The Importance of Life Insurance

Insuring your car, home or other possessions makes sense. So why do so few of us insure ourselves? If illness or injury stopped you from working for an extended period, could you keep paying your bills? Personal risk insurance gives you peace of mind that if the unexpected occurs, you and your family will be provided for.
  • Did you know that 95% of Australian families do not have adequate insurance cover?
  • Insuring yourself and your family can be the most important thing you do to protect your financial future.
  • Talking to your financial adviser can help simplify the process so you are only covered for what you need.
What is personal risk insurance?
Personal risk insurance is an important way of assisting you and your dependants to be financially supported in the event of serious illness, disability or death. If your ability to earn an income is affected, a personal risk insurance policy may enable you to maintain your current lifestyle and continue supporting those who depend on you.
Why do I need it?
While we recognise the emotional impact of events such as serious illness or death, the financial consequences can be equally devastating. If the unexpected did occur, having personal risk insurance can go a long way to helping you and your family meet your basic living expenses such as your mortgage, groceries, petrol or school fees. Depending on the event, you may also need to cover significant medical expenses, rehabilitation, modifications to your home or services to help maintain your lifestyle.
Types of personal risk insurance 
 Life insurance
A lump sum payable on death or terminal illness. This can help support your dependants to maintain living standards or pay off debts.
Total and permanent disability (TPD) insurance
 A lump sum to help support you if you are totally and permanently disabled due to illness or injury.
 Income protection insurance
 A monthly income stream to help support you if you are temporarily unable to work because of illness or injury.
 Trauma insurance
 A lump sum to help support you if you are diagnosed with a specified major medical condition (e.g. heart attack, stroke or cancer).