Types of Policies

 

Life Insurance

View 3 min video - Who should have life insurance and how much

Providing for life insurance within your financial / personal insurance plan, allows for the surviving partner to have funds available to address the many unwanted financial issues that arise with the death of someone close.

It’s important you choose the right level of cover for you and your family’s needs. Think about your financial commitments, and how long they last. Consider talking to a professional financial adviser, who can help you decide how much cover you need. As a guide, an adviser will use a process that takes into account the following factors:

  1. any debts you have
  2. your children’s future education costs
  3. how much an ongoing income stream would cost
  4. providing for any major future purchases

 

Below is an amusing Commercial for Life Insurance by two UK comedians

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total & Permanent Disability (TPD)

TPD contracts are normally attached to term life policies and pay a lump sum on the total and permanent disablement of the insured.

There are three tiers of definitions where a payment for lump sum TPD can be made;

1. If unable to work
2. For loss of use of limb(s) or sight
3. If unable to perform basic daily living activities


Trauma Insurance

Trauma Insurance (also known as Crisis, Living or Recovery Insurance) is designed to pay a lump sum on confirmed diagnosis of a traumatic illness or event, e.g. heart attack, stroke or cancer as specified within a set list of defined medical conditions listed in the policy terms and conditions.

It’s important you choose the right level of cover for you and your family’s needs. Think about your financial commitments, and how long they last. Consider talking to a professional financial adviser, who can help you decide how much cover you need. As a guide, an adviser will use a process that takes into account:

the cost of immediate care
an income stream should you stop working
the ongoing cost of any therapy, special transport costs, adjustments to housing and lifestyle changes
any debts you have.


Income Protection Insurance


View 3 Minute GEM Video on Income Protection

Income Protection Insurance is designed to pay a regular monthly income should you be unable to work due to illness or injury.Companies will insure up to 75% of salary package and a combination of waiting and benefit periods can apply.

It’s important you choose the right level of cover for you and your family’s needs. Think about your financial commitments, and how long they last. Consider talking to a professional financial adviser, who can help you decide how much cover you need.

As a guide, an adviser will use a process that takes into account that:

most plans allow you to cover 75% of gross income, which maintains a standard of living comparable to what you had while working.


 

Media