Losing a loved one is a heartbreaking experience on its own. The last thing you want to do is to then add the financial pressure to the people that matter most when your income is gone.
Life insurance pays a lump sum in the event of death or terminal illness, protecting loved ones from the effects of passing away. This cover is generally used to cover mortgage repayments, outstanding debts and any ongoing costs that you would continue to pay for, such as living expenses. The level of cover (what you are worth) required is influenced by a number of factors including savings, debts and lifestyle.
Your income should be the least of your worries if you are unable to work due to sickness or injury. Income protection covers up to 75% of your monthly income (gross salary) until you are able to work again or if you are unable to return, up to the age of 65. Income protection is generally tax deductible and provides financial security in the event of an accident, illness or trauma where you are unable to earn an income through personal exertion. This type of protection is designed to help you pay your bills, mortgage repayments and day-to-day living expenses.
How do you pay for the best medical care, recover from illness and continue to financially support the family? Trauma Insurance helps with your financial needs, and pays a lump sum in the event that you are diagnosed with a specified listed illness including (but not limited to) cancer, heart attack, stroke, or severe injuries such as head trauma. Trauma cover is designed to give you the money when you need it most, to help ease the financial pressures of being unable to work and so you can source the best medical treatment and care.
If you were to suffer from a permanent disablement how would you pay your mortgage, medical bills and expenses? TPD cover pays a lump sum in the event you suffer an accident where you are diagnosed you are unable to return to work in any capacity. TPD is used to clear debts, provide funds for medical costs, rehabilitation, home modifications and annual income streams to help maintain the same quality of lifestyle.