury or ill health that prevents them from working.
- Trauma insurance
Trauma insurance, also known as critical illness cover, provides the insured person with a lump sum payment if they suffer a specified traumatic event, such as cancer, heart attack or stroke. The payment can be used for any purpose such as paying a mortgage while they are unable to work, for medical care or to relieve financial pressures
Already have insurance?
Even if you feel you have adequate insurance, you should consider having a review to see whether your existing cover is meeting your needs and is cost-effective. Insurance policies are always changing and you might be able to get more cover for the same premium or the same cover for a lower premium.
We can arrange quotes from all the large insurance companies to see which provides the best deal.
To determine which kind of personal insurance is right for you, contact us today.
* Based on research undertaken by Sweeney Research for Lifebroker in 2010. The survey was conducted online with 1,000 respondents aged over 25 years.