A fundamental pillar of financial planning is the appropriate mitigation of risk. Personal Insurance is a type of cover that provides financial security to you and your family in the event of a serious injury or illness, loss of ability to earn, total and permanent disablement or death. When structured correctly, this cover will provide financial security through times of uncertainty.
Life insurance is designed to protect your family if the worst should happen. In the event of your death or a terminal illness a lump-sum insurance benefit may be used as chosen, for example, to fund required medical expenses or reduce your mortgage
Income protection insurance provides an income safety net via periodic insurance receipts should you become incapacitated and hence unable to work due to illness or accident.
Trauma insurance provides a lump-sum on diagnosis of a specified medical condition. The included medical conditions differ by insurance company however typically include heart attack, cancer and stroke.
TPD (total and permanent disablement) insurance provides a lump-sum benefit should you suffer an illness or accident that leaves you totally and permanently disabled and unable to work.