It is common for us to insure our cars, our homes and even take out health insurance. Unfortunately most people don’t insure the most important thing… themselves. No one is bulletinproof and accidents do happen, however you can achieve peace of mind in knowing you can protect your life’s work; your lifestyle and financial stability, by taking the appropriate precautions. While it is true that insurance will not make you wealthy, it also will not leave you and your loved ones with financial burdens if anything were to happen to you.


When taking out insurance, it is imperative to consider your situation, who you are leaving behind and what you can afford. We can advise you on the best insurance options and tailor them to your personal circumstances.


What type of insurance should you consider?


Life Insurance


Life insurance is the most popular form of insurance for most people.


Life insurance becomes essential when you have debts. In a nutshell, life insurance can provide a lump sum payment to your family to assist in maintaining their financial position in the event of your death, where this occurs during the term of the insurance cover.


The cost of life insurance increases with age and depends on the state of your health so it is best to start out earlier rather then later.


Total and Permanent Disability (TPD)


TPD can provide a lump sum payment to you and your family if you become totally and permanently disabled. The requirements that qualify you for TPD are outlined in the PDS and differ from policy to policy.


The intent is to assist in covering your financial liabilities as well as to cover medical costs and any home renovations that may be required to accommodate you and your family.


In many cases, you can package TPD and Life insurance to cover most incidents. Like life insurance, TPD costs increase with age.


Income Protection Insurance


It is important to consider what would happen to you and your family if you got sick and/or injured and were unable to work for a period of time. Would you still be able to pay the bills and put food on the table? Unfortunately, life throws unexpected things at us and we have to be prepared.


Your ability to earn income between now and retirement determines what you and your family are able to do. It is your greatest asset. If that is taken away from you for even a little while, everything you have worked so hard to achieve could unravel.


Income Protection Insurance could give you a monthly payment of up to 75% of your income if you are unable to work due to sickness or injury.


Income Protection insurance is flexible, allowing you to choosing the waiting period, length of insurance cover and the amount you require, which in turn can reduce premium costs.


Trauma/ Critical Illness


With medical advances, we are now able to survive tragic events such as cancer, strokes and heart attacks. Although this is a positive, these events can have drastic impacts on our families and finances.


Trauma can provide a lump sum payment in the event of a major trauma, such as a stroke, heart attack or cancer diagnosis. The intent is to ensure lifestyle suffers minimally by paying when the need is highest, that is, when you are unable to return to work.


A trauma payment can help cover your medical and rehabilitation costs while assisting with your daily living expenses.


As with Life insurance and TPD insurance, the costs of Trauma increase with age.


How to get started


Income Protection, Life Insurance and TPD Insurance all need to be factored into your Financial Plan and we’re here to help. You may wish to call us first or Click to Contact TP Financial Advantage.