Life Insurance

Personal Life insurance

There are four main categories of insurance which are designed to work together to provide security for you and your loved ones

• Term Life Insurance
• Total and Permanent Disability Insurance (TPD)
• Trauma Insurance
• Income Protection Insurance

Term Life Insurance

When it comes to your assets, there's none bigger than your life. And if you have debts, a family, or both, you owe it to those you’d be leaving behind to be well covered if something happens to you. If you have life insurance in your super fund, which many people do, it’s a good start. But this is often not enough on its own.

Life Cover can help give you and your family the cover you need.

This benefit provides a cash lump sum in the event of death. This can be paid directly to a beneficiary for immediate use in whichever way they see fit- there are no restrictions on what the money can be used for. Most life insurance policies also provide for an early payment if a terminal illness is diagnosed.

By having this cover, you are helping your family eliminate debt, create ongoing income, pay school fees, and generally cope financially with your loss.

Total and Permanent Disability Insurance (TPD)

What If You Could Never Go to Work Again?

Try as you might, some health problems just can't be avoided. And you can’t always count on getting better. If a serious accident or illness left you unable to work, where would the money come from to pay the bills?

Total and Permanent Disablement (TPD) Stand Alone pays a lump sum if you suffer a major illness or injury which leaves you permanently incapacitated. The extent to which you must be incapacitated varies between insurance companies, but generally relates to a permanent inability to work. There are often also provisions to allow payment in the event of particularly serious injuries such as loss of sight.

This money can help eliminate debt, create ongoing income, cover your medical and rehabilitation costs, and generally keep you and your family running during a difficult time.

Trauma Insurance

What If You Were The One Who Needed Looking After?

Everyone has their own ways of achieving it, but most people try to stay healthy. But sometimes even the healthiest people suffer accidents. Or get diagnosed with diseases they had no chance of preventing - like cancer.

A life-threatening sickness or injury has wide-reaching repercussions for any family. It could stop you from working. Maybe even keep you in need of constant medical care.

Trauma cover can give you the security of knowing your family will receive a lump sum if experience any one of a defined list of serious medical conditions (including cancer and heart attack) or procedures (including coronary artery surgery). While these may not be conditions that cause permanent disability or inability to work, they generally require significant lifestyle changes, can involve exorbitant medical fees which private health will not fully cover.

Having this cover means that the lump sum paid can be used to help reduce debt, change employment, pay medical expenses and fund your lifestyle.

Essentially it can generally take the financial pressure off you and your family during an already trying time.

The range of conditions & definitions covered under the policy may vary from insurer to insurer so please talk to our qualified Adviser Shauna Nguyen for further advice.

Income Protection Insurance

Who Is Going To Pay The Bills If You Can't

Imagine you stopped getting paid tomorrow. How long would you be able to cope financially?

There are a vast number of illnesses and injuries which have varying terms of impact. These often fall outside the scope of total and permanent disability and trauma insurance.

Income protection is designed to protect you from a loss of income due to such conditions by paying a replacement monthly income of up to 75% of gross income.

This money could go a long way to keeping your household, or your business, running while you concentrate on your recovery.

What About Workers Compensation?

Many people have a false sense of security believing that a magical lump sum will appear through Workers’ Compensation if they are substantially incapacitated. In fact, over 50% of disability claims are for sickness and Work Cover does not cover non-work related sickness. Even if you are able to claim Workers’ Compensation, the restrictions on benefit payment are such that you may never be bale to retain anything like your current standard of living.

More Information

Shauna Nguyen
Financial Adviser
Authorised Representative

Phone: 03 8544 1600
Email : life@fitzpatrick.com.au