Income Protection
“1 in 3 Australians will be off work for more than 3 months during their working life due to illness or injury” Institute of Actuaries of Australia - Report of the Disability Committee.
Income protection insurance provides a monthly payment stream to replace lost income if you are unable to work due to injury or sickness. It is designed to help you maintain a reasonable standard of living, while you are unable to continue earning your regular income.
While income protection insurance is an important consideration for anyone who works and relies on an income, it is also very important for self-employed people, small business owners or professionals whose business relies heavily on their ability to work.
Business Expense Cover
“The most common type of work related injury is industrial deafness, followed closely by back related injuries” ABS - National Health Survey: Injuries Australia.
Business Expense cover is for self-employed people who need to ensure that certain expenses of the business will be paid even if they can't work due to sickness or injury. This cover can be taken on its own or in conjunction with an Income Protection policy and your premiums are generally tax-deductible.
Having a business protection plan should be a critical part of all small to medium size businesses. As a business owner you should consider what would happen if one of the business owners dies or suffers from a serious illness or injury. Business insurance can cover a variety of business needs including:
- business loans
- business expenses
- business revenue
- business succession
Life Insurance
“One third (31%) of Australian adults aged 18 to 59 do not have any life insurance” September 2004 Newspoll study.
Life insurance pays a lump sum in the event of death. It protects your family if you are no longer around to support them. While most people think that life insurance is only for the main income earner, the person who takes care of the family is also a large contributor to the home. Cover can be for:
- Loans and debt repayments
- Income replacement for your family
- Funeral and legal expenses
Critical Illness/ Trauma insurance
“1 of 2 Australians will suffer a traumatic event during their working life” Australian Bureau of Statistics.
Trauma (or critical illness) insurance provides a cash lump sum if you suffer a specified illness or injury (e.g. serious heart attack, stroke, cancer, kidney failure etc.). Advances in medical treatment have increased the need for trauma insurance because of the improved chance of survival; although you are more likely to survive, you are also more likely to have big medical bills to pay. Trauma insurance is a way to ensure you have funds available to seek medical treatment and take time off work to recuperate. Cover can be for:
- An income stream should you stop working.
- Repay any debt, or fund the ongoing repayments.
- Meet the costs of ongoing therapy, transportation and any adjustments to housing and lifestyle changes.
Child cover
The costs associated with caring for a child with a serious illness or injury can quickly add up. Child trauma cover provides you with a lump sum payment should your child suffer from a medical condition or procedure such as a serious injury, severe burns, hearing loss or cancer. The payment can assist you with specialist medical care, the ability to have time off work to care for your child and necessary treatment or home modifications.
Total and permanent disability (TPD)
“There are approximately 117,000 Australians who are "permanently unable to work" due to illness or injury” Australian Bureau of Statistics.
Total and Permanent Disability Insurance (TPD) provides a lump sum payment if you suffer a disability before retirement and can’t work again, or can’t work in your usual occupation or chosen field of employment. Payments under a TPD policy are generally not made until the insurer believes that you are unlikely to work again. Cover can be used to:
- Repay debts such as your home mortgage and personal loans.
- Replace your income.
- Meet medical costs.
Meet the costs of a modified lifestyle, e.g. nurse or carer and home and car modification.
Claims Management
We will assist you should you need to make a claim ensuring that the process is as fast and efficient as possible. You can rest assured that your claim will be dealt with understanding and compassion.
Ongoing Review
Once you have made the important step of implementing personal insurance to ensure you and your family are protected, we will ensure your plan continues to reflect your goals and objectives by reviewing your cover at least annually. We also offer ongoing service for you throughout the year.
