There are many personal insurance policies out there, broken up into different categories depending on the level of insurance and the nature of the payout. Here are some common examples you will deal with:
Term Life Insurance
This is usually what people are referring to when they say 'life insurance' or 'death cover'. It is typically a lump sum paid to your family (or estate) in the event of death or, in some cases, terminal illness.
Total and Permanent Disability Insurance
This pays a lump sum in the event you are injured or suffer an illness that causes major cognitive impairment, or renders you unable to independently care for yourself or work.
This pays a lump sum in the event a specified illness (ie cancer, stroke) is diagnosed.
Income Protection Insurance
This pays a monthly benefit that covers up to 75% of lost earnings due to illness or accident.
Losing a loved one is devastating. Personal life insurance is about protecting your family should anything happen to you. Insurance will cover mortgage payments and debts in the event of your passing, allowing your family time to grieve and plan ahead, without the extra burden of financial hardship.
Most people who come to us have too much insurance – too many plans with no clear strategy. A lot of insurers exist by selling the idea that 'more is better', which simply isn't true. Insurance is paramount to a strong financial framework, so it must be tailored perfectly to your holistic financial plan in order to be effective and the highest value for money. If you first have a financial plan in place, with clear goals and strategies, your insurance can be structured so that everything you are building is protected properly.