One thing the past months and years made us realise is just how fragile life is. Life is full of uncertainties that even the most unexpected can happen. And these would always put a strain on you and your family.
In the event that someone in your family, including you, gets sick or gets a disability or, heaven forbid, dies, are you or your family protected? Can they cope financially if something bad and unexpected would happen?
These are realities of life and yet many choose to ignore it until it happens. As many as 95% of Australians do not have adequate personal insurance coverage. They have insurance for their cars, homes, and properties but not for their own selves.
This is an issue that is covered by wealth protection. Yes, it is about putting protection on your wealth but it is also about reducing the risk associated with wealth. You need life insurance because you have a family who is just as financially dependent on you when you are alive or can work as when you are not or cannot, respectively.
The most common types of wealth protection are Life Insurance, Total and Permanent Disablement (TPD), Trauma Cover, Income Protection Insurance, and Business Overhead Insurance.
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Also known as Death Cover, life insurance is a lump sum to be given to your beneficiaries in case you die. This is not only for the elderly but for people of all ages. If you have people relying on you for survival or if you have large debts like a mortgage, get a death cover. It will help them financially. Not only will they receive the lump sum but this can also be used to pay for your mortgage, debts, and your family’s future expenses. You can even use your life insurance as early as when a person is diagnosed with a terminal illness.
Total and Permanent Disablement (TPD)
TPD is another lump sum but it is for people who got a total and permanent disability because of an injury or illness. With TPD, you can pay for medical expenses and debts.
Trauma Cover is available to cover medical costs and living expenses. This is a safety net that you can start working on from the day you are diagnosed and extending until after you have undergone the procedure and recovering.
Income Protection Insurance
Think about what would happen to your income if you suddenly become ill or if you were injured. Not being able to work for a certain period of time and your income will always take a hit. You will not be able to meet all your financial commitments. This is where Income Protection Insurance is vital. It is insurance for your income.
Business Overheads Insurance
Business Overhead Insurance is Income Protection Insurance for business owners. It will help protect your business by shouldering expenses even if you are ill or injured. It will cover business expenses like rent, salaries, property rates, and vehicle leases.
Imagine the possibilities! Together we can create a bright financial future for you and your loved ones.