Getting advice and ensuring you have a well structured protection plan in place, allows you to focus on recovery and not worrying about finances. Personal insurance cover is to protect you and your family in case something happens that impacts your health and ability to earn an income. It includes:
- Life Insurance provides a lump sum payment in the event of death or terminal illness. It’s the most common form of cover and helps ensure that your family is financially safe and secure.
- TPD – this type of insurance helps to take care of things if the insured person is unable to work again due to sickness or injury. Benefits paid can be used to cover medical costs, make necessary modifications to the home, or supplement personal income.
- Trauma Insurance provides a lump sum payment when a specified critical illness occurs. This type of cover is designed to help with the financial impact of illnesses such as heart attacks and cancer.
- Income Protection Insurance is designed to help make ends meet if you’re unable to work due to sickness or injury. The premiums paid for Income Protection Insurance are usually tax deductable.
We make it easy
We take all of the hassle out of organising life insurances. We look after everything for you. From the initial advice, to completing applications, to negotiating with insurers to get the best terms. True North also reviews your insurances as your circumstances change and of course, we help you through any claims. For more information contact us >
What are the risks? Considering your exposure to health risks
Understanding your potential exposure to health problems is important. Here is an example of some research that breaks down the likelihood of an insurable event happening to a 30 year old male before the age of 70. Bad things can happen to good people and situations can change in an instant, having a major impact on financial goals at the same time. That’s why we encourage you to protect yourself. The consequence of having no protection plan in the event that something happens to you can have serious impact on your families well being and security.
Trigger points to get protection
- Starting a new job or career or becoming self employed
- Buying a home and taking on debt
- Starting a family and having kids
- You have lots of questions – what does life insurance cover me for? How much and what type of insurance do I need? How can I pay for insurance? Do I pay tax on proceeds?
Many people have a limited level of one type of cover inside super but generally this is nowhere near enough to pay your debt and provide for your family.
Most people have car insurance and are happy to pay $1,000 pa for an asset going down in value. But not enough people understand that their future income will typically be in the millions of dollars and premiums to cover this are generally tax deductible.