Category: Life Insurance

It’s critical that you and your family are cared for in the event of a major accident or sickness. Trauma insurance can help in this situation.

What does Trauma Insurance Covers?

Trauma insurance protects you if you are diagnosed with a life-threatening illness, such as cancer or a heart attack, or if you are injured and require extensive medical treatment to recover. The following are some of the conditions addressed:

• Major head trauma
• Severe burns
• Heart attack
• Cancer
• etc.

When a major sickness or injury occurs, trauma insurance offers a lump sum of money to meet urgent medical expenditures and other financial necessities.

Furthermore, only your personal cash flow can be used to pay for Trauma Insurance. Unfortunately, certain accidents and illnesses cannot be recovered from, despite the best efforts of medical specialists and your own determination.

What does Total Permanent Disability Insurance (TPD) covers?

TPD Insurance is designed to cover catastrophic injuries and diseases from which you may never be able to recover. If you become permanently incapacitated as a result of a disease or accident and are unable to work, it replaces your income with a lump sum payment. The following are some of the conditions addressed:

• Spinal Cord Injury
• Loss of a Limb
• Neurological Disease
• etc.

Where would your family be in terms of debt repayments, in-home help, or simply covering the expense of living for the next 10 or 20 years if you weren’t earning money?

There are three forms of TPD insurance available in most cases

• Any Occupation
• Own Occupation
• Activities of Daily Living/Non-working Occupation

TPD Insurance can also be funded from your superannuation and personal cash flow.

Conclusion

Finally, Trauma Insurance helps cover the costs of getting you recovered and back to work. TPD Insurance, on the other hand, will ensure that you and your family maintain a good quality of life if your injury or sickness is so serious that you will never be able to return to work.

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

Starting a family

Ensuring you can support your growing family if the unforeseen happens is something all parents should plan for. The appropriate insurance can help take the financial pressure off if your circumstances change. Here you may want to consider

• Life Cover insurance
• Child Critical Illness insurance
• Income Protection insurance
• Total and Permanent Disability insurance

Buying a home

Buying a home is a long term financial involvement. With the appropriate insurance, you can cover yourself for any unplanned episodes. If you become unable to work, either temporarily or permanently, or if you die, insurance can assist you in repaying your mortgage. Here you may want to consider

• Life Cover insurance
• Income Protection insurance
• Total and Permanent Disability insurance

Losing your loved one

Some events in life, such as losing a family member, can inspire you to think about what would happen to your own family if you were to die. Having precise protection in place can provide you with the reassurance that your family could manage financially if you were not there to support them. Here you may want to consider

• Life Cover insurance

Planning to retire

You have done the hard work for all these years, and now it’s time to sit back and harvest the rewards of a job well done. Having your insurance up-to-date and in line with any changes in your life is an integral part of making sure your cover is appropriate for you. Here, you may want to consider

• Life Cover insurance

Starting a new job

Your ability to earn an income is one of your critical assets, so it makes sense to protect it. When you start working or plan to change jobs, one of the first questions you should ask yourself is whether you have adequate insurance to protect you and your new salary. Here you may want to consider

• Income Protection insurance

Establishing a business

If being your own boss is something you strive for, then making sure you have the appropriate protection for your assets and financial commitments should be your first priority of the business. Here you may want to consider

• Business Expenses insurance

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

You work hard, but the fact of the matter is: life happens. Whether you’ve fallen ill or suffered a workplace injury, there may come a time when you are suddenly and unexpectedly unable to work. Unfortunately, your expenses won’t stop when you do.

That’s where income protection insurance comes in.

Put clearly, income protection insurance (also known as salary continuance) protects you and your assets—at home and works—when an accident or illness requires a lengthened absence from your day job. We like to think of income protection as a financial lifeline, a shortcut to peace of mind during an otherwise difficult and stressful time.

Consider the other, various expenses in your life: childcare, utility bills, mortgage repayments, and groceries, to name a few.

Regardless of whether you have financial dependents or are the sole income earner in your household, taking out an insurance protection policy will preserve your savings, allowing you to tackle annoying expenses and manage debt without disturbing the self-employed lifestyle you’ve worked so hard to achieve.

What are the benefits of income protection insurance for self-employment?

A key advantage of income protection insurance is that: If you are self-employed, applying for coverage puts you in a better position to manage debt, cover expenses, and care for your loved ones when life throws you a curveball.

That’s not all, though. With an income protection policy, you may prevent sleepless nights spent worrying over the bills. Instead, you can focus on what matters: getting back to a healthy, happy you.

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

These products can include trauma insurance, total and permanent disability cover and income protection, as well as life insurance. These other products can provide you with a different type of cover (either a lump sum or monthly benefit payment) if you became seriously ill or injured and, and in most situations, unable to earn an income.

If you’re single or living without any dependents, here are some of the ways a life insurance product can help provide financial security when you’re ill or injured and off work for an extended period.

Living expenses

Income protection can provide you with up to 75% of your income if you become sick or injured and unable to work for an extended period of time. This might help you keep up with day-to-day expenses like bills, groceries, and loan payments.

Debts and loans

If you have any loans, credit card debt or a mortgage, there is comfort in knowing that you would still be able to cover these expenses if you were ill or injured and unable to work for a long time.

Income protection can provide you with the confidence that you would be able to cover many of your expenses until you can recover and get back to work.

Medical expenses

Although several people have health insurance to assist with the medical costs that come with being seriously ill, it’s important to know that depending on your level of cover, you may still need to cover some of your treatment costs. If you are diagnosed with an illness covered by your coverage, you will get a lump sum payout. The range of conditions covered by trauma cover will depend on what product you purchase but can include conditions such as cancer, heart attack or stroke. When you have this form of coverage, you will have financial help in the event of a serious illness or accident, which can be used to cover ongoing living expenses as well as any medical treatment costs.

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

Protect yourself when things go wrong

While it can be difficult to protect yourself from sickness and injury, the right life insurance can make sure that you are always financially protected.

A life insurance policy can protect you and your family’s financial future if you get sick or injured and require taking a long period of time off work. It can also help if a disability or sickness impacts, restricts or impairs your everyday lifestyle.

Protect your family’s financial future after you’re gone

While no one wants to think about the worst-case scenario, it’s worth speculating about what would happen if you were no longer around to provide for your family.

Life Cover insurance provides a one-off payment to an individual you nominate if you’re diagnosed with a terminal illness or die. This money can be used to pay off debts, pay day-to-day expenses, or be invested for future needs.

If you’re unable to work again

Total and Permanent Disability insurance gives you a one-off payment when you become permanently disabled and unable to work. You can use this payment to cover medical bills, living expenses, adjustments to your home, or you can invest it to support you in the future.

If you were to suffer a critical illness

While more and more people are surviving illnesses such as heart attacks, strokes and cancer, we don’t regularly think about how our life may change or be affected by illness. If you are diagnosed with a critical illness, Critical Illness insurance will offer you with a one-time payout to help alleviate the financial strain and worry.

If you’re unable to work temporarily

If you get sick or severely injured and can’t work, Income Protection Insurance pays a monthly benefit to replace up to 75% of your income. This means you can concentrate on getting better and not have to worry about having to cover your day-to-day expenses.

If you’re unable to run your business

Business Expenses insurance helps keep your business running by compensating for certain business expenses when you are unable to work due to illness or injury.

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.               

Diabetes is more usually diagnosed now than ever before. Life insurance companies recognise this and are continually reviewing their guidelines to try and serve the increasing number of diabetics applying for insurance. 

By 2031, it is expected that 3.3 million Australians will have type 2 diabetes

According to Exercise & Sports Science Australia, more than one in 10 Australians have diabetes or pre-diabetes.

Diabetes and Life Insurance: What to Expect

When you apply for life insurance, your application will be medically underwritten. To simplify the insurance language, this means that when you apply for the insurance, you will be asked a series of medical questions, which will then be evaluated by the underwriter. The underwriter’s job is to recognise the likelihood of a claim being made, so they can offer you cover that will be available when you need it most.

If you have a pre-existing illness, such as diabetes, then statistically expressing, the risk of you making a claim will be higher, and this will be considered by the underwriter.

By underwriting, the life insurance company will know if you’re eligible for cover and may offer you tailored acceptance terms based on your medical history. You are fully informed of and can choose to accept them.

By underwriting your policy you will also know exactly what you are, or are not covered for at the outset, not when you have to make a claim. If a policy is underwritten at the time of claim, it is common that compulsory exclusions could mean you have paid premiums for years only to find that you cannot claim at a time when you need it most.

What information do you need to provide?

• Current age
• Age at diagnosis 
• Type 1 or Type 2
• Current height and weight
• Current list of medications including dosage 
• Most recent HBA1C result 
• Blood Pressure 

Essentially, the insurer is attempting to establish if you have ‘good’ to ‘excellent’ diabetes control by acquiring this information.

Revised Terms

To be able to cover you, the insurance company may place revised terms onto your policy — which is very normal. This can include loading onto the policy, exclusion, a deferral or decline, however, each insurance company has different underwriting guidelines. So yes, it is possible to find life insurance coverage if you suffer from diabetes.

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.