Life insurance provides a specified amount of funds to your beneficiaries in the event of your death, ensuring they are looked after and can maintain their lifestyle. There is flexibility in that a lump sum or equivalent instalments can be paid to the policy owner, nominated beneficiaries or to your estate.
TPD insurance provides a lump sum payment or equivalent instalments if you become permanently disabled through illness or injury. Generally, a permanent disability means you can’t work in your current occupation or job you’ve trained, studied or worked in. The funds can assist with ongoing medical expenses associated with the illness or injury and make sure the long-term goals you had for your family aren’t forgotten.
Trauma insurance, also known as critical illness insurance, provides a lump sum payment or equivalent instalments if you’re diagnosed with a specific illness or injury covered by the policy (such as cancer, stroke, blindness, severe burns, loss of speech or deafness). The funds can be used to reduce debts, pay for medical expenses and fund your lifestyle while you’re on the road to recovery.
Income protection insurance is a way to protect your current income if you are unable to work due to illness or injury. This type of policy pays up to 75% of your gross annual income (including superannuation) in monthly amounts, to cover your day-to-day expenses until you’re able to work again.
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