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Summary

No one knows what’s around the corner. It’s a fact of life that every day, Australians just like you are faced with life-changing tragedy. An unexpected death, a serious health crisis or a debilitating accident don’t just come with a high emotional cost, they can have a serious and far-reaching impact on finances, too. We can’t prevent life’s unexpected events, but we can be better prepared.

Content

No one knows what’s around the corner. It’s a fact of life that every day, Australians just like you are faced with life-changing tragedy. An unexpected death, a serious health crisis or a debilitating accident don’t just come with a high emotional cost, they can have a serious and far-reaching impact on finances, too. We can’t prevent life’s unexpected events, but we can be better prepared.

Life is for living… not worrying

We all expect that life will have its ups and downs, but what would happen if that little bump in the road became something far more worrying? What would happen if you or your partner could no longer work? How would your bills be paid? And what if you weren’t there at all? While it’s something we’d prefer not to think about, with a little forward planning and a practical insurance plan, you can get on with life knowing that you and your family would be financially covered if the worst was to happen.

Insurance is never going to compensate for the loss of a loved one, a tragic accident or serious illness, but it can help ease the financial burden and provide you with choices for the future.

Insurance needs checklist, if you answer yes to any of the below then you should consider your life insurance options.

1.  Do you have a partner or children who depend on you?
2.    Would your dependents have enough money to live on if you weren’t around or were unable to care for them?
3.    Would your financial position be compromised if you were faced with serious illness or injury?
4.    Could you afford the costs if you or your partner were faced with medical expenses, nursing care or extended time off work to recover?
5.   Do you have a mortgage?
6.  Do you have credit card or other personal debts?

Insurance for your peace of mind

Term life insurance

This type of insurance pays a lump sum in the event of your death or diagnosis of a terminal illness. At such a difficult time, the last thing your family need to worry about is money. The benefits could be used to pay off the mortgage and other debts, provide for your children’s current and future education needs, and simply act as a safeguard for your family’s financial wellbeing.

Life insurance is available from age 10 to 69 and it may even cover you up to age 99. You don’t need to be in the paid work force to apply for term life insurance.

Trauma insurance

On the diagnosis or occurrence of one of a list of specified injuries and illnesses such as heart attack, cancer or stroke, this type of cover provides a lump sum payment.

Trauma insurance provides you with valuable choice and flexibility. If you need to make temporary or permanent changes to your life style such as reducing work hours, adapting your home to cope with a disability, or simply spending more time with your family or doing the things you love, you can.

You don’t need to be in the paid work force to apply for trauma insurance.

Income protection insurance

If you are unable to work because of an illness or injury, this type of insurance provides you with a regular payment to replace lost income.

Eligibility requirements can vary between different insurance providers. You will be required to meet the working requirements of their policy, which may range from 20 to 25 hours of work per week or take into account how many weeks you actually work in a given year.