Insurance Cover

Types of Insurance Cover we provide advice on:

LIFE COVER

Life insurance pays a lump sum if you die prematurely. Its purpose is to pay outstanding debts to ensure the remaining dependents are taken care of by providing income to keep the family home and current standard of living. People often grossly underestimate the required amount of life cover needed to clear debts and provide for loved ones should an unexpected life event occur. We can help you identify an adequate amount of cover to ensure your loved ones will be protected.

TOTAL & PERMANENT DISABILITY (TPD)

Total and Permanent Disablement (TPD) insurance pays a lump-sum if you are unlikely to return to work as result of injury or illness. It can be bundled with a life cover policy or be a standalone policy. Its benefits are basically the same as a life cover policy with the addition of expected medical costs – it’s used to repay debts and provide an income if you are no longer able to work due to an unforeseen event.

INCOME PROTECTION

Income protection insurance pays monthly income if you can’t work due to illness or accident. The maximum amount of cover for income protection insurance is 75% of your average monthly income. Premiums are determined by a number of factors such as the amount of cover, when you will start receiving payments, and which definition of employment the policy applies to.

TRAUMA

Trauma insurance pays a lump sum benefit on diagnosis of a critical illness, as well as satisfying a definition of a specific ailment. Policies vary between providers, but some allow for up to 30 or more medical conditions which may arise unexpectedly. It’s main purpose is to provide a benefit when you may not be deemed disabled. The most common trauma events are related to certain types of cancer and heart conditions.

BUSINESS EXPENSE COVER

Business expense cover can be an option with most income protection policies. It is designed to cover fixed expenditure for a limited time for people who are self-employed or own a small business. Cover is generally offered for up to one year while the insured is unable to work due to illness or injury.