What types of cover should I consider?
When considering life insurance, it’s important to understand the different types of policies available and how they can support you and your family. Each type of cover is designed to provide financial security in specific circumstances:
- Income Protection Insurance: Offers up to 70% of your monthly income if you cannot work due to illness or injury. This type of cover helps to ensure you can continue to meet your financial commitments, such as mortgage payments or daily expenses while focusing on recovery.
- Life Insurance: Provides a lump sum payment to your beneficiaries if you pass away or are diagnosed with a terminal illness. This payment can help your family manage expenses like mortgage repayments, school fees, or other ongoing financial commitments.
- Total and Permanent Disability (TPD) Insurance: Pays a lump sum if you are permanently unable to work due to illness or injury. It helps cover expenses such as rehabilitation, home modifications, and ongoing living costs, allowing you to focus on adapting to your new circumstances.
- Trauma Insurance: Provides a lump sum payment if you are diagnosed with a serious medical condition, such as cancer, a heart attack, or a stroke, as defined within the PDS. This cover can help manage the costs of treatment, rehabilitation, and other financial burdens, giving you the space to recover.
