Income Protection, Trauma Insurance, TPD Cover
If you believe in leaving your family in a stable financial position when you pass away, then Life Insurance is a great idea. This could be seen as a foundation of risk management for your estate.
Life insurance is particularly important if you have a mortgage and your family relies on your income to service this debt. And if you don’t have a high amount of savings as a cash buffer in this situation, life insurance becomes even more essential.
If you’re self-employed, life insurance can be particularly important as you’re highly unlikely to be covered by workers compensation if you get killed on the job.
It can even be worthwhile just for your own peace of mind. Despite media commentary, over 90% of life insurance claims are paid out by insurers, so it’s a pretty reliable form of insurance as well.
On the other hand, you may not need life insurance if you already have a high amount of savings, your family doesn’t rely on your income or if your children are already financially independent.
The amount of life insurance premiums that you’re required to pay will depend on a range of factors including your age, overall health and the amount of cover you want. For some people, it may not be worth the cost (or even available). For example, a senior person in poor health.
Most single people don’t consider life insurance because in its literal definition, it only covers you upon death. However, life insurance is often used as an umbrella term for the following products:
- Income Protection designed to replace a portion of your income if you’re ill or injured.
- Trauma Insurance lump sum payout if you’re diagnosed with a specific medical condition like, heart attack, stroke or head trauma.
- TPD Insurance lump sum payout if an injury or illness makes you permanently or partially disabled.
If you would like to find out more about any insurance products that could possibly benefit you, please don’t hesitate to get in touch by calling us 02 8203 4160 or contact us via the handy online contact form below.